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– Decentralized exchanges (DEXs) built on the Solana network surpassed exchanges built on Ethereum, the long reigning king of decentralized finance (DeFi), in trading volume for the first time in July.

According to DeFiLlama data on DeFi’s blockchain trading volumes, Solana overtook Ethereum in total trading volume in the same month, and also won daily trading for 17 days last month.

Solana-based protocols accounted for 30% of all cryptocurrency trading volume on DEX in July, followed by Ethereum with 28.12% . On net, the Solana ecosystem’s DeFi exchange saw $56.849 billion worth of transactions, while the Ethereum exchange ended the month at $53.867 billion. That’s a difference of more than 5 percent.

Frank Mathis, CEO and co-founder of blockchain infrastructure provider GenesysGo, told Decrypt that he believes this trend is due to Solana positioning itself as a

“blockchain for fun, for people

“. He said. In recent months, Solana has become one of the top investments for startups creating meme coins, thanks to its lower cost compared to Ethereum.

earlier this week, supporters of the cryptocurrency seemed to breathe a sigh of defeat at the hands of one of the industry’s main adversaries. The U.S. Securities and Exchange Commission (SEC) amended its complaint in the high-profile case against Binance, dropping allegations that Solana, Cardano and the Ethereum Polygonal Scaling Network are unregistered securities. Could the SEC, which earlier this year relented on the status of Ethereum securities, abandon Solana as well? Potential for Solana ETF

Solana has done a great job of building the community and bringing together the developer and user communities, he added.

This event is particularly notable because Ethereum has long been the undisputed king of DeFi.

Only the BNB chain, which was named the Binance Smart Chain (BSC) in 2021, has overtaken DEX on Ethereum in terms of transaction volume. This happened in the midst of the BSC meme craze, which foreshadowed the surge in solans and contributed significantly to the recent surge in transactions on the network.

Of course, meme coins are the meta of this cycle, Mathis said. Whether this is good or bad for the ecosystem as a whole in the long run remains to be seen

“. If this trend continues, I think we’ll increasingly realize that the Ethereum ecosystem is at an inflection point, Mathis added.

Solana has done a great job of making people in the community feel like they are part of something bigger than themselves. The cryptocurrency war erupted this weekend after the owner of the dog that inspired the Doge meme announced that he had adopted a 10-year-old Shiba Inu named Neuro. Since then, the Ethereum token has been slowly making headlines while two solanium coins inspired by the Neiro meme have been feuding with each other, with Neiro (NEIRO) on ETH being created 14 minutes after the largest solanium token Neiro (NEIRO) was created. While the cryptocurrency battle heated up on Twitter, Neiro on ETH remained fairly quiet and finished the weekend below the $15 million mark. …..