Ethereum closes gap with Solana as DEX volumes converge near $45 billion
Quick Take
- The current near-parity gives both chains another chance to position themselves to capture volume when onchain activity rotates back.
- The following is excerpted from The Block’s Data and Insights newsletter.
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The gap between Solana and Ethereum DEX volume has narrowed considerably over the past several months, with Solana's ratio relative to Ethereum falling to approximately 94%. This sets a 12-month low and is a sharp reversal from the 218% peak recorded in January 2026.
Both chains are now processing roughly $45 billion in monthly DEX volume, bringing them to near parity.
Ethereum's relative resilience through that period reflects a structurally different volume composition with deeper liquidity pools, stablecoin pairs, and DeFi activity that tend to hold up better when speculative appetite contracts.
The current near-parity gives both chains another chance to position themselves to capture volume when onchain activity rotates back. The bull case for Solana rests on its low-fee, high-throughput architecture being naturally suited to retail-driven activity and any revival of the memecoin or AI agent narrative. The bull case for Ethereum centers on its TVL depth, institutional familiarity, and the composition quality of its volume.
It is worth monitoring whether Solana's volume floor holds around current levels or continues to compress. A stabilization here with BTC dominance starting to soften could be an early signal that speculative capital is beginning to re-engage, and Solana would likely be the first beneficiary given its retail base.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
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