Solana Labs co-founder took a friendly angle at Ethereum volumes after Sol DEX hit the $50 billion trading mark. According to data released on Saturday Sol DEX volumes stood neck to neck with Ethereum DEX as a surge in trading has spurred volume. This comes on the back of the recent trend of the cryptocurrency market’s considerable expansion.

SOL DEX Volumes Stand at Record High

The volume of the Solana (SOL) blockchain DEX is at an all-time high right now. This increase is consistent with the recent trend of the cryptocurrency market’s considerable expansion over a brief period. The surge also came after last week’s data showed that Solana’s weekly DEX volume surpassed $13.3 billion. At present the trading volume stands at $50 billion.  This accomplishment demonstrates the growing significance of blockchain in the decentralized finance (DeFi) industry.

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Alongside this spike in DEX volume, there has been a notable surge in the value of a few meme coins based in Solana. For the past week, some coins, such as Bonk and Dogwifhat (WIF), have drawn attention and appreciation. Additionally, since it was listed on the Binance cryptocurrency platform, Book of Meme ($BOME) has increased significantly, rising by more than 250%. Thus, these developments suggest a deeper comprehension of meme currencies and their awareness among the cryptocurrency community.

Solana VS Ethereum: Which Side Holds Balance

The Solana vs Ethereum debate has always taken center stage among crypto contenders. However, the recent support for communities for each other might give indications that rather than competing for market cap, the blockchain technologies could seek support for each other. A good example of this was Anatoly Yakovenko today’s tweet. The co-founder of Solana, Anatoly Yakovenko stated that it is not that Ethereum has fallen in market value, but Solana has increased.

Solana grew the pie! Looks like ethereum is doing just as well as before. https://t.co/eZK2wp5dwF

— toly (@aeyakovenko) March 23, 2024

This comes after he had recently voiced serious concerns regarding the Securities and Exchange Commission’s (SEC) growing attention to Ethereum. Though not formally confirmed, reports have surfaced indicating that the SEC may consider designating Ethereum (ETH) as a security. This move has sparked a significant amount of discussion within the cryptocurrency industry.

The latest blockchain successes can be largely attributed to the meme coin mania that has taken over the Solana network. The significant trading volumes of these tokens have improved Solana’s trading system’s overall activity and liquidity. Even though these meme currencies continue to gain traction, they also attract new customers to Solana’s features and goods in addition to increasing trading volume. This path aligns with the broader market upswing, which was sparked by Bitcoin hitting all-time highs and the unexpected surge in interest in meme-coins in March.

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The post Solana Co-founder Compares with Ethereum as Sol Dex Volume Hits $50Bln appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am