Ethereum DEXes Post $64B in Volume — Leaving Solana in the Dust
Ethereum has reclaimed its status as the leading decentralized exchange (DEX) chain, surpassing Solana in March 2025 trading volume for the first time since September 2024.
As of April 1, 2025, Ethereum DEXes posted $64.66 billion in volume, outpacing Solana’s $52.62 billion by a 22% margin, according to data from DefiLlama. This marks a notable turn in the DeFi landscape, where Solana had recently gained ground due to its high throughput and low costs to challenge Ethereum’s dominance.
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The figures refer to the high activity on ETH-based platforms like Uniswap and Curve in March 2025. Meanwhile, Solana’s volumes, driven by DEXes such as Raydium and Pump.fun, saw a drop in volume following a global market slump.Â
The success for Ethereum comes against a backdrop of a 4.2% drop in total crypto market capitalization to $2.63 trillion in March, following a 20% decline in February.
The Overall Bearish Market Stalls Solana’s Meme Coin Momentum
A bearish market in March 2025 was responsible for this reversal. Solana, which had previously led in on-chain settlement volume, having settled over $574 billion on DEXes in 2024, saw its momentum reduce as meme coin trading—a key driver of its activity—slowed.
Analysts cite macroeconomic uncertainty and decreased speculative demand as factors affecting Solana. ETH, despite an 18% price drop in its native token, ether, held firm, supported by inflationary tokenomics and increased reliance on Layer 2 solutions like Arbitrum and Optimism.
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Solana’s March performance contradicts its 2024 growth, when its share of total value locked (TVL) outside ETH rose from 3% to 25%.
The bearish sentiments also saw BNB Chain briefly oust Solana in weekly DEX volumes in late March, with $15 billion. The multi-chain competition explains the volatility of DEX leadership, with Ethereum’s March performance being a stunning rebound.
What is DeFi’s Next Chapter as Ethereum and Solana Battle for Dominance?
ETH’s return to the top DEX spot could mean renewed trust in its ecosystem, potentially attracting more developers and investment.Â
Solana, however, remains a strong player, with its developer base outpacing Ethereum’s growth in 2024. Bitwise Europe analysts project a major price surge for Solana by 2030, suggesting this overtake might be temporary.
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For now, Ethereum’s $64.66 billion in March volume attests to its longevity, while Solana’s $52.62 billion keeps it competitive.
As market volatility continues, the DeFi sector’s focus will likely remain on these metrics, with Ethereum’s March performance setting the stage for a rivalry with Solana, with both chains set to shape the next phase of decentralized trading.
