The Trading Volume of DEX on Ethereum surpassed Solana for the first time since April.

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The Trading Volume on decentralized exchanges (DEX) of Ethereum has surpassed Solana for the first time since April, as market sentiment quickly shifted away from memecoin on Solana and towards Ether (ETH) due to a strong rise in institutional capital inflow.

According to data from DefiLlama, in the past 48 hours, DEXs on Ethereum recorded a total trading volume of 24.5 billion USD, far surpassing the 10 billion USD figure of Solana. Two weeks prior, Ethereum also maintained its leading position with 28 billion USD and 27 billion USD, compared to Solana's 20 billion USD and 24 billion USD respectively.

This reversal marks a significant change in trading behavior compared to the early part of the year, when the market was dominated by Solana and BNB Chain due to the speculative memecoin frenzy.

The main driver comes from institutional money flowing into spot Ether ETF funds, helping the second largest cryptocurrency in the world rise to 4,780 USD this month, equivalent to a 55% increase over 30 days. According to Coinglass, the net inflow into ETFs on Monday reached a record level of 1 billion USD, which continued to extend on Tuesday with an additional 523 million USD.

*Trading Volume DEX (DefiLlama)*On the contrary, Solana seems to have lost its appeal in Q2. In January alone, the DEX trading volume on Solana reached 98 billion USD in one week and 84 billion USD in the following week. However, this excitement quickly faded after President Donald Trump released the memecoin TRUMP, which subsequently lost over 88% of its value in seven months, erasing investor confidence in memecoins.

On Ethereum, Uniswap remains the most popular DEX with a trading volume of 8.6 billion USD in the last 24 hours, followed by Fluid with over 1 billion USD.

*Uniswap Trading Volume (DefiLlama)*This shifting trend could be a positive signal for staking tokens on Ethereum, which have already benefited from the SEC's regulatory clarifications last week. Notably, LDO – the governance token of the Lido liquid staking protocol – has risen 65% in the past week.

Vương Tiễn

ETH-3.63%
SOL-2.83%
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