- DEX trading volume on Ethereum reached $64.6bn.
- Activity in the Solana ecosystem fell as interest in memecoins faded.
- Uniswap and Fluid contributed most to Ethereum’s lead.
In March, Ethereum regained top spot by aggregate trading on decentralised exchanges (DEXs), overtaking Solana, which had led the sector since September.
According to DeFi Llama, cumulative volumes on Ethereum-based DEXs reached $64.6bn—22% more than Solana’s $52.62bn.
Why Solana’s activity fell
The drop in trading on Solana, including on Raydium and Pump.fun, reflects waning enthusiasm for memecoins. Earlier in January, the “people’s ecosystem” saw a burst of activity thanks to the launch of the TRUMP token.
In March, Raydium did not log a single day with more than $1bn in turnover.
Average daily memecoin trading on Pump.fun fell from $390m in January to under $100m in March.
Uniswap’s role
Amid Solana’s slowdown, Ethereum’s ecosystem proved more resilient.
Uniswap accounted for the lion’s share, with $30bn in turnover. Fluid placed second among Ethereum DEXs at $9bn, underscoring growing competition.
Price action
Despite its DEX outperformance, ether (ETH) fell 18% in March, a deeper decline than SOL’s 15.8%.
Analyst Ali Martinez says the asset needs to reclaim $2,100 and then hold convincingly above $2,300 to confirm a bullish reversal.
#Ethereum $ETH needs to reclaim $2,100, and more decisively, $2,300, to confirm a bullish trend reversal. These are the levels to watch! pic.twitter.com/ldK5HROHvd
— Ali (@ali_charts) March 31, 2025
He called these levels key for a bullish turn.
Alphractal CEO Joao Wedson noted that altcoins mirrored bitcoin.
Altcoins are making the same move as BTC.
The average correlation of altcoins is close to 1, meaning that if BTC goes up, they will go up, and if BTC goes down, they will go down.
This is the moment when HFT bots from exchanges and funds operate in a synchronized manner.
When… pic.twitter.com/1RjyKTXbdg
— Joao Wedson (@joao_wedson) April 1, 2025
He explained that the market’s average correlation is close to 1: if the price of the first cryptocurrency rises, altcoins rise; if bitcoin falls, other assets decline.
During such periods, high-frequency trading bots at exchanges and funds operate in sync, Wedson said.
He believes that a decoupling of altcoins from “digital gold” would be a bullish signal for the market.
At the lower end of price ranges, several tokens show pump-and-dump patterns, which may indicate gradual accumulation by institutions, Wedson concluded.
On March 17, Standard Chartered analysts revised their 2025 Ethereum price forecast, lowering it from $10,000 to $4,000.
On March 26, Ethereum developers successfully deployed the Pectra upgrade on the Hoodi testnet.