Solana officially made the jump to the top of the charts after the recent meme coin trend that swept the entire network. Ethereum in DEX volume. In the last week, Solana’s decentralized exchanges outpaced Ethereum as several meme currencies saw an increase in value.
In March, you can get tokens such as Dogwifhat (WIF)Bonk, Book of Meme and other cryptocurrencies have seen a surge in their value. The trading frenzy has resulted in a massive increase of volumes due to their presence. One research firm, however, has stated that Solana’s capital efficient is far superior to other blockchains including Ethereum. The DEX volumes are leading in the reverse order.
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Solana Leaps Ethereum on DEX Volume During Meme Coin Madness
The market for digital assets has performed exceptionally well in 2024. Bitcoin’s price has corrected in the past week, but it reached $73,000 just this month. Other assets have also seen gains. Meme coin has also benefited greatly.
In addition, this market led to an increase in the relevance of blockchains over the last week. Solana, in particular, has officially overtaken Ethereum as the largest DEX. According to DeFi LlamaSolana DEX volumes have increased by 67% in just the past seven days, to $21.3 Billion.
Ethereum volume is up only 3% over the past year, or $19.4billion. Orca DEX is currently responsible for 88% the volume of 17 decentralized Exchanges. Ethereum, on the other hand, offers 46 DEXes. Uniswap is at its top.
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Meme coins are undoubtedly responsible for this development. Solana has a number of high-profile projects that are gaining popularity in the meme coin space this month. Assets like SERF The top 100 cryptocurrencies are rapidly approaching.
But that is not the only thing that could be driving a flip. Reflexivity Research In a recent report, it was noted that Solana had a much higher capital efficiency than Ethereum or even most of its competitors.
The report observed DEX’s volume-to total value locked ratio (TVL). It also identified that “Solana has begun to significantly outpace Ethereum, suggesting a higher level of operational efficiency within its ecosystem.”
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Source: watcher.guru