Ifeanyi Jesse 
Solana Outperforms Ethereum in DEX Volume
Following the meme coin craze that gripped the network this month Solana has exceeded Ethereum in DEX volume
Following the meme coin fever that swept the network this month, Solana has surpassed Ethereum in DEX volume. Solana-based Decentralized Exchanges have outpaced Ethereum over the last week, as various meme currencies have seen their value rise.
Tokens such as Dogwifhat (WIF), Bonk (BONK), Book of Meme (BOME), and others saw their values rise throughout March. Their presence on Solana has resulted in increasing volumes during the trading frenzy. However, one study organization has said that the network’s capital efficiency is considerably superior to that of other blockchains, including Ethereum. As a result, the predominance of DEX volume has shifted.
Solana Outperforms Ethereum in DEX Volume During Meme Coin Madness
Throughout 2024, the digital asset market has performed brilliantly. Although prices have corrected this week, Bitcoin has already topped $73,000 this month, alongside advances in various other assets. Nonetheless, the meme coin sector has reaped significant benefits.
Furthermore, the market has caused a shift in blockchain importance during the last week. SOL has now officially overtaken Ethereum in DEX volume. DeFi Llama said Solana’s DEX volume climbed 67% in the previous week alone, reaching $21.3 billion.
Over the same period, Ethereum’s volume has only increased by 3% to $19.4 billion. Solana’s Orca DEX exchange accounts for 88% of the volume across 17 decentralized exchanges.
Meme currencies are likely driving this growth. As previously noted, SOL hosts several high-profile meme currency initiatives that are gaining steam this month. Even assets like SERF are on their way to ranking among the top 100 cryptocurrencies.
However, that may not be the only factor motivating the flip. Reflexivity Research published a paper stating that SOL has considerably more capital efficiency than Ethereum or other rivals.
The report tracked the DEX volume-to-total value locked (TVL) ratio. On top of that, it found that “Solana has begun to significantly outpace Ethereum, suggesting a higher level of operational efficiency within its ecosystem.”