After accelerating for weeks, momentum in the Solana ecosystem has finally accomplished the improbable: Transaction volume for decentralized exchanges (DEXs) on the blockchain has finally eclipsed that of exchanges on rival Ethereum, at least in the last week.

DEX volume on Solana has soared to $9.03 billion over the last seven days, according to data from Defi Llama. In that same period, decentralized exchanges on Ethereum have seen $8.836 billion worth of transactions. 

That victory may end up short-lived, as Ethereum is already edging out Solana in DEX volume over the last 24 hours, but it is nonetheless significant. Decentralized exchanges—such as Uniswap on Ethereum and Orca on Solana—facilitate the peer-to-peer exchange of all sorts of cryptocurrencies, particularly meme coins that aren’t listed on centralized exchanges. Historically, the lion’s share of that trading has always been concentrated on Ethereum.

But recently, DEX activity on Solana has surged, in large part thanks to the network’s lower gas fees. Solana meme coin BONK

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Author: Sander Lutz

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