Solana Surpasses Ethereum and Arbitrum in 24-Hour DEX Volume; Raydium Flips Uniswap in Fees

Solana has achieved significant milestones in the cryptocurrency market, surpassing both Ethereum and Arbitrum in 24-hour decentralized exchange (DEX) volume. Solana's fees and revenue experienced substantial growth in the second quarter, generating over $26 million, a more than 42x increase year-over-year. The total SOL trading volume reached $292 billion, nearly 7x higher compared to the same period last year. Additionally, Solana-based Raydium Protocol flipped Uniswap in 24-hour trading volume and fees, with Raydium becoming the second largest protocol across all chains. Solana now dominates daily DEX trading volume with a market share of 38.9%, compared to Ethereum's 27.7%. Solana Digital Asset Investment Products saw $16.3 million in inflows last week, and Raydium's market dominance reached 23%.