Solana DEX Platforms Outperform Ethereum in Market Performance
Recent statistics reveal that decentralized exchange (DEX) platforms built on Solana have surpassed Ethereum in market performance. In the past week alone, Solana-based DEX platforms achieved a volume of $1.447 billion, overshadowing the $1.282 billion recorded by Ethereum trading platforms.
Solana's Recent Price Surge and Airdrops Drive DEX Volumes to New Heights
Solana's recent price surge, coupled with a multitude of airdrops, has propelled the Layer 1 (L1) blockchain's DEX volumes to new heights. Data confirms that both the 24-hour and weekly DEX volumes for Solana have exceeded those of Ethereum, solidifying its position as a dominant force in the market.
Solana DEX Volumes Surged by 12.87% Over Ethereum
Recent data shows that Solana platforms' daily DEX volumes have surged to $1.447 billion, marking a 12.87% increase over Ethereum DEX applications' $1.282 billion. Over the past seven days, Solana's decentralized exchanges have amassed a total volume of $10.786 billion, surpassing Ethereum's $9.604 billion in weekly DEX volumes. This significant growth can be attributed to popular DEX platforms such as Raydium, Orca, Lifinity, Phoenix, Openbook, and Mango Markets, along with notable activity on Drift, Crema, and Saber.
SOL-Based DEX Protocol Trading Volume Soars with Airdrops and Price Surge
A considerable portion of SOL-based DEX protocol trading volume was recorded on December 21, 2023. This surge was 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 by 895% against the U.S. dollar. The largest trading pairs on Raydium, Solana's largest DEX by volume, are 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 stats over the week signify a pivotal shift in DEX market dynamics. The growing influence of the Solana ecosystem is becoming increasingly evident.
What are your thoughts on Solana DEX volumes surpassing Ethereum's DEX volumes? Share your opinions and insights in the comments section below.
Frequently Asked Questions
How much should precious metals be included in your portfolio?
This question can only be answered if we first know what precious metals are. Precious Metals are elements that have a very high relative value to other commodities. This makes them valuable in investment and trading. Today, gold is the most commonly traded precious metal.
But, there are other types of precious metals available, including platinum and silver. The price volatility of gold can be unpredictable, but it is generally stable during periods of economic turmoil. It is also not affected by inflation and depression.
In general, prices for precious metals tend increase with the overall marketplace. However, the prices of precious metals do not always move in sync with one another. When the economy is in trouble, for example, gold prices tend to rise while other precious metals fall. Investors expect lower interest rates which makes bonds less appealing investments.
Contrary to this, when the economy performs well, the opposite happens. Investors want safe assets such Treasury Bonds and are less inclined to demand precious metals. Because they are rare, they become more pricey and lose value.
You must therefore diversify your investments in precious metals to reap the maximum profits. Furthermore, because the price of precious Metals fluctuates, it is best not to focus on just one type of precious Metals.
Who is entitled to the gold in a IRA that holds gold?
The IRS considers gold owned by an individual to be “a type of money” and is subject taxation.
To take advantage of this tax-free status, you must own at least $10,000 worth of gold and have been storing it for at least five years.
The purchase of gold can protect you from inflation and price volatility. But it's not smart to hold it if your only intention is to use it.
If you plan to eventually sell the gold, you'll need a report on its value. This could impact the amount of capital gains taxes your owe if you cash in your investments.
It is a good idea to consult an accountant or financial planner to learn more about your options.
What are the fees for an IRA that holds gold?
An Individual Retirement Account (IRA) fee is $6 per month. This includes account maintenance fees and investment costs for your chosen investments.
To diversify your portfolio you might need to pay additional charges. The type of IRA you choose will determine the fees. Some companies offer free checking, but charge monthly fees for IRAs.
A majority of providers also charge annual administration fees. These fees can range from 0% up to 1%. The average rate is.25% each year. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- 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)
External Links
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement accounts
bbb.org
irs.gov
finance.yahoo.com
How To
Guidelines for Gold Roth IRA
Starting early is the best way to save for retirement. Start saving as soon as possible, usually at age 50. You can continue to save throughout your career. You must contribute enough each year to ensure that you have adequate growth.
You can also take advantage of tax-free savings opportunities like a traditional 401k (k), SEP IRA (or SIMPLE IRA). These savings vehicles let you make contributions and not pay taxes until the earnings are withdrawn. This makes them great options for people who don't have access to employer matching funds.
It is important to save consistently over time. You'll miss out on any potential tax benefits if you're not contributing the maximum amount allowed.
—————————————————————————————————————————————————————————————–
By: Jamie Redman
Title: Solana Decentralized Exchange (DEX) Volume Surpasses Ethereum: A Pivotal Shift in Market Dynamics
Sourced From: news.bitcoin.com/solanas-dex-platforms-eclipse-ethereum-in-weekly-trade-volumes/
Published Date: Wed, 27 Dec 2023 18:30:24 +0000
Leave a Reply