Solana Asserts Position as the “Everything Exchange” - Outpacing Hyperliquid in $MON Trading Volume

Solana is leading the race to become crypto’s 'Everything Exchange'. Armed with Wormhole’s new Sunrise bridge, Solana DeFi processed more $MON trading volume on launch day than any other network, including Monad itself.

Beyond trading volume alone, $MON integration across Solana’s DeFi ecosystem illustrates why the Layer-1 is rapidly becoming ground zero for the onchain economy, edging out competitors like Hyperliquid.

With Solana asserting itself as the home of internet capital markets, what day one token launches can we expect to see next?

Solana Processes Over $68M in Day One $MON Trading

Monad’s mainnet launch, and $MON TGE, was one of the most eagerly anticipated events of the crypto calendar. However, while the maiden voyage of a new blockchain is always a grand affair for the network in question, Solana arguably stole the spotlight on Monad’s big day.

Through Wormhole’s newest product, Sunrise, $MON was tradable across Solana DeFi venues on day one, joining Hyperliquid’s Unit Protocol in the race to introduce new assets to more liquid networks as soon as possible.

Prior to Sunrise’s launch, Hyperliquid was unchallenged in terms of day one onchain trading support, with tokens that are native to rival networks, like $PUMP and $2Z, being listed on the Hyperliquid spot DEX. Wormhole has since levelled the playing field, with Solana taking a clear lead in the $MON TGE.

Within the first 24 hours of trading, $MON on Solana witnessed 122% more trading volume than on Hyperliquid. According to MonadVision, the new network’s block explorer, Solana’s $79M is even higher than Monad’s native DeFi scene.

However, volume is a flawed metric in this example, given that much of the Solana-based volume is likely powered by airdrop recipients liquidating their allocations. Monad’s native users are far more likely to hold their $MON supply or put it to work directly within the network’s nascent economy.

$MON Integrated Across Solana DeFi

One of the key advantages that Solana has over Hyperliquid is how quickly new assets can be integrated across the onchain economy. While Hyperliquid is primarily a trading venue, Solana was able to enable $MON support across a wide range of DeFi apps, like lending protocols.

While Hyperliquid’s HyperEVM offers a wealth of lending protocols, $MON is yet to be listed on any of them, leaving little reason for users to bridge tokens to the network.

Solana as the Home of Internet Capital Markets

Powered by Wormhole’s Sunrise, Solana has asserted its claim as the “Everything Exchange” and the home of internet capital markets. Traders can likely expect similar competition between leading networks on future large-scale token launches.

Solana’s role as the heart of onchain finance is further solidified by its adoption of Zcash ($ZEC). The network has become one of the premier venues for decentralized trading of the $ZEC token, which has witnessed over $27M in trading volume on Solana.

While Sunrise has yet to confirm what the next day one listing might be, incoming launches like MegaETH are likely to attract plenty of attention from traders across both Hyperliquid and Solana alike.

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