Despite a decline in memecoin trading activity, Solana's decentralized exchange (DEX) volumes still rival the entire Ethereum ecosystem.
Statistics from February and March
In February, Solana's share of total DEX volume hit 43%, briefly surpassing the combined volume of Ethereum and its layer-2 networks. However, this share declined to about 30% in March, slightly below Ethereum's ecosystem at roughly 40%.
Challenges Amid Memecoin Issues
Activity on the Solana network declined in February due to a series of memecoin-related scandals, negatively impacting retail traders' sentiment. Significant losses were noted due to declining market capitalizations of tokens such as Libra and Official Trump.
Role of Memecoins in Solana's Growth
Despite negative events associated with memecoins, Solana maintains its leading position in the crypto market due to strong token growth and on-chain revenues, driven in part by activity on the Pump.fun platform.
Solana continues to perform at levels rivaling the Ethereum ecosystem, despite challenges linked to memecoin trading. The network's main source of revenue remains tied to memecoins, which fuels further development of the Solana ecosystem.
