- Solana is growing its market share in key industries.
- Its meme coins and DePIN networks have gained popularity.
- Its DEX platforms are also becoming giants in the industry.
Solana is proving to be the biggest threat to Ethereum as key parts of its ecosystem gains momentum. For example, in 2023, meme coins like Bonk and Samodeycoin became some of the most trending tokens in the industry.
Now, there are signs that Solana is gaining market share in the giant Decentralized Exchange (DEX) industry. While Ethereum still has a big share, it is seeing more competition. Looking from the top to bottom, we see that Ethereum has a TVL of over $32 billion and $69.7 billion in stablecoins.
Solana, on the other hand, has a DeFi TVL of more than $1.6 billion and $2.1 billion in stablecoins. This makes it the fifth-biggest player in the industry after Ethereum, Tron, BNB, and Arbitrum. Arbitrum is a platform that scales Ethereum transactions.
A deeper dive shows that Solana’s DEX networks have become leading players in the industry. According to CoinMarketCap, Jupiter has become the third-biggest DEX in terms of transactions. It handled over $485 million in the past 24 hours.
Jupiter has made headlines this week after it launched a massive JUP airdrop that has a market cap of more than $586 million. Again, this is a sign that Solana’s role in the crypto industry is still growing as Ethereum stagnates.
Orca, another Solana DEX, handled over $411 million in the past 24 hours while Raydium processed $151 million. This means that three of the ten biggest DEX platforms in the world are all based in Solana.
To be clear, this market share could change depending on how the Solana ecosystem evolves. It is also worth noting that Ethereum has been losing market share for a while. dYdX, which regularly handles the most volume, moved from Ethereum to its own Cosmos chain in 2023. Helix, an Injective DEX, has also gained share while Vertex, an Arbitrum network, has become the 7th biggest network.
This trend will likely continue growing as Solana gains share in other areas too. As I wrote last week, Solana has become a pivotal player in the growing industry known as Decentralized Public Infrastructure (DePIN). It hosts some of the biggest players in the DePIN industry like Render, Helium, and Hivemapper.
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