Due to the meme coin craze, Solana’s DeFi trading volume surpassed Ethereum for the first time.

After accelerating for several weeks, the momentum of the Solana ecosystem has finally achieved an unexpected result. Trading volume on the blockchain’s decentralized exchange (DEX) finally surpassed that of rival Ethereum for at least the past week.

According to data from Defi Llama, Solana’s DEX trading volume has surged to $9.03 billion over the past seven days. During the same period, trading volume on the Ethereum decentralized exchange recorded $8.836 billion.

This win may be short-lived, but it is still significant, as Ethereum has already surpassed Solana in DEX trading volume over the past 24 hours. Decentralized exchanges, such as Ethereum’s Uniswap and Solana’s Orca, facilitate peer-to-peer exchange of all types of cryptocurrencies, especially meme coins that are not listed on a centralized exchange. Historically, the majority of these transactions have always been focused on Ethereum.

However, Solana’s DEX activity has recently increased, largely due to the network’s low gas fees. The Solana meme coin BONK has dominated the cryptocurrency industry for weeks after growing from humble beginnings to a multi-billion dollar market cap.

Can $SOL beat $ETH?