Ethereum Reclaims No. 1 Spot as Leading DEX Chain for First Since September, Overtakes Solana

Last month, Ethereum reclaimed its rubric arsenic the starring astute declaration blockchain for decentralized speech (DEX) trading, arsenic the marketplace swoon dampened enactment connected Solana, the go-to level for memecoin traders.

Ethereum-based DEXes registered an industry-leading cumulative trading measurement of $64.616 cardinal successful March, beating Solana's tally of $52.62 cardinal by 22%, according to information root DefiLama. That's the archetypal clip since September that Ethereum topped the charts, pushing Solana to the fig 2 spot.

The alteration successful enactment happened arsenic the full crypto marketplace capitalization fell 4.2% to $2.63 trillion, extending February's 20% loss, arsenic macroeconomic uncertainty and disappointment implicit the deficiency of caller BTC purchases successful the U.S. strategical reserve saw bitcoin gaffe beneath $80,000.

The bearish marketplace sentiment dampened speculation crossed the broader landscape, particularly wrong the memecoin sector, arsenic reflected successful the important diminution successful enactment connected Raydium, the starring Solana-based DEX and a hotspot for meme trading successful precocious 2024.

Throughout March, Raydium did not log a azygous time with trading measurement exceeding $1 billion, highlighting a sizeable alteration from its record-high of $13 cardinal connected Jan. 18, DefiLlama information show.

Additionally, regular measurement connected the Solana-based memecoin motorboat pad averaged less than $100 cardinal successful March, down importantly from the highest of $390 cardinal successful mid-January. Activity connected Solana-based DEXes peaked with the debut of President Donald Trump's TRUMP token successful January.

Meanwhile, Ethereum's outperformance was driven by Uniswap, which achieved implicit $30 cardinal successful trading volume, with Fluid taking the distant 2nd spot with $9 cardinal successful activity.

Still, Ethereum's ether token fell implicit 18% to $1,822 successful March, registering bigger losses than Solana's SOL token, which fell by 15.8%, per information root TradingView and CoinDesk.

Per observers, ether's inflationary tokenomics and the increasing popularity of Layer 2 solutions, which supposedly siphon enactment from the main chain, are liable for ether's mediocre performance.