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Solana has recently emerged as the number one smart-contract blockchain in terms of trading volume, surpassing Ethereum. This significant achievement was reported by ScrollReads on March 21, based on data from DeFiLlama. The trading volume of tokens on Solana-based decentralized exchanges (DEXs) experienced a remarkable 67% increase, reaching $21.3 billion over a seven-day period. In contrast, the volume on Ethereum-based equivalent exchanges only rose by 3% to $19.4 billion, leaving a notable $1.9 billion gap.
Solana’s Growing Trading Volume and Daily Active Addresses
The trading volume surge on Solana is just one aspect of its recent success. The number of daily active addresses on the platform has also witnessed a significant rise. Between January and February, the daily active addresses increased from 400,000 to 600,000. As of Tuesday, it reached an impressive figure of approximately 1.25 million.
Solana’s Surge and Meme-Based Tokens
This recent surge in Solana’s popularity is believed to be closely connected to the enthusiasm surrounding meme-based tokens on the platform. Tokens such as dogwifwhat (WIF), bonk (BONK), book of meme (BOME), MAGA (TRUMP), and slerf (SLERF) have garnered attention and contributed to the platform’s growth. On March 13, for instance, 2,300 Solana meme coins were minted in just one hour. Additionally, stablecoins on Solana reached a multiyear high of $2.80 billion.
The Impact of Presales on Solana’s Success
Presales, where tokens are sold before their official launch, have played a significant role in Solana’s surge. Buyers are willing to invest their funds in exchange for a predetermined number of tokens once the official launch takes place. Various memecoin presales over the weekend, primarily on the Solana blockchain, resulted in over $100 million worth of tokens being sent. This influx of presale activities has greatly contributed to Solana’s ability to surpass Ethereum in terms of trading volume.
Solana’s Previous Meme-Based Surge
This is not the first time Solana has experienced a surge in popularity due to meme-based tokens. Towards the end of last year, the price of Solana neared $100 following a frenzy of meme coin activity. During that period, trading volumes and network fees surpassed Ethereum, setting the stage for Solana to become the top smart-contract blockchain in terms of trading volume.
Challenges Faced by Solana
Despite its recent success, Solana has also encountered challenges along the way. Just a few days prior, the creator of Slerf accidentally destroyed over $10 million worth of tokens before the official launch. However, this setback did not prevent Slerf from skyrocketing to a market capitalization of $500 million within a few hours, only to subsequently decline.
In conclusion, Solana’s exceptional performance in terms of trading volume and the number of daily active addresses has positioned it as the top DEX blockchain, surpassing Ethereum. The surge in meme-based tokens and the success of presales have played a significant role in Solana’s recent achievements. Despite facing challenges along the way, Solana continues to solidify its position as a leading blockchain platform.
