Here's what's happened in Solana today

Solana (SOL) kicked off the new week with a lot of action on Monday after Cboe filed VanEck and 21Shares' Solana ETF application. Meanwhile, SOL surpassed Ethereum and Arbitrum in 24-hour decentralized exchange (DEX) volume due to increased trading on the Raydium protocol.

Solana tops 24-hour volume on DEXs following Cboe SOL ETF filing

According to data from DefiLlama, Solana surpassed Ethereum and its Layer 2 Arbitrum on DEX volume in the past 24 hours.

Solana topped the table with a 24-hour volume of $1.77 billion. Ethereum came in second with $1.26 billion, followed by Arbitrum with $397.52 million. With the move, Solana's weekly DEX volume has risen to $11.74 billion, slightly behind Ethereum at $12.75 billion.

The increased DEX volume in the Solana network has largely come from the Raydium protocol, which briefly flipped Ethereum's Uniswap trading volume.

Meanwhile, Solana-based investment products saw $16.3 million of inflows in the past week, according to data from CoinShares. The rise could also be attributed to recent interest in SOL after asset managers Van Eck and 21Shares filed for a SOL ETF in the US. The Cboe has filed the applications with the SEC, and immediately after the regulator acknowledges them, the next step will be the decision on them—a process that may take up to 240 days.

Additionally, Solana's latest independent validator client, Firedancer, announced an initial bug bounty program starting on Wednesday, with $1 million up for grabs. Firedancer is a new protocol built by Jump Crypto to improve Solana's transaction speed limitations.

SOL recovered from the recent market drawdown after briefly tagging the $143 price level on Sunday. However, it quickly saw a retracement to $138, up nearly 2% in the last 24 hours.