The SOL/ETH ratio has been climbing throughout 2024 and has hit a new all-time high as Solana continues to outperform. On Oct. 22, the SOL/ETH ratio hit 0.064, a 5% increase from its previous all-time high of 0.061 on Aug. 8, and is up 340% over the last year. The price action is indicative of Solana’s increase in mindshare, driven largely by the success of memecoins on the chain. The SOL token has soared 550% over the last year, rallying from $25.75 to $168, while Ether has struggled, up just 52% in the same period. Solana’s DEX growth continues to outperform all other blockchains, and Solana-based DEXs are on track to process more monthly volume than Ethereum’s for only the second time. As a result, Solana’s DeFi scene has also been picking up, and the chain's total value locked (TVL) is up to $6.4 billion, making it the 3rd largest chain in DeFi, compared to $350 million in October 2023. However, despite growing almost twenty-fold, Solana’s TVL is still 36% off its all-time high of $10 billion in November 2021.