Solana’s DEX trading vol jumps 66%, beats Ethereum

Solana is maintaining its tag as the most trending blockchain by bashing different records every other day. Despite recording a recent price drop, the Solana ecosystem is still printing green indexes riding high on its meme coins influx. In the latest development, the blockchain is giving direct competition to the Ethereum.

According to the data provided by DeFiLlama, the Solana blockchain has overtaken Ether to become the top smart contract chain by trading volume. SOL linked decentralized exchanges (DEXes) recorded a 66.40% weekly jump in its trading volume to stand at $21.2 billion. While its 24 hour trading volume stands at $3.45 billion.

On the other hand, Ethereum’s seven days trading volume saw a surge of 2.82% to settle below Solana with $19.35 billion. However, its 24 hour trading volume stands at $3 billion which is still less than SOL.

It is important to note that SOL has Solana has 17 DEXes. Orca is the largest contributor of them all as it accounts for 88% of the total volume. In comparison, Ethereum has 46 DEXes and Uniswap is the biggest of them all contributing 68% of the volume.

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Avalanche is another blockchain that is adding massive gains and climbing up in the tally. AVAX recorded a jump of 78% in the last 7 days to stand at $529 million.

Solana’s ongoing surge is linked with the speculative trading in meme coins like Slerf, Book of Meme, and Dogwifhat has fueled the surge in trading activity. Data shows that Slerf alone added nearly $2.7 billion in trading volume within 24 hours, overshadowing Ethereum’s DEX activity.

Despite facing setbacks, such as losing $10 million in pre-sale funds due to a mistake in sending funds to a burn address, Slerf gained widespread attention and became a significant contributor to Solana’s trading volume.

The recent surge in Solana meme coins has also raised concerns about scams and rug pulls. ZachXBT, a crypto sleuth, uncovered a scam involving Solana meme coins’ presale events. He showed fraudulent accounts pocketed huge amounts of SOL from investors.

The rise in scams and concerns about rug pulls have led to bearish sentiment in the Solana ecosystem. Investors’ trust in the network has been affected. This highlighted the need for caution when investing in meme coins and participating in presale events on Solana.

However, Solana’s price dropped by over 4% in the last 24 hours. It is trading at an average price of $174, at the press time.