Ethereum takes the throne from Solana with a frenzy of $24.5 BILLION in DEX volumes, driven by ETFs and institutional capital
The throne of decentralized exchanges (DEX) has changed hands. #Ethereum has surpassed #solana in transaction volume for the first time since April, recording an impressive total of $24.5 billion in the last 48 hours. This power shift marks a significant market rotation, moving away from the #memecoins of Solana to focus on the flows of institutional capital flooding into Ethereum.
DefiLlama data shows a clear victory for Ethereum-based DEXs, which have outperformed Solana not only in the last 48 hours ($24.5 billion vs. $10 billion) but also in the previous two weeks.
The main catalyst for this change has been the avalanche of institutional capital. Net inflows into spot ether ETFs exceeded $1 billion in a single day, a historic record that demonstrates strong appetite for ETH.
The Rise of Ethereum: This renewed interest has propelled the price of Ether (ETH) to $4,680, with a 53% gain over the last 30 days, reinforcing the narrative that smart capital is betting on Ethereum.
Uniswap Remains the King of DEX: Despite the rotation, the most used DEX on Ethereum continues to be Uniswap, which managed $8.6 billion in trades over 24 hours. Fluid closely follows, surpassing $1 billion in the same period.
Market Narrative Shift: This phenomenon sharply contrasts with the beginning of the year, when Solana and BNB Chain memecoins dominated speculative trading. Now, the market seems to be turning towards assets with a stronger value proposition and clear institutional backing.