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Solana’s Jupiter and Orca are gaining market share in DEX

on Feb 11, 2024
  • Solana’s Orca and Jupiter are growing their market share in DEX.
  • The two handled over $530 million in volume in the past 24 hours.
  • Solana is gaining its market share against Ethereum.

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Solana is gaining market share in all key blockchain industries like Decentralized Exchanges (DEX), gaming, and Decentralized Public Infrastructure (DePIN). In this case, it has become the biggest layer 1 competitor to Ethereum, which has long dominated these industries.

Orca and Jupiter’s market share

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Jupiter and Orca, the two biggest decentralized exchanges in Solana, have moved into the top ten in terms of volume. According to CoinGecko, Jupiter handled over $353 million in volume in the past 24 hours, making it the second one after Ethereum’s Uniswap V2. 

Its monthly site visits have jumped to over 6.6 million, meaning that it is growing in popularity. As shown below, Jupiter’s normalised volume has jumped in the past few weeks.

Jupiter volume

Orca, on the other hand, had over $217 million in volume in the past 24 hours, making it the third-biggest DEX in the world. Like Jupiter, its normalised volume has been in a strong upward trend in the past few months. The most popular assets traded in the ecosystem are Wrapped Solana, USDC, Jito Staked SOL, and Jupiter’s JUP.

These exchange volumes mean that Solana is finally moving to an industry that Ethereum has dominated for a long time. A closer look at the volume flows also show that the other popular decentralized exchanges in the industry are PancakeSwap, dYdX, THORSwap, and Trader Joe.

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Solana’s market share in DePIN

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Solana is also growing its market share in other industries. For example, it has become the biggest player in the Decentralized Public Infrastructure (DePIN) industry. Helium a DePIN network in its ecosystem, has continued to gain share in the broadband sector.

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Render Network, which was previously in Ethereum, is providing decentralized GPUs while Hivemapper is disrupting the mapping industry that is now dominated by the likes of Google and Apple.

All this explains why Solana has outperformed Ethereum in the past few months. While Ethereum has just doubled in the past 12 months, Solana is up by over 400% and the trend could continue in the near term.

Solana vs Ethereum

Solana vs Ethereum

Developers and users love Solana because of its strong speeds in that it can handle over 3,000 transactions per second (TPS). Ethereum can barely handle 50. Also, it has much lower transaction costs. However, one of the biggest challenges that Solana goes through is outages. Last week, it had a long outage that disrupted transactions in the network.


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