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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 (<a href="https://crypto.news/tag/dex/" target="_blank" rel="noreferrer noopener">DEX</a>) 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. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="272" src="https://crypto.news/app/uploads/2024/03/Screenshot-2024-03-20-at-16.58.10-1024x272.png" alt="Solana surpasses Ethereum on DEX volume amid meme coins rally - 19" class="wp-image-14259801">
 <figcaption class="wp-element-caption">
 Source: DefiLlama
 </figcaption>
</figure> 
Solana (<a href="https://crypto.news/price/Solana/" target="_blank" rel="noreferrer noopener">SOL</a>) tested the $200 level this year, while Ethereum (<a href="https://crypto.news/price/Ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) climbed to the $4,000 level in March amid Bitcoin’s (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) rally to a new all-time high. 
Solana managed to gain primacy thanks to the hype around Solana-based meme coins Dogwifhat (<a href="https://crypto.news/price/Dogwifwhat/" target="_blank" rel="noreferrer noopener">WIF</a>), Bonk (<a href="https://crypto.news/price/bonk/">BONK</a>), Book of Meme (<a href="https://crypto.news/price/Book-of-Meme/" target="_blank" rel="noreferrer noopener">BOME</a>), and Slerf (<a href="https://crypto.news/price/SLERF/" target="_blank" rel="noreferrer noopener">SLERF</a>). According to <a href="https://www.reflexivityresearch.com/all-reports/comparing-solana-defi-to-ethereum-defi" target="_blank" rel="noreferrer noopener">Reflexivity Research</a>, 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. 
<blockquote class="wp-block-quote"> 
 “Solana has recently begun to significantly outpace Ethereum, suggesting a higher level of operational efficiency within its ecosystem.” <cite>Reflexivity Research</cite>
</blockquote> 
However, the <a href="https://crypto.news/tag/Solana/" target="_blank" rel="noreferrer noopener">Solana</a> Network <a href="https://crypto.news/solana-ledger-network-congestion/" target="_blank" rel="noreferrer noopener">faced</a> 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 <a href="https://solana.com/news/block-optimization-on-the-solana-network" target="_blank" rel="noreferrer noopener">announced</a> 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. 
 You might also like: <a href="https://crypto.news/solana-meme-coin-fundraiser/"> ZachXBT: Solana meme coins raised $149m in a week </a>

Solana surpasses Ethereum on DEX volume amid meme coins rally

crypto.news

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