Ethereum Regains Top Spot in DEX Trading Volumes amid Bearish Market
In March 2025, Ethereum surpassed Solana as the leader in decentralized exchange (DEX) trading volumes, with $64.6 billion traded, while Solana dropped to $52.6 billion in a bearish market.
Solana’s decline can be attributed to the collapse of memecoins, particularly on platforms like Raydium and Pump.fun, which were heavily affected by the decrease in speculative appetite.
Despite Uniswap’s dominance, Ethereum also suffered. The price of ETH dropped by 18%, impacted by disappointment surrounding ETFs and the effect of Layer 2 solutions on direct demand.
Return of Ethereum to the Top in a Bearish Market Environment
After six months of Solana’s undisputed dominance, Ethereum has regained its position as the leading blockchain in terms of DEX trading volumes in March 2025. With over $64.6 billion traded, Ethereum-based DEXs surpassed Solana’s $52.6 billion, according to DefiLlama data.
This return to the top is not a result of sudden enthusiasm for Ethereum, but rather a massive disengagement from the crypto community towards the Solana ecosystem. The decline in activity is particularly noticeable in the memecoin sector, which was once a cornerstone of Solana’s momentum. In a generally bearish market climate, platforms like Raydium and Pump.fun saw their volumes collapse.
Raydium and Memecoins in Freefall
Solana’s decline is part of a broader trend. The total crypto market capitalization dropped by 4.2% in March, following a 20% decrease in February, reaching $2.63 trillion. Investors, wary of macroeconomic uncertainties and the stagnation of BTC purchases by the US strategic reserve, have slowed down speculation, particularly on the riskier tokens.
Ramdium, Solana’s main DEX, did not record a single day with over $1 billion in volume in March, a stark contrast to its record of $13 billion on January 18. The Pump.fun launchpad, another hub for memecoins, saw its daily average fall below $100 million, far from the $390 million peak reached in January during the TRUMP token launch.
Uniswap Propels Ethereum despite ETH’s Decline
On Ethereum’s side, the recovery was supported by the strength of its established infrastructure. Uniswap dominated with over $30 billion in volume alone, far ahead of Fluid, which came in second with $9 billion. However, this apparent stability did not prevent ETH from dropping by over 18% in March, finishing the month at $1,822. This was an even weaker performance than Solana’s SOL, which experienced a 15.8% decline.
This paradox, technical domination coupled with price decline, can be explained by two factors. Firstly, the movements of Ethereum ETFs have been extremely disappointing, with institutional investors seeming disinterested in ETH. Secondly, the inflationary structure of the entire ETH ecosystem raises questions. The continued rise of Layer 2 solutions, attracting users to faster and cheaper networks, diverts activity from the main network while mechanically weakening the direct demand for ETH.
A Multi-Speed Technological Battle
The dynamics between Ethereum and Solana once again demonstrate that the competition between blockchains is not only based on technical performance or fees but also on market psychology. When speculation slows down, the most robust projects and proven protocols regain control. Solana’s challenge in the coming months will be clear: to break free from dependence on memecoins and diversify its ecosystem.
