Ethereum has regained its position as the best blockchain for trading on decentralized exchange (DEX), surpassing Solana for the first time since September 2024.
Ethereum Regained Its Position as the Leading DEX Chain, Surpassing Solana for the First Time Since September
This exchange comes amid a broader market decline, particularly in the memecoin sector, where a drop has been seen in speculative activities.
According to DefiLlama, Ethereum-based DEXs recorded a cumulative trading volume of $64.62 billion in March, surpassing Solana’s $52.62 billion by 22%. This indicates a return of dominance for Ethereum, which has lagged behind Solana in recent months.
Market Conditions and Decreasing Solana Activity
The leadership change occurred as the total cryptocurrency market capitalization fell by 4.2% to $2.63 trillion, continuing the 20% decline from February.
The decline in the market was influenced by macroeconomic uncertainty and the disappointment of investors due to the lack of new Bitcoin purchases in the US strategic reserve, causing Bitcoin prices to fall below $80,000.
The downward trend significantly affected Solana’s ecosystem, especially the leading DEX Raydium, which is a crucial point for memecoin trading.
Throughout March, Raydium did not record a single day with a trading volume exceeding 1 billion dollars, sharply declining from the record level of 13 billion dollars on January 18.
In addition, daily volumes on Solana’s memecoin launchpad have dropped below 100 million dollars from a peak of 390 million dollars in mid-January.
Much of Solana’s previous dominance has been attributed to the hype surrounding memecoin trading, including the launch of the TRUMP token in January, which briefly led to a surge in activity.
The Resurrection of Ethereum
Ethereum’s return to the top was largely driven by Uniswap, which has a share of over $30 billion in trading volume. Fluid, another Ethereum-based DEX, followed with $9 billion in trading volume.
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