Solana Surpasses Ethereum: A Game-Changing Moment
Solana is now the top blockchain for smart contracts, beating Ethereum in trading volume.
In the last week, trading on Solana’s decentralized exchanges (DEX) went up by 67%, reaching $21.3 billion, while Ethereum’s DEX trading only rose by 3% to $19.4 billion. Solana has 17 DEXes, with Orca being the biggest, making up 88% of the total trading volume. On Ethereum, Uniswap is the largest among 46 DEXes.
Meme Coins Fuel Solana’s Rise
This change happened because of the hype around meme coins like dogwifwhat, bonk, book of meme, and slerf, which are based on Solana.
Recently, the most popular tokens on DEX Screener were from Solana. On March 13, a staggering 2,300 meme coins were created in just one hour, and the supply of stablecoins on Solana reached $2.80 billion, the highest in years.
Solana’s trading volume started to rise in late 2023 due to programs like Solana DEX Jupiter.
Compared to Ethereum, Solana can handle more trades with less money locked in its ecosystem.
Solana’s SOL token price increased by 68% to $170 this year, while Ethereum’s ether went up by 40% to $3,214. The SOL/ETH ratio hit a high of 0.059 and is now around 0.053.
What Lies Ahead for Solana and Ethereum?
Even though Solana is leading in trading volume, Ethereum still has the most value locked in its DeFi ecosystem, with $46.44 billion compared to Solana’s $3.6 billion.
