Ethereum Regains DEX Trading Lead as Solana Memecoin Activity Fades

In March, Ethereum reclaimed its position as the top smart contract blockchain for decentralized exchange (DEX) trading, surpassing Solana amid a broader market downturn. According to DefiLlama, Ethereum-based DEXs recorded $64.6 billion in cumulative trading volume, outpacing Solana’s $52.6 billion by 22%. This marked Ethereum's first lead since September, driven largely by activity on Uniswap, which alone contributed over $30 billion.

The shift came as the total crypto market cap dropped 4.2% to $2.63 trillion, extending February’s steep decline. Weakened investor sentiment, macroeconomic uncertainty, and underwhelming institutional BTC buying contributed to the slump, dragging bitcoin below $80,000.

Solana’s drop in DEX volume reflected a slowdown in memecoin speculation. Raydium, the leading Solana-based DEX and popular memecoin trading hub, saw no single-day volume above $1 billion throughout March—down sharply from its $13 billion record in January. The Solana memecoin launchpad also saw trading volumes plunge, averaging under $100 million per day in March, a steep fall from the $390 million daily peak seen earlier this year, notably during the TRUMP token launch.

Despite Ethereum’s dominance in trading volume, its native token ether (ETH) underperformed, falling 18% to $1,822, compared to Solana's 15.8% decline. Analysts attribute ETH’s drop to inflationary tokenomics and increased adoption of Layer 2 solutions, which may divert user activity from the Ethereum mainnet.

Ethereum's resurgence in DEX trading highlights its enduring role in DeFi, even amid market volatility. However, token performance and infrastructure trends suggest the competitive landscape remains dynamic between Ethereum, Solana, and emerging Layer 2s.