- The volume of P.futures on Solana supersedes that of Ethereum.
- High-value SOL owners explode to new levels.
- Trader adoption is due to network speed and cheap fees.
Solana has achieved a milestone by overtaking Ethereum in the 24-hour perpetual futures trading volume. This has provided a massive shift in the dynamics of crypto trading as Solana paves the way and takes the lead in decentralized perpetual futures.
Source – X
The volumes of decentralized futures trades have been breaking all records, and Hyperliquid is one of the platforms that contribute to this.
In large part, the introduction of the Phantom wallet has been responsible for the meteoric rise in the trading of P.futures on Solana since the month of June.
The wallet is designed to provide direct native access to perpetual trading futures on the Solana network, simplifying and streamlining the trading process in perpetual futures, allowing traders greater ease.
A Closer Look: Why Solana Leads Now
The success of Solana relative to Ethereum is not coincidental. It represents a higher interest in the permissionless, permission-free trading in the network of Solana.
Although Ethereum remains solid with its Layer-2 scaling solutions such as Base and Arbitrum, which have efficient trading with reduced costs, Solana is unique since it supports additional citizens and large volumes of futures trade settlement.
Source – CMC
At present, Solana is being traded at the price of $185.02, and it is 4.72 percent down from what it was during the previous 24 hours. Its market cap is around 99.93 billion, but it has dropped a little by 3.83%. It is worth mentioning that the volume of 24-hour trading is 7.8 billion, which is decreased by 47.06% and shows quite active but unstable operation.
Source – X
At the community level, wallets containing more than 10,000 SOL, or approximately, $2-million, have reached a new record of 5,224 wallets, an indication of robust retail and institutional optimism regarding Solana and its potential.
Solana vs Ethereum: Metrics That Matter
The rivalry between Solana and Ethereum lies in the speed, fees, and user experience. Solana can handle thousands of transactions per second, and finalizes in sub-seconds, with transaction fees frequently costing only fractions of a cent.
Ethereum is the leader in total value and number of users, but it is dependent on Layer-2 solutions to provide scalability and to lower fees.
Looking Ahead: What This Means for Traders
This growing mode of perpetual futures trading on Solana is bound to go on due to its open network and growing ecosystem.
The ease of integrating new traders and the provision of permissionless trading have placed Solana as one of the popular options amongst individuals looking to trade without being constantly tied up and charged by Ethereum.
Although Ethereum has advantages in terms of decentralized finance (DeFi) and total value locked, recent achievements in terms of trading volume mean Solana is gaining a higher profile.
This momentum is also enhanced by the rise in meme coin trading on DEX platforms that are developed on the Solana blockchain.
