The Solana blockchain has supplanted ethereum as the trading volume leader on decentralized exchanges.
According to DeFiLlama, trading volume on decentralized exchanges (DEX) on Solana increased by 67% in seven days to $21.3 billion. During the same period, the volume of ethereum-based decentralized exchanges grew 3% to $19.4 billion.
<img decoding="async" width="1024" height="272" src="https://crypto.news/app/uploads/2024/03/Screenshot-2024-03-20-at-16.58.10-1024×272.png” alt=”Solana Overtakes ethereum in DEX Volume Amid Meme Coin Rally – 1″/>
Solana (SOL) tested the $200 level this year, while ethereum (eth) rose to the $4,000 level in March amid bitcoin (btc)'s 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 ethereum-defi” target=”_blank” rel=”noreferrer noopener”>Reflexivity researchSolana volume growth began in Q4 2023 due to the proliferation of points and gifting programs like Solana DEX Jupiter.
“Solana has recently begun to significantly outperform ethereum, suggesting a higher level of operational efficiency within its ecosystem.”
Reflexivity research
However, the Solana Network faced problems as demand for meme coins increased dramatically, leading to transaction issues. Users often experienced failed or lost 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 the network is currently experiencing. The fund recommended implementing priority commissions and a series of optimizations to avoid losses on transactions.
