Solana Tops Ethereum in DEX Volume Amid Hype
The Essentials at a Glance
- Solana dominated DEX trading volume in January 2025 with a 52% share.
- Ethereum caught up in March, reaching a 30.1% market share.
- Ethereum manages over USD 203 billion in app capital—almost ten times more than Solana.
- Both coins saw price declines: SOL -40%, ETH -56% since the beginning of the year.
- Solana shows stronger momentum among retail investors, while Ethereum remains the foundation of the crypto economy.
Solana’s Lightning Start to 2025
In January 2025, Solana (SOL) had a spectacular start. Fueled by hype around memecoins—including the politically themed “Official Trump (TRUMP)” coin—Solana captured 52% of total trading volume on decentralized exchanges (DEX). For the entire first quarter, its market share stood at 39.6%, an increase of 35.3% compared to the previous quarter.
With a trading volume of USD 184.8 billion in January alone, Solana made a strong statement. New projects like Sonic (S) and Berachain (BERA) added to the momentum and displaced established Layer-2 solutions like Optimism and Polygon.
Ethereum Responds with Substance
While Solana gained attention in the short term, Ethereum (ETH) quietly demonstrated its strength in the background. In March 2025, its market share climbed to 30.1%. More importantly, Ethereum remains the centre of real economic activity in the crypto ecosystem.
With over USD 203 billion in capital tied up in decentralized applications (DeFi, NFTs, stablecoins, real-world assets), Ethereum not only far surpasses Solana (USD 22.9 billion), but also Tron (USD 70 billion). The platform continues to prove its relevance as infrastructure for sustainable projects.
Price Trends: Both Under Pressure
Despite diverging trends in volume and capital, both coins share a common price trajectory: decline. Since the beginning of 2025, Ethereum has lost approximately 56% of its value. Solana performed slightly better with a drop of around 40%.
In March, Solana showed signs of a slight recovery, while Ethereum stagnated. This indicates stronger short-term demand for SOL, particularly among retail investors. However, price movements alone reveal little about a network’s long-term value.
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Solana or Ethereum – Who’s Ahead?
Solana scores with speed, low fees, and high activity on DEX platforms. Ethereum, on the other hand, impresses with depth: it is home to the largest DeFi protocols, stablecoins, and tokenized assets.
In the short term, Solana attracts more attention. In the long term, Ethereum’s capital base and infrastructure make a strong case. Both networks serve different audiences and use cases—and could complement rather than replace each other in the future.
Our Assessment
Solana has shown that it can quickly capitalize on short-term trends. This makes it attractive to traders and new projects. Ethereum, however, remains the platform with the most economic substance in the crypto market.
If you’re focused on short-term movements, Solana may be of interest. If you’re planning for the long term and looking for stability, Ethereum remains the more solid choice. The decision depends on your strategy—both networks have their place.
Sources
- CoinGecko
- TradingView
- X (formerly Twitter)
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