Solana seems to be eating Ethereum’s lunch after taking 50% of the decentralized exchange (DEX) market recently. In one instance, it even reached a staggering 89% market dominance.
There are two reasons why Solana is suddenly covered in rocket fuel:
1. The Pump.fun launchpad – which makes it much easier to launch meme coins – has exploded in popularity.
2. The launch of the $TRUMP and $MELANIA coins on the Solana blockchain helped it to become even bigger.
The downside to all this? The increased trading activity put more pressure on Solana than ever before. But good news may be coming down the pipeline.
Could the launch of Solaxy ($SOLX) – the first-ever Solana Layer-2 – cement Solana’s position as the most dominant blockchain in the DEX market?
Jupiter Acquires Moonshot & Solana Surges Despite Congestion and Bottlenecks
Solana got a further boost with the announcement that DEX platform Jupiter – which accounts for 70% of Solana’s transaction volume – has bought Moonshot, a self-custodial app that lets users buy meme coins.
After $TRUMP’s launch, Moonshot shot to the top of the iOS App Store charts, with one million active app users and $400M worth of trades during peak activity.
This is why Jupiter acquiring Moonshot is such a big deal. Thanks to it, Solana’s adoption will keep growing, and its reputation in the meme coin sector should skyrocket. It also puts it in pole position to build momentum and push back all competitors.
However, Solana’s trading surge during the $TRUMP hype (when total transactions went over $20B) also showcased the persistent problems in its infrastructure. More specifically, congestion and bottlenecks, as well as higher transaction fees and, in some cases, failed
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Author: Bitcoinist
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