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Solana's decentralized exchanges (DEXs) have outperformed Ethereum's for the first time. This milestone occurred in July. DeFiLlama data confirms this shift. Solana-based protocols accounted for 30% of all crypto DEX volume in July. Ethereum followed with 28.12%. In absolute terms, Solana's DeFi ecosystem processed $56.849 billion worth of transactions. Ethereum exchanges finished at $53.867 billion. The difference exceeds 5%. This development is significant. Ethereum has long dominated DeFi. The only previous challenger was BNB Chain in 2021. That surge coincided with BNB Chain's meme coin mania. Frank Mathis, CEO of GenesysGo, shared his perspective. "Solana has positioned itself as the blockchain of fun and for the people," he told Decrypt. Solana has become the go-to platform for meme coin launches. Lower costs than Ethereum drive this trend. Mathis highlighted Solana's community-building efforts. "Solana has done an amazing job of bridging the gap between developers and users," he noted. This approach has paid off. The meme coin phenomenon is driving Solana's growth. "Meme coins are this cycle's meta," Mathis observed. He expressed uncertainty about long-term implications for the broader ecosystem. Ethereum's pioneering role in smart contracts gave it a head start. It laid the groundwork for DeFi and DEX protocols. This first-mover advantage remains significant. Mathis predicts a shift in developer strategies. He expects more cross-platform compatibility. Developers will aim to "capture as much market share and user attention as possible," he said. Solana's journey hasn't been smooth sailing. It faced setbacks in late 2022 due to FTX's collapse. However, the network has bounced back. It's now the hotspot for new token launches. The broader trend shows DEXs gaining ground on centralized exchanges. Kunal Goel, a Messari analyst, attributes this to several factors. These include "the growth of meme coins and long-tail assets," he told Decrypt. This shift in the DeFi landscape is a big deal. Solana's rise challenges Ethereum's dominance. It's a wake-up call for the entire crypto industry. The game is changing, and fast.

Solana might be on the cusp of a major rally against Bitcoin. That's the view of Jamie Coutts, chief crypto analyst at Real Vision. Coutts points to a bullish pattern in the Solana-Bitcoin pair. He bases this on a simple moving average crossover on the daily chart. "Solana's relative strength is quite something," Coutts tweeted. "After consolidating against king Bitcoin, it looks like a breakout is on the horizon." The analyst shared a chart to back up his claim. It suggests the SOL/BTC pair is entering an uptrend. This comes after a shorter-term SMA crossed a longer-term one. Such crossovers have signaled rallies in the past. At the time of writing, SOL/BTC trades at 0.002663 BTC ($172). It's down 1.7% in the last 24 hours. Coutts isn't just bullish on Solana. He reckons Bitcoin is gearing up for a move higher too. He cites rising open interest as one key metric. Open interest refers to the total number of outstanding derivatives contracts for an asset. "Open interest at new all-time highs, but funding is positive/neutral," Coutts noted. "Bitcoin is attempting to break out, and this time aggregate positioning is more balanced." The analyst also highlighted Bitcoin's hash rate as a bullish signal. The 30-day SMA has crossed the 90-day SMA. "Bitcoin hash rate recovery is one of the best signals for network health," Coutts explained. He added that a simple moving average cross strategy has a 67% win record. Coutts admits that holding Bitcoin outperforms this strategy. But he reckons it can be a useful risk management tool for cautious investors. "When you regress hash rate and price, it's clear they are very interdependent," he said. "A growing hash rate says BTC is going higher." It's worth noting that while Coutts' analysis is intriguing, crypto markets are notoriously unpredictable. Investors should always do their own research and consider their risk tolerance before making any moves.

A trader has hit the jackpot with a Solana-based memecoin. They turned $8,500 into $800,000 in just one hour. The coin in question is called "CTO". Blockchain analytics platform Lookonchain spotted the trade on August 1. The trader bought over 256 million CTO tokens with 50 Solana tokens. At the time, this was worth about $8,500. Lookonchain noted the trader was only the third address to purchase the memecoin. Talk about being early to the party. An hour later, the trader cashed out. They sold 227 million tokens for 4,771 SOL. This netted them a cool $800,000 profit. But wait, there's more. The same trader also made $104,000 on a $3,400 investment in another token called PFI. Some reckon the trader's just a memecoin wizard. Others smell a rat. They're suggesting the trader might have had insider info. Meanwhile, the big-name memecoins are having a rough time. Data shows they're all in the red over the past week. Dogecoin's down 10.38%. Shiba Inu and Pepe are hurting too. But the biggest loser is Dogwifhat (WIF), down a whopping 26.79%. Other dog-themed coins aren't faring much better. Floki's dropped 13.53%, while Bonk's taken a 17.63% hit. It's a dog-eat-dog world out there.

Raydium, a major decentralized exchange on Solana, attempted to launch a meme coin. It backfired spectacularly. The DEX, boasting over $300 million in daily trading volume, created a token called CTO on Thursday. They used a new launchpad, Makenow.meme. This platform creates tokens via tweet tags. Raydium tweeted: "Test. $CTO wen? @Makenowmeme". The launchpad did its job, but chaos ensued. Eager traders scanned the blockchain for the new token. They found one with the CTO name and ticker. It wasn't the official one. In 16 minutes, this token's market cap hit $7 million. Then it nosedived. The token plummeted 92% in 10 minutes. Its market cap crashed to $488,000. Confusion reigned in Raydium's Discord. "Is it rug?" one user asked. A mod scrambled to check. Meanwhile, Makenow.meme posted the real CTO token. Blockchain data shows it was minted 30 minutes after the first one. Both came from Makenow.meme. The first token lost all credibility. "What the fuck," tweeted trader Value & Time. It summed up the sentiment perfectly. The official token didn't fare much better. It briefly reached a $6.7 million market cap. Within 40 minutes, it dropped 70%. At writing, it sits at $1.9 million. Raydium's response? A tweet saying, "Oops, that didn't exactly go as expected". They added, "With all new technology, boundaries will be pushed—or inadvertently stumbled over". Talk about an understatement. Investors weren't buying it. "The community is really disappointed," one Discord user fumed. Another complained, "We get an oops tweet like clowns. No apology, no refund". When asked for clarity, a Raydium Discord mod was clueless. "I do not have any additional info other than what was tweeted," they admitted. It's a mess, plain and simple. This fiasco highlights the wild west nature of crypto. Even established players can stumble. For Raydium, it's a harsh lesson in the perils of meme coin mania.

Solana, the upstart blockchain, has pulled off a stunner. It's beaten Ethereum in weekly fees for the first time ever. The numbers are eye-popping. Solana raked in about $25 million in the week of July 22. Ethereum? A mere $21 million. This isn't just a fluke. Solana's been on fire in 2024. Celebrity coin trading has gone bonkers on its memecoin platforms. Pump.fun and Moonshot are the hot spots. Memecoins are no joke anymore. They've hit a whopping $50 billion in total market cap. Solana's total value locked (TVL) has exploded. It's now around $5.5 billion. That's more than triple since the year kicked off. July 28 was a banner day. Solana hit $5.5 million in daily fees. It's the highest in three months. Where's all this cash coming from? Dan Smith, a data whiz at Blockworks, breaks it down. 58% is from MEV tips. 37% comes from priority transaction fees. "Solana validators and stakers are absolutely eating this cycle," Smith said. No kidding. Staking on Solana is paying off big time. 21.co's data shows cumulative rewards topping $32 million. Current yields? A juicy 7%. Ethereum's still the big dog in TVL. It's got nearly $60 billion locked up. And it's home to 1,135 protocols. But there's a dark side to Solana's celeb coin craze. Most tokens have tanked by over 99%. Even the "winners" are down more than 70%. Cryptocurrency analyst Slorg didn't mince words: "Exactly half are down over 99%, with 7 others being down more than 90%. Let me remind you this is only about a month into their lifespan."