Ethereum has closed the gap with Solana in decentralized exchange activity, with on-chain data showing both networks now sitting near $45 billion in monthly DEX volume. The convergence marks a sharp shift from earlier this year, when Solana held a much wider lead.
According to the report, Solana’s DEX volume now stands at about 94% of Ethereum’s level, the lowest reading in 12 months. In January, that ratio had climbed to 218% as memecoin trading and AI Agent narratives pushed speculative activity higher across the Solana ecosystem. That premium has since faded.
Monthly DEX volumes converge after Solana’s earlier surge fades
Solana’s rise was tied closely to its low fees and high throughput, features that made it attractive for retail-driven, high-frequency trading. During the peak of memecoin activity, that setup translated into a large jump in on-chain volume and a clear lead over Ethereum.
That edge has narrowed as speculative demand cooled. Ethereum, by contrast, has held up with deeper liquidity pools, larger stablecoin trading pairs, and more established DeFi activity. The report frames this as a difference in volume composition rather than a simple contest of headline numbers.
Ethereum’s support base looks different from Solana’s
The analysis argues that Ethereum’s trading base is more resilient because it is tied to institutional familiarity and mature DeFi infrastructure. Those flows tend to hold up better when risk appetite weakens. Solana remains strong in low-cost trading environments dominated by retail users, where activity can expand quickly during hot markets and contract just as fast once that momentum breaks.
That distinction matters now that both chains are clustered around the same $45 billion monthly mark. Ethereum’s position suggests it has retained a larger share of durable on-chain activity, while Solana’s decline points to the retreat of volume that had been driven by short-cycle speculation.
Attention shifts to whether Solana can hold this floor
The next signal to watch is whether Solana can maintain its current volume floor or whether activity keeps sliding. The report says a stable base at these levels, combined with a weakening in Bitcoin dominance, could point to speculative capital returning to the broader on-chain market.
It also notes that if that capital does rotate back into crypto trading, Solana could still be one of the first beneficiaries because of its large retail user base and lower entry barriers. For now, the DEX volume race between Ethereum and Solana is highlighting a simple divide: liquidity depth and DeFi maturity on one side, speculative speed and retail intensity on the other.