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For years, Ethereum was the undisputed king of decentralized finance.
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The adoption of HumidiFi is largely responsible for the trading volume on Solana.
The Solana network has displaced Ethereum in the decentralized finance (DeFi) domain, registering 141,667 million dollars in trading volume in the last 30 days.
In second place is Ethereum with a monthly trading volume of $102.793 million, according to data from DeFiLlama:
Despite its growth in DeFi, Ethereum remains the network with the highest total value locked (TVL), with $77.289 million, while Solana registers a TVL of $10.43 billion.
The strong volume of trade in Solana is largely due to to the adoption of HumidiFi, a decentralized exchange (DEX). As NoticiasVE has reported, the platform surpassed Meteora and Raydium in the last 30 days.
Functioning as an automated market maker (AMM), HumidiFi enables broker-free token swaps using liquidity pools to automatically set prices.
In October, Solana DEXs moved close to $150 billion, with HumidiFi accounting for 23.6% of the volume, followed by Meteora with 22.4% and Raydium with 14.2%.
In this way, Solana discussed the reign of Ethereum in DeFiwhich for years led in this market sector due to its wide adoption and the large number of projects built on its platform.