Solana (SOL) Exceeds Ethereum L2s by Trading Volume, Data Says

Traders and analysts are discussing the roots of the “New Solana Summer” as all core metrics of on-chain activity are rocketing. Some of them have already reached pre-FTX collapse levels. NFTs and meme coin segments might be contributing to this upsurge, data says.

Solana (SOL) exceeds Polygon (MATIC), Optimism (OP) by transactional volume

In early December 2023, the aggregated on-chain trading volume on the Solana (SOL) blockchain surged above $240 million per day in equivalent. As such, the blockchain managed to surpass both Polygon (MATIC) and Optimism (OP), two mainstream Ethereum-based L2s by this indicator.

In the first days of December, Polygon (MATIC) and Optimism (OP) demonstrate trading volumes of $137 million and $40 million per day, respectively. As such, Solana (SOL) processes more money on-chain than they do combined.

Also, in the last 24 hours, Solana (SOL) exceeded its another rival Avalanche (AVAX) by net value locked in dApps. Solana’s dApp ecosystem is responsible for $688 million in TVL, Avalanche (AVAX) dApps logged $660 million. At that pace, Solana (SOL) might surpass the TVLs of Polygon (MATIC) and Optimism (OP) in the coming days.

In the last month, Solana’s (SOL) TVL added over 60%, while the SOL price soared by 45%.

However, it is still lagging behind Arbitrum (ARB), a dominant Ethereum (ETH) L2. Arbitrum (ARB) amassed almost $2.2 billion in TVL, while its daily trading volume exceeds $363 million in equivalent.

SolScriptions and meme coins triggered Solana (SOL) comeback

The rally of Solana (SOL) and its network indicators can be attributed to a combination of powerful catalysts. For instance, the interest in Solana-based Ordinals “SolScriptions” and meme coins triggered the growth of SPL tokens minted on-chain.

Then, Solana-based liquid staking protocols like Jito and Marinade Finance are actively attracting new customers and liquidity. Decentralized exchanges like Raydium and Orca are also gaining traction.

As covered by U.Today previously, CoinEx Research indicated the DePIN (Decentralized Physical Infrastructure Networks) sector as yet another powerful catalyst for Solana (SOL) ecosystem’s rebound.