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| Ethereum VS Solana |
Ethereum (ETH) has regained its position as the leading blockchain in Decentralized Exchange (DEX) trading volume, surpassing Solana (SOL) after a six-month gap. This shift in the DeFi landscape highlights the dynamic competition between the two chains.
Ethereum's Resurgence Fueled by Key Factors
According to BeInCrypto, Ethereum-based DEXs recorded approximately $63 billion in monthly trading volume in March 2025, exceeding Solana's $51 billion. This marks the first time Ethereum has led since September of last year, with Uniswap's $30 billion trading volume playing a significant role. Conversely, Solana's DEX ecosystem has experienced a downturn, linked to a sharp decline in trading volume on platforms like Raydium and Pump.fun. Specifically, Pump.fun saw its volume plummet by 67%, from $7.75 billion in January to $2.53 billion in March, correlating with a drop in "graduation rates" of new tokens from 0.8% to 0.65%.
Ethereum's Strengths and Market Dynamics
BeInCrypto attributes Ethereum's resilience to its robust infrastructure, liquidity, and institutional interest. Despite higher gas fees compared to Solana, Ethereum remains the preferred choice for high-value transactions and long-term investments. Industry insiders acknowledge Solana's growth potential but believe it will be challenging to surpass Ethereum in the short term. Furthermore, Ethereum's upcoming 'Pectra' upgrade is expected to enhance scalability and efficiency, potentially reversing the ETH/BTC pair's downtrend. The Pectra upgrade is in final testing on the Holesky testnet.
Capital Shift Towards Ethereum
Recent inflows into Ethereum spot ETFs further underscore the capital shift towards Ethereum, while Bitcoin ETFs have experienced outflows. This reallocation of funds, coupled with renewed confidence in Ethereum's DeFi ecosystem and upgrade prospects, points to a potential resurgence for the network.