- Solana outpaces all blockchains in DEX volume; ETH fee share drops.
- Memecoins drive Solanaโs DEX activity, generating 95% of non-stablecoin trades.
- Solanaโs network upgrades enhance trading volume and institutional interest.
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Solanaโs 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. Solanaโs 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 cultureโthey are currently the main driving force behind Solanaโs trading activity. โ VanEck Analyst, VanEck
Ethereum and its ecosystem are seeing reduced DEX fee dominance due to Solanaโs surge. On-chain data shows Solanaโs DEX trading volume reached $19.36 billion for the week ending April 26. Solanaโs 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.
VanEckโs analysis underscores the memecoin-driven modelโs 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 Ethereumโs on-chain presence, as gains shift to Solana.
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