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Solanas performance is making headlines as it has outpaced Ethereum in terms of trading volume. Users associate flippening with a hypothetical scenario where Ethereum will surpass Bitcoin in terms of market capitalization. Is the ETH competitor signaling a shift in dominance before that happens?

Solanas trading volumes and network activity are competing to be on the top. Market data has revealed that Solana has seen a dramatic increase in daily active addresses, surpassing every other blockchain in this metric. The uptick in activity is largely attributed to the widespread interest in memecoins. Meanwhile, the on-chain volume for Solana has exceeded that of Ethereum.

Accordingto Dexscreener, Solanas 24-hour volumes on March 18 are over $5.3b while Ethereum stands at 1.85b. In terms of transactions, ETH is way behind close to 250k while Solana has exceeded 7.6m during the same period.

At the time of writing, Solana has 4.3b dollars locked based on DefiLlamadata. Ethereum is the dominating chain with $51.8b TVL. However, Solana has emerged as the top non-EVM chain. A non-EVM chain operates without the Ethereum Virtual Machine, employing alternative systems for smart contract execution.

In terms of price, Solana has also surpassed the Binance Coin (BNB). Based on CoinGeckodata, SOL has secured the position as the fourth-largest crypto by market capitalization.

At press time, the market capitalization has gone north of $91b, almost $6b above BNB.

Databy Token Terminal reveal that Solanas 30-day fee collection and revenue, both have seen over 75% increase. The numbers are positive for the annualized fees for the chain as well. Daily active users at 2m have seen almost a 380% increase.

Transactions per second (TPS) or the number of transactions SOL can process in one second is over 2,300 on March 18.

Tristan Frizza, co-founder of Zeta Markets, a crypto perpetual exchange powered by Solana remarked on the chains achievements.

Frizza said, Solanas all-time high in daily new addresses and transactions surpassing that of Ethereum and its L2s, is a testament to the blockchains resilience, speed, and the faith of its community.

The executive added, This isnt merely about one blockchain outperforming another; its about the democratization of access to DeFi, the realization of blockchains true potential, and the dawning of a new era where speed, security, and ease of use become the bedrock of digital finance.

He believes this milestone is not just about one blockchain outperforming another but represents a broader shift towards the democratization of DeFi and a new era of digital finance. Frizza said, Just as weve witnessed institutional interest drive Bitcoins ETF approvals, Solanas robust fundamentals and genuine user activity position it as a frontrunner in the race for broader adoption.

While decentralized exchange (DEX) trading volume underpins Solanas surge, the Google Trends are also in its favor.

Solanas search interest hasreportedlyreached an all-time high.

Despite the opportunities presented by trading memecoins on the eco-friendly chain, users should pay attention that not all ventures end in profit.

Solanas overtaking of Ethereum in trading volume marks a potential flippening event. With its swift growth and rising adoption, SOL challenges Ethereums dominance in the smart contracts front, already securing fourth place with favorable returns for investors. However, the aftermath of Ethereums Dencun upgrade which promises lower fees is ensuring the competition between these two chains remains fierce.

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Solana Tops Ethereum in Volume: Is This the Real Flippening? - CCN.com