Ethereum Overtakes Solana as Top DEX Blockchain Amid Market Slump

In March 2025, Ethereum reclaimed its position as the leading blockchain for decentralized exchange (DEX) trading, surpassing Solana for the first time since September. This change comes during a period of bearish market conditions, particularly within the memecoin sector, where Solana had been a dominant force.

According to data from DefiLama, Ethereum-based DEXs recorded a cumulative trading volume of $64.616 billion in March, 22% higher than Solana’s $52.62 billion. This marks Ethereum’s first return to the top spot in months, with Solana dropping to second place.

The shift in dominance occurred against the backdrop of a broader market decline, as the total cryptocurrency market cap fell by 4.2%, dropping to $2.63 trillion. This decline builds on the 20% market loss from February, driven by macroeconomic uncertainty and disappointment over the lack of substantial Bitcoin purchases for the U.S. strategic reserve, causing Bitcoin’s price to fall below $80,000.

Bearish sentiment weighed heavily on the memecoin sector, which had been a major contributor to Solana’s trading volume in recent months. Solana’s Raydium DEX, which had seen significant activity in late 2024, struggled throughout March, failing to record a single day with a trading volume surpassing $1 billion. In contrast, the platform had peaked with a $13 billion daily volume on January 18, according to DefiLama.

Solana-based memecoin launchpads also saw a significant drop in activity. Daily trading volume on these platforms fell to under $100 million in March, down from a peak of $390 million in mid-January. The launch of the TRUMP token in January had previously sparked a surge in Solana-based DEX activity.

Ethereum, on the other hand, benefited from Uniswap’s robust performance, contributing over $30 billion in trading volume, while Fluid followed in second place with $9 billion. Despite this dominance in DEX trading, Ethereum’s native token, Ether (ETH), experienced a sharp 18% decline in March, falling to $1,822. In comparison, Solana’s SOL token fell by a smaller 15.8%, according to data from TradingView and CoinDesk.

Observers point to Ethereum’s inflationary tokenomics and the growing adoption of Layer 2 solutions as factors contributing to Ether’s poor performance. These solutions are seen as diverting trading activity away from Ethereum’s main chain, further affecting its price.