As the cryptocurrency market fluctuates and trading heat cools down, Ethereum has strongly regained the leading position of the decentralized trading (DEX) market, ending Solana's leading position for six months in a row. According to DefiLlama data, in March this year, the total transaction volume of DEX based on Ethereum reached US$64.616 billion, 22% higher than Solana's US$52.62 billion, which is the first time Ethereum has re-topped the list since September 2024 and Solana has retreated to second place. Solana Meme Coin Hot Flush The change in DEX trading volume ranking comes as the overall cryptocurrency market value fell 4.2% to $2.63 trillion in March this year, continuing the 20% decline in February. As you can imagine, bearish sentiment has suppressed speculation in the cryptocurrency market, and the meme coin craze has cooled rapidly. As the number one DEX on Solana, Raydium's single-day trading volume did not exceed $1 billion in March, and trading activity shrank significantly compared with the peak of $13 billion in January this year. In addition, the average daily trading volume of Solana meme coin issuing platform also fell sharply from $390 million in January to below $100 million. The highest point in Solana DEX trading volume was when Trump’s meme coin TRUMP was released in January. Now the market is cooling down and trading activities have also shrunk. Ethereum returns to the throne, Uniswap leads strongly In contrast, Ethereum successfully recovered its lost land driven by Uniswap's strong performance. In March, Uniswap's trading volume exceeded US$30 billion, firmly taking the position of DEX trading king, while Fluid ranked second with US$9 billion. However, even after returning to the DEX market, Ethereum has not been able to get rid of market pressure, with a cumulative decline of more than 18% in March, falling to a low of $1,822, even surpassing Solana's native token SOL (down 15.8%). Analysts believe that although Ethereum has regained its foothold in the DEX market, the price performance of Ethereum is still affected by two major factors: inflation pressure and the rise of Layer 2. Analysis points out that although the development of Layer 2 technology has improved transaction efficiency, it also dispersed the transaction volume originally on the main network, indirectly affecting the market performance of Ethereum. 〈Ethereum regains DEX dominance! After half a year of missing out, surpassing Solana and returning to the peak〉 This article was first published in "Block Guest".

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