Last month, Ethereum replaced its title as the leading Smart Contract Blockchain for Decentralized Exchange (DEX) trade, while the market damped activity on Solana, the Go-to-To platform for Memecoin Traders.
Ethereum-based Dexes registered a leading cumulative trade volume of $ 64.616 billion in March, with Solana’s count of $ 52.62 billion defeated by 22%, according to Data Source Defilama. That is the first time since September that Ethereum was at the top of the charts and pushed Solana to the number two spot.
Top block chains from Dex trade volumes. (Defillama)
The change in leadership happened when the total crypto market capitalization fell by 4.2% to $ 2.63 trillion, which extended the 20% loss of February, as a macro -economic uncertainty and disappointment about the lack of new BTC purchases in the American strategic reserve saw Bitcoin below $ 80,000.
The Beerarish market sentiment dampens speculation on the wider landscape, especially within the memeco-sector, such as reflected in the significant decrease in activity on Raydium, the leading Solana-based DEX and a hotspot for meme-trade in the end of 2024.
During March, Raydium did not log in with a trade volume of more than $ 1 billion, which emphasizes a significant decrease compared to the record high of $ 13 billion on January 18, according to Defillama’s data.
Moreover, the daily volume on the Solana -based Memecoin Launch Pad in March was on average less than $ 100 million, considerable compared to the peak of $ 390 million in mid -January. Activity on the Dexes-based Dexes peaked in January with the debut of Trump token of President Donald Trump.
In the meantime, Ethereum’s outperformance was powered by Uniswap, which reached more than $ 30 billion in trade volume, with liquid taking the far second place with $ 9 billion in activity.
Nevertheless, the Ether -Toking of Ethereum fell more than 18% to $ 1,822 in March and registered larger losses than Solana’s Sol -Token, which fell by 15.8%, according to the Data Source TradingView and Coindesk.
For each observers, the inflatoid tokenomics from Ether and the growing popularity of Layer 2 solutions, which supposedly transferring the main chain, are responsible for the poor performance of Ether.
