Solana outperforms Ethereum in DEX trading volume amidst surge in meme coins
The Solana blockchain has overtaken Ethereum as the top platform for decentralized exchange trading. According to DeFiLlama, Solana’s trading volume on decentralized exchanges saw a significant 67% increase in just seven days, reaching $21.3 billion. In contrast, Ethereum’s decentralized exchanges only experienced a 3% growth, reaching $19.4 billion during the same period. This shift in leadership can be attributed to the popularity of Solana-based meme coins such as Dogwifhat, Bonk, Book of Meme, and Slerf. Reflexivity Research reports that Solana’s volume growth started in the fourth quarter of 2023, mainly due to the introduction of points and giveaway programs like Solana DEX Jupiter. However, the surge in demand for meme coins caused problems for the Solana Network, resulting in transaction issues and failed or missing transactions. To address this, the Solana Foundation has issued guidelines for developers to manage the network’s high load, including implementing priority commissions and optimizations to prevent transaction loss.
