A crypto journalist who publishes on the X social network under the pseudonym WuBlockchain said that by the end of July 2024, the Solana ecosystem had surpassed Ethereum in terms of trading volumes on decentralized exchanges for the first time — $55.8 billion versus $53.8 billion.

Colin Wu (Colin Wu) believes that the growth of the ecosystem was influenced by the excitement associated with crypto-based memtokens Solana. And first of all, ten memecoins with a capitalization of up to $100 million, competing for the attention of investors. The expert noted that the number of tokens has now exceeded the amount of capital required for further growth of quotes:

“Solana surpassed Ethereum in monthly decentralized exchange trading volume for the first time in July, according to DefiLlama figures. They are followed by Arbitrum ($24.569 billion), BSC ($17.888 billion), and Base ($15.554 billion)”

In case of occurrence Solana–ETF the demand for the ecosystem will increase among developers and investors, the crypto journalist believes. Colin Wu drew attention to the information from the onchain platform, according to which in January-June, Ethereum generated average daily fees of more than $10 million. In March, the average reached $15 million per day. However, since the second quarter, the fee has decreased to about $3.5 million, and the total income in July reached an average of less than $3 million, and the monthly drop in annual fees for Ethereum was 39%, the analyst noted.

Earlier, the founder and CEO of the analytical platform CryptoQuant, Ki Young Ju, reported that large traders have increased the number of orders to buy altcoins and are preparing for market growth.