Solana 's decentralized-exchange (DEX) ecosystem surpassed Ethereum in monthly trading volume, signaling a continued lead in the competition among smart-contract blockchains.

According to DeFiLlama, a data source, Solana-based DEXs have recorded over $60 million in trading volume this month, nearly doubling Ethereum's $34 million. This performance marks Solana's dominance since October last year.

The higher trading volume on Solana is attributed to its lower fees and higher throughput, which have been drawing both developers and users to its platform, as noted by Tagus Capital.

The firm emphasized Solana's growing significance in the decentralized finance (DeFi) sector. In January, the gap was even more pronounced, with Solana-based DEXs reaching a trading volume of $258 billion, far outpacing Ethereum's $86 billion.

Solana's revenue generation also outstripped Ethereum's in the current month, with $25 million earned compared to Ethereum's $16 million. This follows a similar trend from January, where Solana's revenue totaled $124 million, while Ethereum accumulated $109 million. These figures support a bullish sentiment in the SOL-ETH ratio, which peaked near 0.09 in January before slightly retracting to 0.075, as shown by TradingView data.

Despite Solana's impressive trading and revenue figures, its total value locked (TVL) at $9 billion is significantly lower than Ethereum's $57 billion, highlighting areas where Ethereum still maintains a strong lead.

This comparison suggests that while Solana is excelling in certain metrics, the broader competition in the DeFi space remains multifaceted.

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