Decentralized alternate (DEX) volumes on Ethereum have leapfrogged Solana for the primary time since April after a swift shift in sentiment away from Solana-based memecoins and in the direction of ether {{ETH}} amid a wave of institutional exercise.
Over the previous 48 hours Ethereum-based DEXs have facilitated $24.5 billion in buying and selling quantity in comparison with Solana’s tally of $10 billion, based on DefiLlama.
The 2 weeks prior have been additionally dominated by Ethereum, with a complete of $28 billion and $27 billion beating Solana’s complete of $20 billion and $24 billion.
This represents a distinction in dealer conduct from earlier this yr, which was dominated by Solana and BNB Chain in a wave of speculative memecoin buying and selling.
Nonetheless, institutional flows into spot ether ETFs has buoyed the second largest cryptocurrency, lifting it to $4,680 this month after a 53% achieve over the previous 30 days.
Coinglass information reveals that Monday’s web inflows to ETFs topped $1 billion for the primary time ever, this was adopted by extra relentless shopping for on Tuesday with one other $523 million influx.
Solana, in the meantime, seems to have misplaced its magic within the second quarter of this yr. In January, for instance, DEX volumes topped $98 billion in a single week and $84 billion within the subsequent. That hype subsided after U.S. President Donald Trump launched the TRUMP memecoin, which finally misplaced greater than 88% of its worth over the next seven months, a second that obliterated investor confidence in memecoins.
Uniswap stays essentially the most generally used DEX on Ethereum with $8.6 billion being traded over the previous 24 hours, the subsequent greatest being Fluid, which topped $1 billion throughout the identical interval.
The change in conduct may bode nicely for Ethereum-based staking tokens, which skilled a lift following SEC clarification final week. Tokens like LDO , the governance token of liquid staking protocol Lido are up by 65% over the previous week.
