Ethereum DEX Volumes Hit 2-Year High as Altcoins Face a Reckoning
- In January 2025, Ethereum DEXs recorded $86.01 billion in trading volumes; Solana DEXs recorded $258.48 billion.
- Daily Solana DEX volumes hit an ATH of $35.89 billion on Jan. 15, 2025.
- The altcoin market dropped around 15% of its market cap in the past month, falling from a January peak of $1.51 trillion to $1.26 trillion.
Ethereum’s (ETH) decentralized exchange (DEX) trading volumes have hit a 2-year high following a lackluster 2024.
Meanwhile, Solana (SOL) DEX volumes continue to shatter records.
Ethereum DEX Performance
As per DeFi Llama , Ethereum DEX volumes hit a 2-year high of $7.63 billion on Feb. 3, 2025. Its previous high was $11.12 billion on March 11, 2023.
Between 2023 and 2024, daily ETH DEX volumes trailed $1.5 billion on average. In 2024, this figure picked up toward the $2 billion range but stumbled throughout most of the year.
On Aug. 5, 2024, ETH DEX volumes topped $7.33 billion, though this quickly slumped back to an average of around $1.5 billion in the days and weeks that followed.
The bullish sentiment that swelled after Donald Trump’s nomination as U.S. president gave ETH DEXs a modest boost, allowing them to capture volumes in the $2 billion to $3 billion range regularly.
Overall, ETH and its ecosystem underwhelmed the crypto scene throughout 2024 with lackluster price performance.
Despite the approval of spot ETH exchange-traded funds (ETFs), the long-awaited “Dencun” upgrade, and a renewed bullish sentiment with Trump in the White House, ETH seems to have fallen behind.
SOL Overperforms
On the other hand, Solana (SOL) DEXs have consistently recorded daily volumes exceeding $2 billion. In the past 24 hours, they’ve notched $7.8 billion in trading volumes.
Last year, Solana-based DEX trading volumes skyrocketed following the rise of memecoin-creating platform pump.fun, which served as the bedrock of Solana’s on-chain activity surge throughout 2024.
On Jan. 1, 2024, SOL DEX daily volumes totaled $545.72 million, peaking at $7.14 billion on Nov. 18.
There appears to be no sign of slowing down either, as on Jan. 18, 2025, volumes reached a record-breaking $35.89 billion thanks to the launch of Trump’s official memecoin (TRUMP).
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
NYSE Arca files for Cardano ETF on behalf of Grayscale as crypto proposals gain momentum
A Cardano spot exchange-traded fund could be on the horizon following the NYSE’s filing to propose such a product.Cardano (ADA) is the ninth largest crypto with a market cap of over $25 billion, according to The Block’s price data.
![](https://img.bgstatic.com/multiLang/image/social/0600e2c94e4fb971328c8bbbced70d6c1739235330791.jpg)
Microsoft to Launch Responsible AI Foundation in Abu Dhabi
Arweave Unveils Major Upgrade with Launch of Next-Gen Decentralized Platform
![](https://img.bgstatic.com/multiLang/image/social/66c90aeaa3977f00d0f85920873964b61739228106841.webp)
'High odds' XRP, Solana, Dogecoin and Litecoin ETFs approved: analysts
Bloomberg ETF Analysts James Seyffart and Eric Balchunas view recent filings for exchange-trade products which track top cryptocurrencies XRP, solana, dogecoin and litecoin as having “high odds” of securing the necessary approvals.Leading in terms of their likelihood of gaining approval, the analysts estimate that Litecoin ETFs have a 90% chance of approval, followed by Dogecoin products, which possess a 75% chance.
![](https://img.bgstatic.com/multiLang/image/social/b616c5fe5ad71a751ecb0a04cbccc5611739164939731.jpg)
Trending news
MoreCrypto prices
More![Bitcoin](https://img.bgstatic.com/multiLang/coinPriceLogo/bitcoin.png)
![Ethereum](https://img.bgstatic.com/multiLang/coinPriceLogo/ethereum.png)
![Tether USDt](https://img.bgstatic.com/multiLang/coinPriceLogo/0208496be4e524857e33ae425e12d4751710262904978.png)
![XRP](https://img.bgstatic.com/multiLang/coinPriceLogo/ripple.png)
![Solana](https://img.bgstatic.com/multiLang/coinPriceLogo/solana.png)
![BNB](https://img.bgstatic.com/multiLang/coinPriceLogo/binance.png)
![USDC](https://img.bgstatic.com/multiLang/coinPriceLogo/usdc.png)
![Dogecoin](https://img.bgstatic.com/multiLang/coinPriceLogo/dogecoin.png)
![Cardano](https://img.bgstatic.com/multiLang/coinPriceLogo/cardano.png)
![TRON](https://img.bgstatic.com/multiLang/coinPriceLogo/tron.png)