Ethereum DEX trading volume matches Solana at $45 billion, as SOL speculative capital outflows highlight ETH's "high-quality" moat

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The true test begins after the speculative tide recedes! Latest on-chain data shows that the monthly DEX trading volume for both Ethereum and Solana has reached a "tie" at $45 billion. As the hype around Memecoins cools, Solana's trading volume advantage has shrunk significantly; in contrast, Ethereum is holding its ground thanks to its deep liquidity and institutional-grade DeFi. (Previous coverage: Ethereum Foundation introduces Clear Signing: Say goodbye to blind signing hell, wallet transactions are no longer like reading gibberish) (Background supplement: Ethereum Foundation OTC dumps another 10,000 ETH to Bitmine! Over $68 million cashed out in the past month and a half) After months of frenzy, the battle for the "top public chain" between Ethereum and Solana seems to be reshuffling as market sentiment cools. According to the latest on-chain data analysis report, the gap in DEX trading volume between Ethereum and Solana has converged dramatically over the past few months, with both sides now locked in a neck-and-neck battle. Data shows that the monthly DEX trading volume for both major public chains is currently stabilizing at around $45 billion, reaching a state of near parity. However, this represents a significant cooling for Solana. The report points out that Solana's DEX trading volume ratio relative to Ethereum has plummeted to approximately 94%, hitting a 12-month low. Looking back at January this year, driven by the frenzy of Memecoin and AI Agent narratives, this ratio once soared to a staggering peak of 218%. Why has Ethereum succeeded in narrowing the gap during this period? Analysts point out that this reflects the fundamental differences in the "trading volume structure" of the two public chains: - Ethereum's resilience (Institutional and DeFi-led): Ethereum possesses deeper liquidity pools, massive stablecoin trading pairs, and mature DeFi activity. When the market's speculative appetite wanes, this "high-quality" trading volume, familiar to institutions, tends to demonstrate stronger resistance to declines. - Solana's explosive power (Retail and speculation-led): Solana's bullish thesis is built on its low-fee and high-throughput architecture, which is inherently suited for retail-driven, ultra-high-frequency trading (such as Memecoin speculation). Once the speculative fever subsides, the shrinkage in its trading volume is more drastic. The current tie at the $45 billion mark provides an opportunity for a reshuffle in the next rotation of on-chain activity. Analysts remind investors to closely monitor whether Solana's trading volume "floor" can hold at current levels or if it will continue to be compressed. If a bottom is successfully established at this level, combined with signs of loosening and decline in BTC Dominance, this could be a strong early signal that speculative capital is preparing to re-enter the market. "Once hot money returns on-chain, thanks to its massive retail base and low-barrier advantages, Solana is highly likely to be the first beneficiary." In this tug-of-war, will Ethereum continue to sit on the throne relying on the depth of its Total Value Locked (TVL), or will Solana stage another surprise attack in the next wave of hype? This will be one of the most compelling focuses of the crypto market in the second half of this year.

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