Solana DEX volumes still rival Ethereum’s despite memecoin meltdown: VanEck

Solana’s decentralized speech (DEX) volumes inactive rival those of the full Ethereum ecosystem contempt a steep dropoff successful memecoin trading activity, plus manager VanEck said. 

In February, Solana’s stock of full onchain DEX measurement topped 43%, concisely surpassing the combined DEX measurement of Ethereum and its layer-2 scaling networks, according to a March 5 study by VanEck. 

They declined to astir 30% successful March, somewhat beneath the Ethereum ecosystem’s astir 40% share, the information shows. 

“Despite the Memecoin Meltdown, Solana DEX volumes are inactive holding their ain — astir matching the full ETH ecosystem (L1 + L2s),” Matthew Sigel, VanEck’s caput of research, said successful a station connected the X platform. 

Relative DEX marketplace shares, Solana vs. Ethereum ecosystem. Source: VanEck

Related: Solana shorts spike amid memecoin scandals

Memecoin tumult

Activity connected the Solana web declined successful February aft a bid of memecoin-related scandals soured sentiment among retail traders. 

‘[T]he interaction was severe, with stablecoin transfers — the backbone of on-chain trading — plummeting (-80%) from January levels,” VanEck said. 

On Feb. 14, Libra, a memecoin seemingly endorsed by Argentine President Javier Milei, erased immoderate $4.4 billion successful marketplace capitalization wrong hours of launching.

Since January, traders person mislaid astir $2 cardinal crossed 800,000 wallets connected Official Trump (TRUMP), US President Donald Trump’s authoritative memecoin.

Memecoin trading, mostly tied to the fashionable Pump.fun platform, comprises astir 80% of the Solana blockchain network’s revenues, according to the report.

New token launches connected Pump.fun are down much than 80% since January. Memecoins bootstrap liquidity connected Pump.fun earlier graduating to Raydium, Solana’s astir fashionable DEX.

As of March 6, Raydium has much than $1.3 cardinal successful full worth locked (TVL), according to DefiLlama.

“Solana has been the standout performer successful the existent crypto marketplace cycle, with its token terms rising (+191%), on-chain revenues (excluding MEV) surging (+700%), and stablecoin proviso expanding (+291%) successful 2024,” VanEck said. 

“One of the biggest drivers of Solana’s maturation has been memecoin trading,” VanEck added, noting that Pump.fun generated much than $577 cardinal successful fees successful conscionable implicit a year. 

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