The Solana blockchain has surpassed Ethereum in trading volume on decentralized exchanges, according to DeFiLlama. Solana saw a 67% increase in trading volume on DEX to $21.3 billion in just seven days, while Ethereum’s volume only grew by 3% to $19.4 billion over the same period.

Solana’s native token, SOL, reached the $200 level this year, while Ethereum’s ETH hit $4,000 in March during Bitcoin’s rally to a new all-time high. The surge in Solana’s trading volume can be attributed to the popularity of meme coins like Dogwifhat (WIF), Bonk (BONK), Book of Meme (BOME), and Slerf (SLERF).

Reflexivity Research notes that Solana’s volume growth started in the fourth quarter of 2023, driven by initiatives like Solana DEX Jupiter. The research also suggests that Solana’s operational efficiency might be higher than that of Ethereum.

However, the Solana Network faced issues as the demand for meme coins surged, causing transaction problems for users. To address this, the Solana Foundation has recommended guidelines for developers to manage the network’s high load. These include implementing priority commissions and optimizations to prevent transaction loss.

If you’re interested in the latest news about Solana, check out ZachXBT’s report on how Solana meme coins raised $149 million in just one week.

Post Views: 2