Solana recently overtook Ethereum to become the leader in trading volume on decentralized exchanges (DEX), maintaining that position thanks to a 19% increase over the past seven days.
Ethereum activity, on the other hand, grew by 6 percent, while the BNB blockchain declined by 3 percent. Overall, transaction volume in the #Ethereum tier 2 ecosystem increased by 5 percent over the same period, and #Solana was the clear winner.
The notable contributors to the Solana ecosystem were Raydium, which grew by 20 percent, Lifinity, which grew by 49 percent, and Phoenix, which added 34 percent activity in just seven days. Most of the growth in the Solana stream came from the memecoin sector, and this growth There have been questions about the sustainability of this growth.
For example, Moo Deng (MOODENG), Goatseus Maximus (GOAT), and Nosana (NOS) have grown by 178%, 71%, and 70% respectively over the past week. It's impossible to predict how long Mimcoin's rise will last, but history shows that few things can hold their value for long. Notable exceptions are Shiba Inu (SHIB), #Pepe (PEPE), and Dogwifhat (WIF).
In addition to the performance on the chain, the lack of excessive leverage in SOL futures suggests that the rise to $182 on December 29 was just the initial stage of a broader bull cycle.
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