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- Solana surpassed Ethereum in July with a $55.87 billion DEX volume, marking a historic milestone.
- The SEC reclassified SOL from securities to non-securities, easing regulatory pressures.
According to a SolanaFloor tweet, in July, Solana topped Ethereum in monthly DEX volume for the first time in history. Solana DEX volume hit an astounding $55.87 billion, while Ethereum DEX volume was $53.86 billion.
This milestone represents a significant achievement for the network in the decentralized exchange (DEX) sector.
Solana: Growing Network Trust and Strategic Integrations
Additionally, in July, nearly $500 million in assets were transferred from other blockchains to Solana. Notably, $349 million was transferred from Ethereum to Solana, demonstrating the growing trust in the network.
Previously, CNF revealed that Solana outperformed Ethereum in total weekly fees for the first time last week, garnering more than $25 million versus $21 million.
Throughout the year, the network has maintained a strong position, thanks in large part to the popularity of Solana-based memecoins and the frenzy around other celebrity-endorsed coins on the network.
In another important move, SolanaFloor announced that PayPal and Portal have created the Global PYUSD Portal Hackathon, which aims to drive innovation utilizing PYUSD inside the Solana ecosystem. This endeavor highlights Solana’s growing integration with the broader financial technology world.
🚨 NEW: @PayPal and @portal_hq have launched the Global $PYUSD Portal Hackathon, which aims to drive innovation using PYUSD within the @solana ecosystem. pic.twitter.com/WTyTq4stq8
— SolanaFloor (@SolanaFloor) August 1, 2024
Also, we previously highlighted that Injective has incorporated PYUSD and is one of the first Layer-1 platforms to support this stablecoin. This integration is a big step in increasing the utility and adoption of PYUSD in the Solana network.
Furthermore, in a key regulatory change, the SEC reclassified ten cryptocurrencies, including Solana and Cardano, as non-securities. The recent SEC change eliminates the immediate necessity for a court decision on claims of crypto asset securities, creating a more favorable regulatory climate for these digital assets.
Meanwhile, the network native coin, SOL, is now selling at $161.37, down 4.48% over the last 24 hours on a daily trading volume of $4.058 billion.
