- Solana outpaces all blockchains in DEX volume; ETH fee share drops.
- Memecoins drive Solana’s DEX activity, generating 95% of non-stablecoin trades.
- Solana’s network upgrades enhance trading volume and institutional interest.
Body
Solana’s decentralized exchanges achieved the highest trading volumes in a 24-hour period, surpassing other blockchains. Memecoins are driving this trend, accounting for the majority of the trading activity, according to data from VanEck. Solana’s developer and trading communities are central to this rise. Jupiter is the leading DEX protocol on Solana, capturing over 55% of the trading volume.
Memecoins are not just a side effect of trading culture—they are currently the main driving force behind Solana’s trading activity. – VanEck Analyst, VanEck
Ethereum and its ecosystem are seeing reduced DEX fee dominance due to Solana’s surge. On-chain data shows Solana’s DEX trading volume reached $19.36 billion for the week ending April 26. Solana’s network improvements have reportedly enhanced throughput by 4%, attracting larger traders. Memecoins are responsible for roughly 95% of non-stablecoin trades, catalyzing debates within the crypto community.
VanEck’s analysis underscores the memecoin-driven model’s risks, as trading fueled by speculation raises questions about sustainability. Solana developers, however, continue focusing on infrastructure and scaling solutions. The competition in the DEX space affects various assets, notably SOL and Ethereum’s on-chain presence, as gains shift to Solana.
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