Solana has cemented its position as a rising force in the crypto trading landscape, with two separate reports underlining its expanding footprint. Over the past 24 hours, the layer-1 blockchain generated $1.17 million in revenue, outpacing competitor Hyperliquid’s $667,900 by 75%. The figures, shared by CryptoTwitter commentator @SolanaFloor, highlight Solana’s increasing dominance in the decentralized exchange (DEX) segment, where total quarterly notional trading volume across major perpetuals DEXs reached $183.2 billion.
In a parallel development, Solana-based derivatives platform PhoenixTrade announced it is allocating $420,000 in rewards to traders, coinciding with the platform’s all-time high in quarterly perpetual contracts volume. The record volume underscores Solana’s surging popularity as a hub for derivatives trading, while the reward program aims to further boost liquidity and user engagement.
These twin milestones arrive at a time when broader market sentiment remains mixed, yet Solana’s low fees and high throughput continue to attract traders and developers. The simultaneous revenue beat and derivatives volume record suggest a structural shift in market interest, with Solana positioning itself as a formidable competitor to established DeFi ecosystems. Analysts note that sustained growth could draw institutional attention and deepen the blockchain’s liquidity pools.
