Solana-Based Decentralized Exchanges Outperform Ethereum in Trading Volume

Solana-based decentralized exchanges (DEX) have experienced higher trading volumes than their Ethereum counterparts over the past seven days, according to CoinDesk. Trading volume for Solana-based DEXs increased by 67% to $21.3 billion, while Ethereum-based DEXs increased by 3% to $19.4 billion. This shift has led to Solana replacing Ethereum as the#1smart contract blockchain in terms of transaction volume.

Solana's increase in volume is attributed to the meme coin craze and the blockchain's higher capital efficiency compared to Ethereum and other chains. Solana's DEX volume-to-total value locked (TVL) ratio, a measure of capital efficiency, recently surpassed Ethereum, indicating a higher level of operational efficiency in its ecosystem. The latest report from the Reflexivity Study, commissioned by the Solana Foundation, supports this claim.

Solana's SOL token is up 68% this year to $170, while Ethereum is up 40% to $3,214 and the CoinDesk 20 Index, a measure of the broader crypto market, is up 33%. Despite Solana's recent rise, Ethereum remains the world's largest smart contract blockchain in terms of total value locked in the DeFi ecosystem; $46.44 billion compared to $3.6 billion in Solana.#si_dar $SOL $ETH