Solana surpasses Ethereum on DEX: A sufficient catalyst to revive the price of SOL?

$SOL continues its methodical infiltration into the layers of the crypto industry. It has become a fertile ground for DeFi developers, displaying a strategic consistency that impresses. Its fast and cheap architecture attracts crowds. Powerful statistics are re-emerging: DEX volumes surpassing those of Ethereum, record fees generated... All signals that shake the front lines. Enough to rekindle hopes around a lagging SOL token.

* Solana reaches $94.8 billion in DEX volume, ahead of Ethereum with $64.8 billion.

* Raydium, Jupiter, and Zeta Markets are energizing DeFi on Solana, with impressive growth.

* The collapse of memecoins is draining network activity despite the technical robustness of the Solana ecosystem.

* MEV threats, the arrival of Hyperliquid, and token unlocks are weakening the current dynamics.

DEX on fire, network slowing down: the Solana paradox

$94.8 billion: this is the cumulative volume of DEX on Solana in the last 30 days, compared to $64.8 billion for Ethereum. The network outperforms its rival, driven by Jupiter (50% of volumes), Raydium, and Zeta Markets, which is exploding with +212% in volume in one month. Add a TVL of $11 billion (+14%), and fees generated of $48.7 million (compared to $36.9 million for Ethereum). The envelope is impressive.

Behind the numbers, a shadow persists. Overall network activity has plunged by 91% compared to January. A disconnection between infrastructural performance and organic vitality. Davo from Drift Protocol reminds us that Sol has a robust base layer, without an off-chain matching engine.

An architecture that attracts developers but struggles to reassure the markets. This misalignment between technological prowess and user dynamism raises questions. Can we build a solid future without active and engaged users?