%Solana (CRYPTO: $SOL) has officially surpassed %Ethereum (CRYPTO: $ETH) as the top smart-contract %Blockchain by trading volume.
Trading in Solana-based decentralized exchanges (DEX) has risen 67% to $21.3 billion U.S. over the last week, according to industry data.
That compares to a volume increase in Ethereum-based decentralized exchanges of only 3% to $19.4 billion U.S. during the same period.
The shift to Solana comes as several Solana-based meme coins see their trading volumes and prices rise amid speculative fever among retail investors.
Meme coins Bonk and Slerf, in particular, have seen their trading volumes rise sharply on Solana-based decentralized exchanges.
%Stablecoins are also proving to be popular right now, with $2.80 billion U.S. of the digital assets trading on Solana exchanges currently.
Cryptocurrency investors and traders are gravitating to Solana as it has a higher capital efficiency than Ethereum. Also, Solana’s blockchain can support higher trading volumes.
Along with the increased trading, Solana’s SOL token has been rising, up 68% to $170 U.S. per token year-to-date.
The performance of Solana’s crypto token is better than both %Bitcoin (CRYPTO: $BTC), up 45%, and Ethereum, which has gained 42% since the start of January.
While Solana has passed it in many respects, Ethereum remains the world’s largest smart contract blockchain in terms of the total value locked in its DeFi ecosystem at $46.44 billion U.S.