Solana’s distributed exchange (DEX) rivals the volume across the Ethereum ecosystem despite a sharp decline in Memecoin trading activity, said Vaneck, asset manager.
According to a report from Vaneck on March 5, the share of Solana’s Onchain Dex’s total capacity exceeded 43% in February, temporarily surpassing Ethereum’s Dex volume and its layer 2 scaling network.
They fell to about 30% in March, slightly below the roughly 40% share of the Ethereum ecosystem, data shows.
“Despite Meltdown, Solana Dex’s volumes still hold their own volumes. They are pretty much in line with the entire ETH ecosystem (L1 + L2S),” said Matthew Sigel, Vaneck’s research director, in a post on the X platform.
Relative DEX market share, Solana vs. Ethereum ecosystem. sauce: Vaneck
Related: Solana Shorts Spikes amid Memecoin Scandal
Memecoin Tumult
Activities on the Solana network fell in February after a series of Memecoin-related scandals exacerbated feelings among retailers.
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