- Solana led Q1 2025 DEX volume with $293.7B in trades.
- Political memecoins like $TRUMP fueled Solana’s 52% dominance in January.
- Ethereum bounced back in March, reclaiming the top spot from Solana.
Solana captured the top spot for decentralized exchange (DEX) trading volume for Q1 2025, holding against Ethereum in what’s a notable on-chain shift.
According to CoinGecko’s latest crypto industry report , Solana captured 39.6% of the total DEX trading volume this quarter, up from 30.4% in Q4 2024. That amounts to $293.7 billion in trades, driven mostly by a political memecoin surge that briefly pushed Ethereum into second place.
How Did Memecoins Impact Solana’s Volume?
January 2025 starkly showed this shift when Solana processed a huge 52% of all DEX volume across the top 12 chains that month, largely thanks to viral political memecoins like $TRUMP. Solana hit a record $184.8 billion trading volume in January alone.
At the same time, Ethereum’s market share dropped below 20% for the first time, highlighting changing trader focus.
Related: Solana Losing U.S. Market Share: Could This Pump Chances of XRP ETF Approval?
Solana’s top spot wasn’t permanent month-to-month. As the memecoin hype faded by March, Ethereum regained the monthly lead with a 30.1% DEX market share, while Solana’s share fell back to 23.4%.
CoinGecko’s report also noted two new Layer-1s, Sonic and Berachain, cracking the top 10 DEX chains in March, displacing Optimism and Polygon that month.
Is Solana a Serious Long-Term DEX Contender?
Despite losing the top spot in March, Solana’s overall Q1 performance proved it’s a major force in DEX trading, not just a fast alternative.
Related: Ethereum Holders Find Big Yields (20%+) in DeFi Vaults as ETH Consolidates
As one community member wrote , “Solana did it again: it surpassed all other blockchains in DEX volume in just 7 days. It seems like every time it cools off, it comes back stronger. There’s something about that network that keeps moving… and attracting liquidity.”
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
