Key Overview:
The trading volume of Solana DEX has surpassed that of Ethereum, but overall activity remains far below the peak seen in January of this year.
In the perpetual contract market, the strong performance of Hyperliquid has weakened investor confidence in Solana's long-term dominance.
Since failing to regain the $168 mark on June 12, Solana's native token SOL has dropped 15%. This round of correction occurred against a backdrop of reduced network activity and cooling demand for meme coins.
However, Solana has recently returned to the second spot in decentralized exchange trading volume, surpassing Ethereum, which has drawn the attention of many traders to see if SOL can return to the $180 mark in the short term.
According to data from DefiLlama, Solana DEX's trading volume reached $64.1 billion in the past 30 days, exceeding Ethereum's $61.4 billion. During this period, BNB Chain maintained its lead with a trading volume of $159.6 billion, while Solana continued to increase its market share in June.
The main platforms driving the growth of Solana's trading volume include Raydium ($19.1 billion), Pump.fun ($14.2 billion), and Orca ($13.9 billion). Nevertheless, the overall activity of Solana DEX has still declined by 91% compared to the peak in January.
The popularity of the meme coin sector continues to wane, with most tokens experiencing a decline of over 25% in the past 16 days. Among them, Giga dropped 42%, Popcat fell 35%, Fartcoin and PNUT each decreased by 31%, and Bonk and WIF also dropped by 25%. This performance further weakened market expectations for the benefits brought by the increase in Solana DEX's market share.
Another factor causing concern for SOL investors is the strong rise of Hyperliquid. This platform has now become a core hub for on-chain perpetual contract trading. This shift in the landscape has diminished market attention towards Ethereum Layer-2 solutions, as well as independent DApps on Solana and BNB Chain.
Data from DefiLlama shows that Hyperliquid's trading volume in the past 30 days exceeded the total of its top five competitors by 84%. More critically, the market speculates that more projects, including leading Solana DApps like Pump.fun, will choose to launch on their own blockchains in the future.
This concern has led to a decline in market confidence regarding Solana's future dominance. This sentiment is also reflected in the derivatives market, where the demand for leveraged long positions in SOL has significantly weakened.
In a neutral market, the annualized funding rate for perpetual contract long positions typically ranges from 5% to 12%. A negative funding rate indicates a bearish market, where shorts must pay fees for holding positions. Derivatives data from the past 30 days shows that the SOL market has not exhibited sustained optimism.
For SOL, the biggest potential positive factor currently is the expectation that the U.S. Securities and Exchange Commission (SEC) will approve a Solana spot ETF in October. Before this, bulls generally hope that Solana's technical advantages can support a rebound in the token price.
Davo from Drift Protocol pointed out that Solana's strong foundational layer supports "asset availability," meaning tokens can be used natively as collateral. He also emphasized the lack of an "off-chain matching engine," which helps protect DEX users from transaction reordering or priority issues.
Despite being associated with meme coins and token issuance, Solana's ecosystem has broader use cases. While Hyperliquid may be an exception, other emerging blockchains like Berachain have failed to maintain meaningful deposit levels. Given Solana's low fees and high scalability, the price could even return to the $180 level before the October ETF decision.
Related: Bitcoin Treasury Corporation purchases 292.8 BTC, will resume trading on the Toronto Venture Exchange.
Original: “Solana DEX Trading Volume Ranks Second, Will SOL Price Follow?”
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