Ethereum Regains Leadership in DEX Trading, Surpassing Solana
In March, Ethereum regained its position as the top blockchain for decentralized exchange (DEX) trading, achieving a cumulative trading volume of $64.616 billion, surpassing Solana's $52.62 billion by 22%, according to DefiLama.
This marks Ethereum's first leading performance since September, coinciding with a 4.2% decline in total crypto market capitalization to $2.63 trillion. Bitcoin dropped below $80,000, contributing to bearish sentiment in the market.
Key highlights:
- Raydium, Solana's leading DEX, did not exceed $1 billion in daily trading volume throughout March, a stark contrast to its $13 billion peak on January 18.
- Daily volume on Solana's memecoin launch pad averaged under $100 million in March, down from $390 million in mid-January.
- Uniswap led Ethereum's performance with over $30 billion in trading volume, followed by Fluid with $9 billion.
- Ethereum's ether token fell over 18% to $1,822, while Solana's SOL token decreased by 15.8%.
- Factors affecting ether's performance include inflationary tokenomics and the rise of Layer 2 solutions.