Here are the DEX trading volume rankings for the past week:
1st. Uniswap (Ethereum)
2nd. PancakeSwap (Ethereum, BNB)
3rd. Fluid (Ethereum)
...
5th. Raydium (Solana)
7th. Orca (Solana)
Considering the market cap difference between Ethereum and Solana is about 4-5 times, the trading volume levels of Raydium and Orca are similar to those of Uniswap and PancakeSwap.
However,
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The market cap difference between Orca (150 billion) and Raydium (1.5 trillion) is about 10 times, indicating that Orca is significantly undervalued compared to everything else.
Here are the rankings based on weekly earnings for lending protocols:
3rd. Euler (Ethereum)
4th. Maple (Ethereum)
5th. Fluid (Ethereum)
Here, Euler is showing strong performance.
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In comparison,
Euler's market cap is 280 billion
Maple's market cap is 720 billion
Fluid's market cap is 710 billion
indicating that Euler is undervalued.
For reference, Euler's TVL is 4.1 billion, and the fees it generates are also 2.2 million dollars, which is similar to Morpho (market cap 900 billion), but it is undervalued.
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