The recent memecoin craze has propelled Solana's (CRYPTO:SOL) decentralised exchanges (DEX) past Ethereum (CRYPTO:ETH) in trading volume, signaling a significant shift in the DeFi landscape.

The launch of the Milady NFT memecoin on Solana amassed $18.6 million within two hours, underscoring the soaring popularity and financial pull of memecoins in the crypto market.

ParaSwap averted a potential hack by swiftly addressing a vulnerability in its Augustus v6 contract, showcasing the importance of security measures and quick responses in protecting DeFi users' assets.

Ether's recent price drop poses a risk of $212 million in liquidations, highlighting the volatility and leverage risks in the cryptocurrency market, especially for Ether holders.

Despite the bearish trend across DeFi tokens and a dip in the total value locked, the memecoin frenzy on Solana and Ethereum's challenges paint a dynamic picture of competition and innovation in the DeFi space.