Solana-Based Decentralized Exchanges Outpace Ethereum in Trading Volume Amid Meme Coin Frenzy

Solana-based decentralized exchanges have surpassed their Ethereum counterparts in trading volume over the past week, with a 67% increase to $21.3 billion. This surge in volume has been attributed to the recent meme coin frenzy and Solana's higher capital efficiency compared to other chains. Solana has even replaced Ethereum as the top smart-contract blockchain by trading volume. Despite this, Ethereum still holds the title for the largest total value locked in the DeFi ecosystem, with $46.44 billion compared to Solana's $3.6 billion.