Solana Leapfrogs Ethereum on DEX Volume
Summary
Solana has surpassed Ethereum as the top smart-contract blockchain by trading volume. Solana-based DEX trading volume increased by 67% to $21.3 billion in seven days, surpassing Ethereum's 3% rise to $19.4 billion. The surge was driven by speculative fervor in Solana-based meme coins. Solana's capital efficiency is higher than Ethereum's, allowing for higher trading volumes with lower asset value locked in its DeFi ecosystem. Solana's SOL token has jumped 68% to $170 this year, outpacing ether's 40% rally to $3,214. However, Ethereum still leads in total value locked in the DeFi ecosystem, with $46.44 billion compared to Solana's $3.6 billion.
