DeFiLlama reports that in just seven days, trade activity on Solana's decentralized exchanges (DEX) surged by 67% to $21.3 billion. The volume of Ethereum-based decentralized exchanges increased by 3% to $19.4 billion within that time frame.
This year, Solana (SOL) tested the $200 mark, and Ethereum (ETH) surged to the $4,000 mark in March during the surge of Bitcoin (BTC) to a new all-time high.
Because of the excitement surrounding the Solana-based meme coins Dogwifhat (WIF), Bonk (BONK), Book of Meme (BOME), and Slerf (SLERF), Solana was able to take the lead. Reflexivity Research claims that the spread of points and giveaway programs like Solana DEX Jupiter is what started Solana's volume increase in the fourth quarter of 2023.
But when the demand for meme coins skyrocketed, the Solana Network encountered difficulties, resulting in transaction failures. Due to the Solana network's inability to handle the surge of traffic, users frequently saw unsuccessful or absent transactions.
In order to help developers deal with the heavy stress that the network is now under, the Solana Foundation has released a number of recommended guidelines. To prevent transaction loss, the fund suggested a variety of optimizations and the implementation of priority commissions.
