# Solana Surpasses Ethereum in DEX Trading Volume
Solana has emerged as the most utilized smart contract blockchain for decentralized exchange (DEX) transactions, surpassing Ethereum, according to a report by CoinDesk on April 20.
# Solana Sees Surge in DEX Trading Volume
Data from DeFiLlama indicates that over the past seven days, the trading volume of Solana-based DEXs surged to $21.3 billion, marking a 67% increase. In contrast, the trading volume of Ethereum-based DEXs rose by just 3% to $19.4 billion.
Solana supports 17 different DEX platforms, with Orca dominating by accounting for 88% of the total trading volume. Meanwhile, Ethereum hosts 46 DEX platforms, with Uniswap having the largest share.
# Meme Coin Craze Drives Solana’s Volume
The recent ascendancy of Solana-based DEXs over their Ethereum counterparts is attributed to a frenzy of meme coins such as Dogwifhat, Bonk, Book of Meme, and Slerf. Notably, on March 13, a post highlighted that 2,500 Solana meme coins were created in just one hour.
# Capital Efficiency Advantage
Reflective Research analyzed that Solana also surpasses Ethereum and other smart contract blockchains in terms of capital efficiency. Despite the lower dollar value of assets locked in the Solana decentralized ecosystem, the blockchain supports a higher transaction volume.
# Superior Performance Indicators
In a recent report commissioned by the Solana Foundation, Reflective Research noted, “The volume to total value locked (TVL) ratio for DEX transactions underscores Solana’s outstanding performance compared to Ethereum.” The report added, “This ratio is one measure of capital efficiency. Solana has recently begun to significantly outpace Ethereum, indicating its higher operational efficiency within its ecosystem.”
# Market Performance and Trading Metrics
According to the CoinDesk 20 index, Solana has risen by 68% this year, while Ethereum has increased by 40% over the same period. Data from TradingView shows that the Solana/Ethereum ratio hit an all-time high of 0.059 on April 18 and was around 0.053 at the time of writing.
As of 10:24 a.m. on April 20 in New York, Ethereum was trading at $3,340 on CoinMarketCap, up 3.41% over the past 24 hours. In contrast, Solana was trading at $173.16, down 2.52%.
