Ethereum Reclaims DEX Lead with 22% Volume Surge Over Solana
2min read Ethereum has reclaimed its position as the leading decentralized exchange (DEX) platform by surpassing Solana in trading volume for March 2025. This shift marks a significant moment in the ongoing competition between the two networks within the decentralized finance (DeFi) ecosystem. According to data from DefiLlama, Ethereum-based DEXs recorded approximately $63 billion in trading volume throughout March 2025, eclipsing Solana’s $51 billion during the same period.
Solana had previously dominated the DEX space for several months, driven by its low fees and high transaction throughput. However, recent declines in trading volume on key Solana-based platforms indicate a changing market dynamic. The drop in Solana’s DEX trading volume is closely tied to decreased activity on major platforms like Raydium (RAY) and Pump.fun. Pump.fun, in particular, has seen a sharp decline in trading volume since the beginning of the year, with monthly volumes falling from a January peak of $7.75 billion to just $2.53 billion in March, representing a 67% drop. This downturn aligns with a slowdown in the platform’s token graduation rate, which has fallen from 0.8% to 0.65% per week. A lower graduation rate suggests fewer tokens are reaching the $100,000 market capitalization threshold required to migrate from Pump.fun to the Raydium platform, reducing overall trading activity on Solana’s DEX ecosystem.
While Solana’s DEX activity has faltered, Ethereum’s trading volume has remained resilient. This is likely bolstered by the strong performance of platforms like Uniswap (UNI) and Curve Finance (CRV). In March, Uniswap alone facilitated over $30 billion in trading volume, significantly contributing to Ethereum’s overall market dominance. Ethereum’s ability to reclaim the top spot is also attributed to its established infrastructure and network effects. Despite higher gas fees than Solana, Ethereum continues to attract high-value trades, institutional interest, and liquidity. These factors reinforce its position as the primary blockchain for DeFi activity.
Industry analysts believe that while Solana is very competitive, it still has a long way to go before it can dethrone Ethereum. Meanwhile, others say Ethereum’s resurgence may extend into the second quarter (Q2), driven by upcoming network upgrades and broader market trends. The Pectra upgrade, once implemented on the Ethereum mainnet, is expected to improve scalability and efficiency, potentially boosting user adoption and trading activity. Adding to the positive momentum, spot Ethereum ETFs (exchange-traded funds) saw net inflows on Monday, contrasting with net outflows from Bitcoin ETFs. This trend suggests growing investor confidence in Ethereum’s market position. This shift in ETF flows could indicate a broader reallocation of capital within the crypto market, particularly as Ethereum strengthens its DeFi ecosystem and prepares for key upgrades.
Ask Aime: What factors drove Ethereum's trading volume to surpass Solana's?
In summary, Ethereum’s recent gains in DEX trading volume underscore its substantial foothold in the DeFi space. As it outpaces Solana, the focus now shifts toward upcoming upgrades that could enhance its capabilities further. Investors should remain vigilant about the evolving landscape as competition intensifies between these two leading platforms. 
