According to CoinDesk, in March 2025, the total transaction volume of Ethereum decentralized exchange (DEX) reached US$64.616 billion, surpassing Solana's US$52.62 billion, returning to the industry's first place, the first since September last year. Affected by the market downturn and the recession of memecoin popularity, DEX activity such as Raydium on the Solana chain has dropped significantly. Despite leading Ethereum DEX trading volume, ETH price fell more than 18% in March, up from SOL's 15.8%.