Solana overtakes Ethereum in defi trading, Pullix can potentially topple both
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Solana outpaces Ethereum in defi, but Pullix presale hints at a new market leader in the industry’s future.
Solana (SOL) has surged past Ethereum (ETH) in trading volumes as the defi space continues to gain traction.
But this isn’t the end of the story, as Pullix (PLX) has the potential to overtake both when it completes the ongoing presale event and launches later this month. Let’s take a closer look at these exciting developments and what they mean for the future of decentralized finance.
Solana takes the lead in DeFi Trading
Jupiter, the leading Solana DEX, launched their native JUP token by airdropping 1 billion tokens to loyal users. Such a huge airdrop helped Solana’s DEX trading volume surpass Ethereum’s within 24 hours, with a peak of $1.14 billion when JUP trading went live.
But this event isn’t the sole reason why Solana has overtaken Ethereum in defi trading. There has been a notable rise in Solana meme coins, with projects like DogWifHat and Myro reaching $300+ million in market caps in several weeks.
Solana’s increasing popularity can be attributed to its rapid transaction speeds and low fees. Solana users can purchase $10 worth of any meme coin they like without worrying about fees eating into their investment. In comparison, Ethereum’s high gas fees make it almost impossible for small investors to enter the defi market.
Can Ethereum battle back?
Ethereum has faced challenges throughout 2022 and 2023, with the price struggling to surpass the $2,500 resistance level despite Bitcoin’s (BTC) bullish rallies. This can be attributed to Bitcoin being the institutional play, while retail flocks to projects with lower entry points, like Solana.
While Solana is winning on DEX volume, the $32.58 billion total value locked (TVL) on Ethereum is much higher than the $1.649 billion currently locked on Solana. This shows that Ethereum still dominates the defi market regarding overall value and adoption.
Moreover, Ethereum has a strong community and development team working on solutions to tackle the network’s scalability issues. The upcoming danksharding upgrade, known as EIP-4844, will significantly reduce gas fees on both layer-1 Ethereum transactions and layer-2 scaling solutions.
Traders and investors should watch Solana and Ethereum continue to battle for dominance in the defi market. But one more upcoming player promises to disrupt the defi trading landscape even further – Pullix.
Pullix can potentially topple both
Pullix is setting a new standard in the crypto trading world. The upcoming exchange combines the best of CEX and DEX platforms to eliminate current limitations traders face, such as low liquidity and slow transaction speeds.
Pullix supports the concept of anonymous trading by allowing users to trade without fulfilling rigorous KYC requirements. This approach makes the platform particularly appealing to those who prioritize privacy and want to maintain control over their personal information while trading across crypto, commodities, stocks, and forex markets.
PLX tokens facilitate transactions within the platform and act as a key enabler of the platform’s features, such as revenue sharing, liquidity provision incentives, and governance participation. The team will burn tokens regularly to maintain a deflationary supply and increase the value of PLX over time.
While Solana and Ethereum have already established themselves as leaders in defi trading, Pullix can potentially disrupt the market in the future. With traders able to access all markets in one highly liquid environment, there is a high chance that Pullix will become the go-to platform for DeFi trading in the near future.
The success of Pullix in securing over $5 million during its current presale clearly indicates the market’s confidence in the platform’s potential. As Pullix enters the final two phases of its presale, investors can acquire tokens at a reduced rate of $0.10 before price recovery begins.
Set to debut in the upcoming 70 days, Pullix has already captivated an audience of over 15,000 pre-registered users. Analysts note that this growth could be just the start of a much larger 100x journey as Pullix solidifies its position in the defi market.
For more information regarding Pullix’s presale, see links below:
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