Solana DEX Platforms Outshine Ethereum in Market Performance
Recent statistics have revealed that decentralized exchange (DEX) platforms built on Solana have surpassed Ethereum in market performance. In the past week, Solana-based DEX platforms achieved a trading volume of $1.447 billion, overshadowing the $1.282 billion recorded by Ethereum trading platforms.
Solana's Price Surge and Airdrops Propel DEX Volumes
The recent surge in Solana's price, along with numerous airdrops, has propelled the layer one (L1) blockchain's DEX volumes to new heights. Data from Deflllama.com confirms that both the 24-hour and weekly DEX volumes for Solana have exceeded those of Ethereum.
Impressive Growth in Solana DEX Volumes
Recent data shows that Solana platforms' daily DEX volumes have surged to $1.447 billion, marking a 12.87% increase compared to Ethereum DEX applications' $1.282 billion. Over the past seven days, Solana's decentralized exchanges have amassed $10.786 billion, surpassing Ethereum's $9.604 billion in weekly DEX volumes. Notable contributors to these volumes include Raydium, Orca, Lifinity, Phoenix, Openbook, and Mango Markets, as well as significant activity on Drift, Crema, and Saber.
SOL-Based DEX Protocol Trading Volume
A significant portion of SOL-based DEX protocol trading volume was recorded on December 21, 2023, largely fueled by recent Solana airdrops and SOL's substantial 40% increase over the previous week. Over the past year, SOL has demonstrated massive growth, escalating 895% against the U.S. dollar. The largest trading pairs on Raydium, Solana's largest DEX by volume, are listed as ANALOS/SOL, WIF/SOL, SILLY/SOL, and SOL/USDC.
A Pivotal Shift in DEX Market Dynamics
Recent statistics underscore a significant trend in decentralized finance (DeFi). While Ethereum DEX protocols remain a dominant force, Solana's impressive daily volume and weekly stats signify a pivotal shift in DEX market dynamics, highlighting the growing influence of the Solana ecosystem.
What are your thoughts on Solana DEX volumes surpassing Ethereum's DEX volumes? Share your opinions in the comments section below.
Frequently Asked Questions
Is gold a good IRA investment?
If you are looking for a way to save money, gold is a great investment. It is also an excellent way to diversify you portfolio. But gold has more to it than meets the eyes.
It's been used throughout history as a currency, and even today, it remains a popular form of payment. It is often called “the most ancient currency in the universe.”
Gold, unlike other paper currencies created by governments is mined directly from the earth. That makes it very valuable because it's rare and hard to create.
The supply and demand for gold determine the price of gold. The economy that is strong tends to be more affluent, which means there are less gold miners. The result is that gold's value increases.
On the flip side, when the economy slows down, people hoard cash instead of spending it. This leads to more gold being produced which decreases its value.
This is why it makes sense to invest in gold for individuals and companies. You'll reap the benefits of investing in gold when the economy grows.
Your investments will also generate interest, which can help you increase your wealth. Additionally, you won't lose cash if the gold price falls.
Are You Ready to Invest in Gold?
The answer depends on how much money you have saved and whether gold was an investment option available when you started saving. If you are unsure which option to choose, consider investing in both options.
Not only is it a safe investment but gold can also provide potential returns. It is a good choice for retirees.
While many investments promise fixed returns, gold is subject to fluctuations. As a result, its value changes over time.
This does not mean you shouldn’t invest in gold. It just means that you need to factor in fluctuations to your overall portfolio.
Another advantage to gold is that it can be used as a tangible asset. Gold is much easier to store than bonds and stocks. It can also be carried.
You can always access your gold as long as it is kept safe. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. Gold prices are likely to rise with other commodities so it is a good way of protecting against rising costs.
It's also a good idea to have a portion your savings invested in something which isn't losing value. Gold usually rises when the stock market falls.
Another benefit to investing in gold? You can always sell it. You can also liquidate your gold position at any time you need cash, just like stocks. You don't even have to wait until you retire.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn't try to put all of your eggs into one basket.
Don't buy too many at once. Start small, buying only a few ounces. Next, add more as required.
Remember, the goal here isn't to get rich quickly. It's not to get rich quickly, but to accumulate enough wealth to no longer need Social Security benefits.
And while gold might not be the best investment for everyone, it could be a great supplement to any retirement plan.
Is it a good idea to open a Precious Metal IRA
Precious metals are not insured. This is the most important fact to know before you open an IRA account. It is impossible to get back money if you lose your investment. This includes any loss of investments from theft, fire, flood or other circumstances.
You can protect yourself against such losses by purchasing physical gold and silver coins. These items are timeless and have a lifetime value. You would probably get more if you sold them today than you paid when they were first created.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. A third-party custodian is a good option. They will protect your assets while giving you easy access whenever you need them.
When you open an account, keep in mind that you won't receive any returns until your retirement. So, don't forget about the future!
What is a Precious Metal IRA, and how can you get one?
A precious metal IRA allows for you to diversify your retirement savings in gold, silver, palladium and iridium. These precious metals are extremely rare and valuable. They make excellent investments for your money and help you protect your future from inflation and economic instability.
Bullion can be bought through many channels, including online retailers, large coins dealers, and some grocery shops.
A precious metal IRA lets you invest in bullion direct, instead of purchasing stock. This means you'll receive dividends every year.
Precious metal IRAs have no paperwork or annual fees. Instead, you pay a small percentage tax on the gains. Additionally, you have access to your funds at no cost whenever you need them.
Can I hold a gold ETF in a Roth IRA?
Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).
An IRA traditional allows both employees and employers to contribute. Another way to invest in publicly traded companies is through an Employee Stock Ownership Plan.
An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. The money in the ESOP can then be subject to lower tax rates than if the money were in the individual's hands.
You can also get an Individual Retirement Annuity, or IRA. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions to IRAs do not have to be taxable
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement funds
- Yahoo Finance – Barrick Gold Corporation Stock Price, News & Quote – Barrick Gold Corporation (GOLD).
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's Not Exactly Legal – WSJ
Three ways to invest in gold for retirement
It's crucial to understand where gold fits in your retirement strategy. You have many options for investing in gold if there is a 401K account at your workplace. You may also want to consider investing in gold outside of your workplace. You could, for example, open a custodial bank account at Fidelity Investments if your IRA (Individual Retirement Account) is open. If precious metals aren't your thing, you may be interested in buying them from a dealer.
These are three easy rules to remember if you invest in gold.
- You can buy gold with your cash – No need to use credit cards or borrow money for investment financing. Instead, cash in your accounts. This will protect you from inflation and help keep your purchasing power high.
- Physical Gold Coins – Physical gold coins are better than a paper certificate. It's easier to sell physical gold coins rather than certificates. Physical gold coins don't require storage fees.
- Diversify Your Portfolio. – Do not put all your eggs into one basket. Also, diversify your wealth and invest in different assets. This can reduce market volatility and help you be more flexible.
By: Jamie Redman
Title: Solana DEX Platforms Surpass Ethereum in Market Performance
Sourced From: news.bitcoin.com/solanas-dex-platforms-eclipse-ethereum-in-weekly-trade-volumes/
Published Date: Wed, 27 Dec 2023 18:30:24 +0000
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