A significant shift is underway in the decentralized finance (DeFi) industry: Solana-based decentralized exchanges (DEXs) have managed to surpass Ethereum-based exchanges in terms of trading volume. This remarkable development took place in July, and according to DeFiLlama data, Solana DEXs managed to surpass Ethereum DEXs on 17 separate occasions.
GenesysGo CEO and co-founder Frank Mathis cited Solanaâs cost-effectiveness as the primary reason for this shift. In July, decentralized exchanges on Solana accounted for 30% of the total crypto DEX trading volume, while Ethereumâs share was 28.12%. Solana DEXs accounted for $56.849 billion in total trading volume, while Ethereum DEXs accounted for $53.867 billion. This 5% difference clearly demonstrates Solanaâs growing appeal in the DeFi space.
Frank Mathis attributes Solanaâs rise to its entertainment-focused and user-friendly ecosystem, which offers lower transaction fees compared to Ethereum, making it a preferred platform for memecoin projects.
This development marks a critical turning point for Ethereum, which has long been a leader in the DeFi ecosystem. Ethereum last faced such competition during the memecoin boom with BNB Chain in 2021. Mathis notes that rising memecoin projects are a major trend in the current cycle, and their long-term impact on the DeFi landscape is unclear.
Solanaâs low transaction costs are a determining factor in its growing popularity. The rise in memecoin projects is contributing greatly to Solanaâs transaction volumes, and Ethereum could face new challenges to its DeFi dominance.
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I EXPLAIN IN DETAILED.
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