Solana's decentralized exchange (DEX) volumes still rival those of the entire Ethereum ecosystem despite a dropoff in memecoin trading activity, according to VanEck.
In February, Solana's share of total onchain DEX volume topped 43%, briefly surpassing the combined DEX volume of Ethereum and its layer-2 scaling networks.
Activity on the Solana network declined in February after memecoin-related scandals, but Solana DEX volumes are still holding their own compared to the Ethereum ecosystem.
Solana has been a standout performer in the current crypto market cycle, with its token price rising, on-chain revenues surging, and stablecoin supply increasing.