Solana’s DEX volume is now providing strong competition to Ethereum, with new Ethereum-based DEX aggregators like Bebop and CoWSwap improving liquidity and pricing. The Ethereum DEX trading volume has been hit hard amid the ongoing tariff war, plummeting by 50% from its peak in December 2024. Despite this decline, Ethereum still maintains a strong share of spot trading volume, with Uniswap remaining dominant. However, competitors like SushiSwap are lagging behind, attracting only 2,000 daily active addresses.
A recent Ainvest report highlights the declining Ethereum DEX volume and a significant drop in unique trader addresses, now down to 40,000. This trend is attributed to both bearish sentiment and increased competition from other DEXs and centralized exchanges. On the other hand, Solana’s DEX volume is on the rise, with on-chain volume surging 43% in February 2025, surpassing the combined DEX volume of Ethereum and its Layer-2 networks. Solana’s DEX volumes are holding strong, matching the entire Ethereum ecosystem.
Traders are prioritizing platform performance, focusing on liquidity, transaction speed, and fees, which are challenges faced by Ethereum-based DEXs. However, new DEX aggregators like Bebop and CoWSwap are addressing these issues by improving liquidity and offering better pricing to enhance user experience and attract more traders to DEX platforms. These factors, along with market sentiment, have impacted DEX volumes, with Ethereum losing over 60% of its value since December 2024 and facing the risk of further declines in the future.
Overall, Solana’s DEX volume is providing strong competition to Ethereum, while new Ethereum-based DEX aggregators are improving liquidity and pricing. The decline in Ethereum’s DEX volume is attributed to cautious behavior from traders and investors amid a bearish market sentiment, with Uniswap remaining dominant and competitors like SushiSwap lagging behind. Solana’s DEX volume is on the rise, surpassing Ethereum’s combined DEX volume and holding strong despite market fluctuations. As traders prioritize platform performance, new DEX aggregators are addressing challenges to enhance user experience and attract more traders to DEX platforms.
