Even though the discourse surrounding Ethereum has been mostly dominated by "doom and gloom" narratives over the past month, recent data shows that the popular blockchain network should not be written off just yet.
According to data provided by DefiLlama, Ethereum has managed to surpass Solana in monthly decentralized exchange (DEX) volume for the first time since November. The two chains logged $64.7 billion and $52.6 billion worth of trading volume, respectively. BNB Chain (BSC) comes in third place with $44.2 billion.
So far, Ethereum is also in the lead this month, but its lead over Solana is very slim ($3.3 billion and $3.2 billion, respectively).
In March, Ethereum was only in third place (behind Solana and BNB).
Uniswap remains the most popular decentralized exchange with a weekly trading volume of over $9 billion.
Ethereum's dismal price action was one of the main stories of the first quarter. The leading altcoin has collapsed by another 38% against Bitcoin in 2025 after losing 33% in 2024. It is now in the red for the fourth consecutive year.
The underperformance has been partially attributed to layer-2 networks stealing the network's luster.
That said, the recent data shows that Ethereum remains a formidable player in the DeFi sector despite facing stiff competition from its various "killers," including Solana.
SOL has so far substantially outperformed ETH this year, gaining 15%.
Vladislav Sopov
Dan Burgin