Last month, Ethereum
$ 1,907 surged back to the forefront of decentralized exchange platforms in terms of trading volume. This development coincided with a decline in activity on Solana 
$ 126, which has previously been the preferred platform for memecoin transactions.
Market Overview
In March, the total trading volume on Ethereum-based platforms reached approximately $64.616 billion. Meanwhile, Solana could not surpass Ethereum, recording a trading volume of $52.62 billion in the same segment. The overall cryptocurrency market value decreased by 4.2%, dropping to $2.63 trillion, reflecting the ongoing impact of a previous 20% loss experienced the month prior.
Platform Performances
A significant factor contributing to Ethereum’s resurgence was the leading platform Uniswap, which exceeded $30 billion in trading volume. Additionally, the Fluid platform secured the second position in Ethereum’s ecosystem with a trading volume of around $9 billion. In contrast, Solana’s notable platform Raydium failed to reach record levels, with no single day in March surpassing $1 billion in trading volume; this marked a stark contrast to the $13 billion reached on January 18. According to Nic Carter, the inflationary token economy structure of Ethereum and the rise of popular Layer 2 solutions have led to a withdrawal of transactions from the main network.
Price Movements and Market Trends
In March, the native token of Ethereum, ether, depreciated by 18%, dropping to approximately $1,822. Similarly, Solana’s SOL token experienced a notable decline, with a 15.8% drop in performance. The decreased interest in memecoin transactions negatively impacted Solana’s trading volume.
The current market situation has prompted cautious behavior from participants due to macroeconomic uncertainties and developments related to strategic reserves. Ethereum’s success in DEX volume reflects the platform’s technical infrastructure and the performance of its ecosystem’s participants. Investors are advised to closely monitor these trends moving forward.
