Solana Tops Ethereum in DEX Volume: A Gripping Market Nightmare

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In these two weeks, the market’s fever raged, and both Ethereum [ETH] and Solana [SOL] staggered under its weight. The digits wore a mask of calm, but the truth lay elsewhere. ETH stood at $2,039, down more than 12% in the past week, while SOL slid more than 17% in the same arc, according to CoinMarketCap. And yet, what is price if not a weather vane in a storm of human desire?

Solana has found a steadier step in network activity, while Ethereum wears a slight blush of decline. Transactions, capital flows, DEX volumes, and payments data reveal the struggle of two mighty engines in the year 2026-like two brothers arguing over the inheritance of a feverish dream.

Capital flow from Solana to Ethereum 

First, Solana’s daily transaction activity rose to a new peak of 160 million this month, according to Blockworks. The climb has been patient since November 2021, a season of altcoin delirium when the crowds chased every glittering sign.

Back then, SOL wandered around $84. This did not reflect the real strength of the network-only the market’s fickleness. Yet that weakness was, as so often, a market-wide disease, not a Solana-specific sin.

Solana’s might shows not only in activity but also in capital inflows.

Over the last week, more than $100 million bridged from other chains to SOL, with Ethereum contributing more than $50 million. A dramatic little hint that Solana’s charm is not purely theatrical; it merely pretends to be merciful to the weary investor.

Other chains that significantly bridged to Solana were TRON [TRX], Base, Arbitrum [ARB], and BNB Chain, respectively. The chorus grows louder; the orchestra is Solana, and the others are merely tuning.

Solana doubles Ethereum in DEX volume 

Solana now surpassed Ethereum in decentralized exchange (DEX) volume. The data showed Solana at $117 billion, more than double Ethereum’s $52 billion, which ranked second. A victory, certain as a coin toss, yet heavy with the weight of spectators’ expectation.

The altcoin outperformed BNB Chain, Base, and Arbitrum, which ranked just behind it. This suggests that Solana’s glow extends beyond a single rival; it shines across the entire crypto theater.

Such high trading volume emanated from projects running on the Solana blockchain. It harbors most of the memecoins, and now tokens in RWA and DePIN, among other sectors, are launching on SOL. The tale explains, perhaps, why it has quickened the pace to catch up with ETH, which used to lead most DeFi fervors.

What about the battle in payments?

Even in the new payment rails, Solana continues to dominate Ethereum, according to Artemis data. A strange theatre where numbers pretend to be morals.

Most of the volume is dominated by fintech like PayPal, which had $1.8 trillion as of writing. On the other hand, Solana and Ethereum had $6.5 billion and $68.2 billion, respectively. Yet growth, not absolute size, seems the true measure, as SOL expanded 755% while ETH grew 625%. PayPal, poor thing, managed only 6.3%-a minor aristocrat among titans. Another contest lost by ETH to SOL, if you insist on measuring triumphs by percentages rather than souls.

Is the battle over?

When all is weighed, the data suggests Solana is swiftly rising to challenge Ethereum’s throne in blockchain technology. Yet the war is not over; it merely changes shape like a river seeking its path. ETH still holds the throne of Total Value Locked (TVL) with over $136 billion in assets, while Solana has merely $17 billion. This is not a verdict; it is a confession of where believers place their faith.

Final Thoughts

  • Solana transactions hit a new high as bridging to Solana intensifies. It is as if the bridge is a mirage that invites us to cross.
  • Ethereum loses a couple of contests against SOL, but TVL shows ETH remains the bigger chain. Perhaps the soul of the chain is still in the vault, not in the volume.

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2026-02-10 15:03