Last month, Ethereum recovered his title as the leading smart contract Blockchain for Decentralized Exchange (DEX) Trade as the market swung activity at Solana, the go-to platform for memCoin dealers.
Ethereum-based Dexes recorded an industry-leading cumulative trading volume of $ 64,616 billion in March and beat Solana’s figures of $ 52.62 billion by 22%, according to Data Source Defilama. It is the first time since September that Ethereum topped the charts and pushed Solana to number two.
The change in leadership happened when the total crypto market capitalization dropped 4.2% to $ 2.63 trillion, which extended February loss of 20%, as macroeconomic uncertainty and disappointment over the lack of fresh BTC purchases in the US strategic reserve so Bitcoin slip below $ 80,000.
The bearish market mood muted speculation about the wider landscape, especially in the memecoin sector, as reflected in the significant decrease in the activity of Raydium, the leading Solana-based DEX and a hotspot for meme trade at the end of 2024.
During March, Raydium did not logged a single day of trading volume of over $ 1 billion, highlighting a significant fall from its $ 13 billion hill on January 18, Defillama data shows.
In addition, the daily volume of the Solana-based Memecoin launch plate was on average less than $ 100 million in March, which was significantly down from the top of $ 390 million in mid-January. Activity at Solana-based Dexes topped with the debut of President Donald Trump’s Trump token in January.
Meanwhile, Ethereums better than Uniswap was driven by Uniswap, which achieved over $ 30 billion in trading volume, with fluid that took it removed elsewhere with $ 9 billion in activity.
Still, Ethereum’s Ether -Token fell over 18% to $ 1,822 in March, recorded greater losses than Solana’s sun -token, which fell by 15.8% per year. Data source trading and Coindesk.
Per Observers are Ether’s inflation tokenomics and the growing popularity of LAG 2 solutions that allegedly siphon activity from the head chain, responsible for Ether’s poor performance.
