Solana, DEX Trading volume and network revenue both overwhelming...Surpassing Ethereum?

Solana's DEX trading volume, which recorded $15.15 billion in the last 7 days (source: The defiant)

Solana has once again demonstrated a strong presence in the Decentralized Exchange (DEX) market. It reclaimed the top spot by surpassing Ethereum and its subordinate Layer 2 chains in monthly DEX trading volume, and it is garnering market attention with an overwhelming gap in network revenue as well.

According to The Defiant, Solana recorded approximately $42.85 billion in DEX trading volume during the month of April. This is about $2.4 billion more than Ethereum's $40.42 billion during the same period. Solana has consistently maintained its lead since October last year but was briefly overtaken by Ethereum in March this year. With this result, Solana surpassed Ethereum in the 30-day cumulative metric for the first time since January.

Even in the past week, Solana's DEX trading volume reached $15.15 billion, showing continuous trading activity. At the same time, Solana-based representative cryptocurrency SOL recorded an all-time high closing price in the SOL/ETH pair that reflects its value compared to Ethereum. The SOL price exceeded $140, rising to as high as $145 at one point, supporting the bullish trend.

The more notable metric is network revenue. During the first quarter of 2025, Solana recorded network revenue exceeding $21 million on a weekly basis, generating more revenue as a single chain than the combined total of all Layer 1 and Layer 2 blockchains. Notably, it achieved a level that is 222% higher than the combined revenue of Ethereum and Binance Smart Chain, accounting for about half of the total blockchain market revenue share.

This success highlights that Solana is playing a leading role not only in trading volume but also in terms of actual usability and profitability. It is increasingly solidifying its position as the 'next-generation blockchain representative' among investors.