Solana has overtaken the entire Ethereum ecosystem in daily decentralized‑exchange trading, moving more value in the last 24 hours than Ethereum and all of its Layer‑2 networks combined.
The surge helped Solana capture 39.6 percent of all DEX volume during the first quarter of 2025. At its January height, the network pulled in 52% of the DEX trading volume, beating every rival chain.
Crypto markets spent most of the quarter in defensive mode, rattled by tariff disputes and a flight from speculative tokens. Even so, Solana posted the strongest DeFi figures for any smart‑contract platform.
Much of the volume that lifted Solana through 2024 and early 2025 came from meme‑coin trading. The meme tokens fueled some of its busiest days, but analysts now wonder whether that wave is losing steam as traders look for deeper utility.
6/ Spot trading volume on CEXs dropped 16.3% to $5.4T 📉
• @binance remained the largest CEX, ending March with a 40.7% share.
• After @Bybit_Official's hack in Feb 2025, its trading volume fell month-on-month from $178.2B to $84.7B. pic.twitter.com/1frxN6qH04— CoinGecko (@coingecko) April 16, 2025
There are signs the shift has begun. Solana ceded the top spot for DEX revenue in February when Ethereum briefly reclaimed the crown. Solana volume had peaked after mid‑January, hitting $35.89 billion on 18 January, before sliding to under $1 billion by mid‑March.
In the last two weeks, volumes have climbed again, topping $2.5 billion a day and running close to Ethereum. The rebound narrows, but does not erase, the gap that opened when meme‑coin hype decreased.
Fees earned by the chain reached a record $17.77 million on 20th January, then fell sharply. By mid‑March, daily revenue was below $470,000 and has hovered near that mark since, reflecting lighter speculative traffic.
Stablecoin market cap is increasing.
By contrast, the stablecoin market cap keeps rising. Liquidity in dollar‑pegged tokens on Solana stood at $12.65 billion on 17 April, suggesting users are parking funds while waiting for clearer signals. A rising stablecoin base gives the network a pool of assets if activity revives.
The softer risk appetite explains why meme coins have slipped from view. Whether the niche can stage a comeback once macro conditions settle is an open question. For now, Solana’s hopes rest on stablecoins and new applications.
Price action in SOL, the network’s native coin, mirrors the broader swing. The token almost broke $300 during January’s rally, then dipped below $100 earlier this month. A pause in the tariff standoff sparked a 42% bounce, lifting SOL to $138 at press time and making it the best performer among the ten largest cryptocurrencies over the past fortnight.
This outcome has already had a massive impact on Solana in terms of revenue and perceived utility. With chain income down and stability coins climbing, the market appears to be shifting from speculation toward preservation.
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