March was the most intense month for Solana-based decentralized exchanges (DEXs), and meme coins were the main driver. They continue to stimulate DeFi activity on Solana in April as well.
DeFiLlama data shows that volume on Solana DEXs hit a record $60 billion in March, with Orca and Raydium accounting for two-thirds of the total transaction value.
Dune data shows that stablecoins like USDC and USDT have been the most traded assets on Solana DEXs during the past 30 days, followed by meme coins. The most popular of them were Dogwifihat (WIF), Bul (BUL), Ansem’s Cat (HOBBES), Cat in a Dogs World (MEW), Book of Meme (BOME), and Slerf (SLERF).
https://dune.com/ilemi/solana-dex-metrics
Meme coins are the most traded assets on Solana DEXs today as well. DEX Screener data shows that 16 out of the top 20 tokens by 24-hour trading volume on Solana DEXs are meme tokens, including BUL, MEW, WIF, HOBBES, ANDY, EPIK, and BODEN.
Solana Overtakes BNB Smart Chain by DEX Volume
Thanks to the meme coin hype, Solana outperformed Binance’s BNB Smart Chain for a second time in terms of DEX monthly volume after achieving this in December 2023. It has become the second most active chain after Ethereum, which saw over $77 billion in DEX volume.
https://defillama.com/dexs/chains
Ethereum meme coins have also been in high demand during the past month. Coinmarketcap’s 30-day volume data on both DEXs and centralized exchanges (CEXs) shows that WEN, Shiba Inu (SHIB), and PEPE have ranked among the top 25 coins, along with Solana’s WIF and BOME.
Solana’s Surging Volume May Attract Bot Spam
Interestingly, the intensifying activity on Solana may attract bots. Dune data shows that a record 76% of all transactions on Solana are failing as of April 5.
Helius CEO Mert Mumtaz took on to X to explain that the majority of failed non-vote transactions were just “bot spam,” and that users shouldn’t worry about it.
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