Solana's DEX Volume Hits $2.7B, Outperforming Ethereum's $2.32B for Second Day

In a significant development in the cryptocurrency market, Solana has surpassed Ethereum in 24-hour decentralized exchange (DEX) volume for two consecutive days, with a fraction of the Total Value Locked (TVL). This milestone is underscored by Solana's DEX trading volume reaching $2.7 billion, compared to Ethereum's $2.32 billion, and an average gas fee of $0.01 compared to Ethereum's $60. The growth of Solana's DEX ecosystem is notable, with $120 billion in swap volume since January 2023 across 400 million transactions. Jupiter Exchange played a significant role, facilitating swaps worth $74 billion, which accounts for 62% of the total volume. Additionally, meme coins on the Solana blockchain have contributed to the ecosystem's DEX volumes reaching record levels. Despite the success, Solana faces challenges, including a recent MEV Bot problem and a fake tip vulnerability in Jito, which has affected normal user transactions. Solana users were extracted at least 50K SOL through MEV last week, with an annualized value of $550 million, highlighting potential risks in the ecosystem. Jito tip revenue reached 9.32k SOL, valued at $1.2m, setting a new high.