Solana DEX volumes remain competitive with Ethereum

Solana's (CRYPTO:SOL) decentralised exchange (DEX) volumes have demonstrated resilience, briefly surpassing Ethereum’s (CRYPTO:ETH) ecosystem in February 2025.

According to VanEck, Solana's DEX market share peaked at 43% before settling at 30% in March, closely competing with Ethereum's 40%.

The surge in Solana’s DEX activity is attributed to its low-cost and high-speed transactions, attracting users looking for efficient decentralised finance (DeFi) solutions.

Despite a decline in memecoin trading, which previously fueled much of Solana’s growth, the network's DEX volumes remain competitive with Ethereum.

Platforms like Pump.fun played a key role in boosting Solana’s activity, but recent controversies have led to a downturn in memecoin trading, affecting stablecoin transfers and overall market sentiment.

Raydium, Solana’s leading DEX, holds over $1.3 billion in total value locked (TVL), underscoring its strong presence in the DeFi space.

VanEck reports that Solana’s token price surged by 191%, with on-chain revenues rising by 700% in 2024, reflecting its robust market performance.

Matthew Sigel, VanEck’s head of research, noted that Solana’s DEX volumes remain competitive with Ethereum’s entire ecosystem, despite the memecoin downturn.

While Ethereum continues to lead in total DeFi TVL, Solana’s DEX trading volumes have reached $1.05 trillion, marking a significant milestone.

As both ecosystems compete for DeFi dominance, Solana’s efficiency and cost advantages position it as a strong alternative to Ethereum for traders seeking optimised transactions.

At the time of reporting, the Solana (SOL) price was $141.91, and the Ethereum (ETH) price was $2,162.40.