Ethereum is back on top in the wild world of decentralized exchanges, snatching the number one spot from Solana this March. It’s the first time Ethereum has reigned supreme in DEX trading volumes since last September.
This swap at the top comes as the memecoin market cools down, throwing a bit of shade on Solana-based DEXs like Raydium and Pump.fun, which saw activity dip.
Despite Ethereum’s DEX victory, its ether token wasn’t celebrating; it dropped over 18% in March. Analysts point fingers at inflationary tokenomics and the rising stars of Layer 2 solutions as reasons for the price slump.