Ethereum DEX Volume Hits $8.48B, Highest Since March 2023

Ethereum’s decentralized exchange (DEX) witnessed a notable surge in its trading volume on February 3, reaching levels not seen since March 2023. 

According to on-chain data from DefiLlama, Ethereum DEX climbed to a significant $8.48 billion during the rollercoaster market sentiment experienced following President Donald Trump’s announcement of severe tariffs. 

Notably, the surge in DEX trading volume despite the market fluctuations suggests the underlying strength and continued adoption of the Ethereum network. 

Uniswap Leads the Ethereum DEX 

Uniswap emerged as the dominant platform for this impressive increase, accounting for 65.78% of Ethereum’s DEX trading activity and handling over $5.545 billion in transactions. Curve also experienced notable growth, with its daily trading volume increasing by 18.37% to $1.597 billion. 

Additional contributors included Fluid and Balancer, which processed about $620.87 million and $274.03 million, respectively. 

Apart from the surge in DEX trading volume, the Ethereum network also saw a remarkable surge of over 206,000 new addresses this month. This figure represents the highest daily increase since October 8th, 2022, marking a 27-month high in daily wallet creation. 

Meanwhile, while the Ethereum DEX experienced an increase in its trading volume, Solana DEX led the pack with a $9.56 billion trading volume on the same day. 

Solana DEX Dominates

Raydium, a well-known decentralized exchange based on Solana, has seen its market share grow from 18.8% in December to 27.1% in January. Additionally, the Solana-native DEX aggregator also accounts for a significant part of Solana’s DEX volume and is praised for optimizing slippage and providing real-time pricing data.

Solana’s dominance in DEX trading volume can be attributed to the spike in activity of the popular meme coin platform Pump.Fun. Additionally, its high transaction speeds, minimal fees, and developer-centric tools have made it especially appealing to retail traders.

While Solana leads in overall transaction volume, Ethereum and its Layer 2 networks remain a preferred choice for large-value transactions, especially those exceeding $50,000 and deep liquidity pools. 

Overall, the impressive performance of both networks reflects the growing adoption and the increasing competitiveness of the DEX ecosystem.