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Ethereum DEX Volumes Hit 2-Year High as Altcoins Face a Reckoning

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Eddie Mitchell
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Key Takeaways
  • 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).

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Eddie Mitchell

Eddie has been writing news and content primarily for crypto news and industry players over the past seven years. With an eye for the bigger picture, Eddie prefers to investigate the broader implications of a story, as well as explore the weird and wonderful world of crypto. He believes blockchain has already changed the world, but observes the space overall with a skeptical and adoring eye.
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