The Solana blockchain has supplanted Ethereum as the leader in trading volume on decentralized exchanges.

According to data from DeFiLlama, trading volume on decentralized exchanges (DEX) within the Solana ecosystem surged by 67% in just seven days, reaching $21.3 billion. During the same period, Ethereum-based DEX volume grew by a modest 3% to $19.4 billion.

This surge in Solana's trading volume comes as no surprise, considering the significant rise in popularity of Solana-based meme coins such as Dogwifhat (WIF), Bonk (BONK), Book of Meme (BOME), and Slerf (SLERF). Reflexivity Research attributes Solana's volume growth, which began in the fourth quarter of 2023, to the proliferation of tokens and giveaway programs like Solana DEX Jupiter.

While Solana has managed to gain dominance in trading volume, the network has faced challenges due to the overwhelming demand for meme coins. Users have encountered issues with failed or missing transactions as the Solana network struggled to handle the increased activity.

To address these issues, the Solana Foundation has issued guidelines for developers to manage the network's high load effectively. These recommendations include implementing priority fees and various optimizations to minimize transaction losses and improve network efficiency.