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The Solana blockchain has supplanted Ethereum as the leader in trading volume on decentralized exchanges.
According to DeFiLlama, trading volume on decentralized exchanges (DEX) in Solana increased by 67% in seven days to $21.3 billion. Over the same period, the volume of decentralized exchanges based on Ethereum grew by 3% to $19.4 billion.
Solana (SOL) tested the $200 level this year, while Ethereum (ETH) climbed to the $4,000 level in March amid Bitcoin’s (BTC) rally to a new all-time high.
Solana managed to gain primacy thanks to the hype around Solana-based meme coins Dogwifhat (WIF), Bonk (BONK), Book of Meme (BOME), and Slerf (SLERF). According to Reflexivity Research, Solana’s volume growth began in the fourth quarter of 2023 due to the proliferation of points and giveaway programs such as Solana DEX Jupiter.
“Solana has recently begun to significantly outpace Ethereum, suggesting a higher level of operational efficiency within its ecosystem.”
Reflexivity Research
However, the Solana Network faced problems as the demand for meme coins increased dramatically, leading to transaction issues. Users often experienced failed or missing transactions as the Solana network struggled with the influx of activity.
As a result, the Solana Foundation has announced several recommended guidelines for developers to cope with the high load that the network is currently experiencing. The fund recommended implementing priority commissions and a number of optimizations to avoid transaction loss.
