In a surprising but perhaps inevitable turn, Ethereum has quietly recaptured the crown as the top blockchain for decentralized exchange (DEX) activity—outpacing Solana, the memecoin darling of recent months. March saw Ethereum-based DEXs amass a commanding $64.6 billion in trading volume, pulling ahead of Solana’s $52.6 billion, according to DefiLlama. This shift marks the first time since September that Ethereum has led the field, a reminder of its staying power even in an increasingly crowded space.
The reversal comes at a time when the broader crypto market has been cooling. A 4.2% dip in total market capitalization dragged sentiment down further, following February’s 20% slide. Bitcoin fell below $80,000 amid macroeconomic uncertainties and a glaring absence of fresh institutional demand, with no new purchases reported from the U.S. strategic reserve. Risk appetite waned, particularly in speculative corners like the memecoin sector—once Solana’s playground.
Raydium, Solana’s top DEX and a key venue for memecoin launches, felt the brunt of the market’s mood swing. In March, it failed to cross $1 billion in daily volume even once—a steep fall from its $13 billion high in January. The buzz around memecoins faded just as quickly as it had flared, with Solana’s launchpads seeing volumes tumble from a peak of $390 million a day to under $100 million.
Meanwhile, Ethereum’s rise was powered largely by Uniswap, which contributed over $30 billion in March trading volume. Other platforms like Fluid trailed behind with $9 billion. Yet, even Ethereum wasn’t immune to market blues—its native token, ETH, dropped over 18% to $1,822, underperforming Solana’s SOL, which declined by 15.8%. Analysts point to Ethereum’s inflationary token design and the rising popularity of Layer 2s, which might be redirecting usage away from the main chain.
Still, Ethereum’s comeback in DEX dominance suggests the network’s foundational role in DeFi remains intact—even when the market takes a breath.
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