Ethereum Overtakes Solana in DEX Trading Volumes as Bearish Market Shakes Crypto
Ethereum has reclaimed its position as the leading blockchain for decentralized exchange (DEX) trading, surpassing Solana for the first time since September 2024. This shift comes amidst a broader bearish market sentiment that has particularly affected the memecoin sector, which had been a significant driver of Solana’s DEX activity in late 2024.
Data from DefiLama reveals that Ethereum-based DEXs recorded a total trading volume of $64.616 billion in March 2025, outpacing Solana’s $52.62 billion by a margin of 22%. This marks the first time since last fall that Ethereum has topped the charts, pushing Solana down to second place.
The change in leadership comes as the overall cryptocurrency market cap dropped by 4.2%, settling at $2.63 trillion, following a steep 20% decline in February. Several macroeconomic factors, including uncertainty surrounding the U.S. strategic reserve’s Bitcoin purchases and a lack of bullish momentum in the broader market, have contributed to this downturn, causing Bitcoin to fall below the $80,000 mark.
The weak market sentiment especially impacted the memecoin sector, where Solana-based DEXs had thrived. In particular, Raydium, Solana’s leading DEX, recorded no days in March with trading volumes exceeding $1 billion—a sharp contrast to its peak of $13 billion on January 18, according to DefiLama data.
Additionally, the daily trading volume on Solana-based memecoin launchpads dropped significantly, averaging under $100 million in March, compared to $390 million in mid-January. Activity surged on Solana in January with the launch of the TRUMP token, but it quickly tapered off, marking the end of the early 2025 rally.
Meanwhile, Ethereum’s recovery was largely driven by Uniswap, which dominated the market with over $30 billion in trading volume. Fluid, a distant second, recorded $9 billion in activity. Despite the surge in DEX volumes, Ethereum’s native token, Ether (ETH), fell by 18% to $1,822 in March. In contrast, Solana’s SOL token saw a smaller decline of 15.8%, according to TradingView and CoinDesk data.
Observers point to Ethereum’s inflationary tokenomics and the increasing adoption of Layer 2 solutions as reasons for Ether’s underperformance. These factors are believed to be siphoning off activity from the Ethereum main chain, contributing to its weaker price performance despite leading DEX volumes.
