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.
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.
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).