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Institutional Frenzy Pushes Ethereum DEX Volumes Above Solana
Ethereum-based decentralized exchanges have overtaken Solana in trading volume for the first time since April, buoyed by record spot ETF inflows and a surge in institutional demand.
Aug 13, 2025, 3:39 p.m.
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What to know:
- Ethereum-based decentralized exchanges have overtaken Solana in trading volume for the first time since April, with $24.5 billlion traded in the past 48 hours versus Solana’s $10 billion, driven by institutional interest in ether and spot ETF inflows.
- The shift marks a reversal from earlier this year’s memecoin-driven Solana dominance, with Solana’s volumes falling sharply after the TRUMP memecoin crash eroded investor confidence.
- Uniswap leads Ethereum DEX activity at $8.6 billion in 24 hours, and Ethereum staking tokens like Lido’s LDO have surged — up 65% this week — following favorable SEC guidance.
Decentralized exchange (DEX) volumes on Ethereum have leapfrogged Solana for the first time since April after a swift shift in sentiment away from Solana-based memecoins and towards ether amid a wave of institutional activity.
Over the past 48 hours Ethereum-based DEXs have facilitated $24.5 billion in trading volume compared to Solana's tally of $10 billion, according to DefiLlama.
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The two weeks prior were also dominated by Ethereum, with a total of $28 billion and $27 billion beating Solana's total of $20 billion and $24 billion.
This represents a contrast in trader behavior from earlier this year, which was dominated by Solana and BNB Chain in a wave of speculative memecoin trading.
However, institutional flows into spot ether ETFs has buoyed the second largest cryptocurrency, lifting it to $4,680 this month after a 53% gain over the past 30 days.
Coinglass data shows that Monday's net inflows to ETFs topped $1 billion for the first time ever, this was followed by more relentless buying on Tuesday with another $523 million inflow.
Solana, meanwhile, appears to have lost its magic in the second quarter of this year. In January, for example, DEX volumes topped $98 billion in one week and $84 billion in the next. That hype subsided after U.S. President Donald Trump released the TRUMP memecoin, which ultimately lost more than 88% of its value over the subsequent seven months, a moment that obliterated investor confidence in memecoins.
Uniswap remains the most commonly used DEX on Ethereum with $8.6 billion being traded over the past 24 hours, the next best being Fluid, which topped $1 billion during the same period.
The change in behavior could bode well for Ethereum-based staking tokens, which experienced a boost following SEC clarification last week. Tokens like LDO , the governance token of liquid staking protocol Lido are up by 65% over the past week.
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KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market
Tarafından sipariş edildiKuCoin
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Bilinmesi gerekenler:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Coinbase CEO says Big banks now view crypto as an ‘existential’ threat to their business
Brian Armstrong returns from World Economic Forum with message: traditional finance is taking crypto seriously
Bilinmesi gerekenler:
- Coinbase CEO Brian Armstrong said a top executive at one of the world’s 10 largest banks told him crypto is now the bank’s “number one priority” and an “existential” issue.
- At Davos, Armstrong highlighted tokenization of assets and stablecoins as major themes, arguing they could broaden access to investments for billions while threatening to bypass traditional banks.
- He described the Trump administration as the most crypto-forward government globally, backing efforts like the CLARITY Act, and predicted that AI agents will increasingly use stablecoins for payments outside conventional banking rails.
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