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🔥 TODAY: Solana leads all blockchains in 24-hour DEX volume.

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Ethereum reclaimed the top spot in decentralized exchange trading volume in March for the first time since September 2024. Ethereum-based DEXs handled $64 billion in spot trading volume, compared to Solana’s $52 billion and BSC’s $44 billion, as per DefiLlama data . Overall market activity has slowed despite this milestone. DEX trading volume has fallen from $86 billion in January to $85 billion in March, while the total value locked declined from $67 billion to $49 billion over the same period. The network’s fee generation has also fallen sharply. In January, Ethereum ( ETH ) earned $142 million in transaction fees, but that figure plummeted to just $21 million in March. The network’s burn rate, which tracks the amount of ETH removed from circulation, hit its lowest level since August 2021. According to data from Ultrasound Money, just 53 ETH was burned per day last week, and Ethereum’s total supply has grown 3% since the EIP -1559 upgrade, raising concerns about the asset’s long-term value accrual. Ethereum’s price has struggled as a result, ending Q1 2025 down 45%, as per Coinglass data . This has contributed to $170 billion in market value being wiped out in what was the network’s third-worst quarter since 2016. Given the current network dynamics, institutional investors have been cautious. SoSoValue data shows Ethereum exchange traded funds lost $403 million in March, with just one day of inflows. In addition, analysts from Standard Chartered have slashed their year-end ETH price target from $10,000 to $4,000, citing strong competition from Ethereum’s layer-2 solutions, which have drawn users away by offering lower fees. Still, Ethereum’s long-term potential shouldn’t be overlooked. It remains the leader in promising sectors such as the tokenization of real-world assets, which is projected to become a $16 trillion industry by 2030. Ethereum controls 54% of the tokenization market, as per RWA.xyz data , with $5 billion in assets tokenized on the network. As traditional finance continues to move on-chain, the network may see a renewal of interest. Larry Fink, the CEO of BlackRock, has emphasized the potential of tokenization, predicting that all assets will eventually be represented on-chain. Ethereum’s supply may once more become deflationary and drive value over time if it can continue to play a part in this shift. Ethereum could also benefit from staking-enabled Ethereum ETFs. Both the New York Stock Exchange and Chicago Board Options Exchange have filed for staking in Ethereum ETFs with the Securities and Exchange Commission. Staking in ETFs could increase demand and lock away a significant amount of ETH. This, coupled with institutional adoption, could give Ethereum a much-needed boost.

March 2025 marks an important turning point in the DeFi ecosystem: Ethereum regains the top spot in the blockchain ranking in terms of trading volume on DEXs, surpassing Solana for the first time since September 2024. A turnaround that occurs in a pressured market, with a notable decline in activity on Solana, particularly on its flagship platforms. In March 2025, Ethereum recorded a DEX trading volume of $63 billion, surpassing Solana, which only reached $51 billion. Just a few months ago, it was Solana that was leading the dance thanks to its speed and low fees. This turnaround is due to the continuous performance of major decentralized platforms like Uniswap and Curve Finance, which have solidified Ethereum in the lead. This performance is also favored by Layer 2 solutions, which lighten the load on the main chain while ensuring better scalability. These innovations allow Ethereum to remain competitive against blockchains like Solana, which, despite its low latency and minimal fees, has not been able to contain the erosion of its activity on DEXs. The trading activity on Solana’s DEXs, particularly Raydium and Pump.fun, has experienced a significant drop. The trading volume of Pump.fun fell from $7.75 billion in January to $2.53 billion in March, a decline of 67%. This decline is particularly related to the decrease in the graduation rate of tokens, a key indicator showing that fewer new tokens reach sufficiently high capitalization levels to migrate to Solana’s major platforms. Solana, which was once established as the preferred blockchain for memecoins, has seen the appeal for this sector wane, exacerbated by an overall bearish market sentiment, thus contributing to its decline. Consequently, it will face significant challenges to reactivate its trading volumes. Its future success will depend on its ability to reinvent itself and attract new investors and users into its network. The emergence and consolidation of Ethereum as the leader of DEXs is not only due to a temporary turnaround. While Solana struggles to maintain its momentum, Ethereum seems therefore solidly anchored in the DeFi ecosystem, thanks to its ability to evolve and adapt to market needs. However, will this performance be enough to pull Ethereum out of the major economic crisis it is currently facing?

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