The memecoin frenzy helps Solana overtake Ethereum in DEX activity, and over $200 million of positions could be liquidated if the Ether price falls below $3,100.The memecoin frenzy has helped Solana-based decentralized exchanges top the charts in trading volume, overtaking their Ethereum counterparts. Some tokens eclipsed Ethereum-based memecoins in trading volume on DEXs just hours after launching.
ParaSwap narrowly evaded a hack by pausing its Augustus v6 contract application programming interface, or API, after discovering a vulnerability. The protocol secured the potential victims’ funds through a white hat intervention.) has fallen 18% in the past week after touching a new all-time high above $4,000. If the price falls to $3,100, $212 million worth of positions are at risk of liquidation.
On March 18, Milady revealed the Solana-based memecoin, Milady Wif Hat, which is named after the popular Solana memecoin Dogwifhat . It will have a minimum investment of 1 SOL ( On March 18, the ParaSwap Augustus v6 contract went live, which aimed to improve swapping efficiency and reduce gas fees. However, the contract contained a critical vulnerability, allowing hackers to drain funds when approved.The cryptocurrency market could see over $212 million of leveraged long positions liquidated if the Ether price falls below the $3,100 mark.