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The Ecosystem crypto passes through the expansion cycle where the competition between blockchains intensifies, especially on the decentralized trading market (DEX). This sector, dominated by Ethereum, sees the main competitor: Solana, whose exchange unions briefly overcome those of Ethereum in February. This unexpected performance has occurred despite the unprecedented crisis in the same segment, these speculative cryptos, which have been a long key economic network engine. Solana holds in her place among Dex leaders, but the recent collapse of the same asks the main questions: can the network maintain its position without this asset?
Solana briefly exceeds Ethereum: District domination on Dex
In February, Solana signed a historical performance and captured 43 % of the total volume of stock exchanges on decentralized platforms (DEX). The network briefly exceeds Ethereum and its solution to the second layer. This peak meant a turning point in the competition between two blockchains, with the volumes of transactions increased by an efervrescence around it.
But such an increase in power was short. Since March, Solan volumes dropped to 30 % of the market, leaving the market share of Ethereum 40 %. Matthew Sigel, a research manager at Vaneck, underscores the publication on the X (formerly Twitter) 5th March 2025, because despite the crisis, “Solana Dex volume is still maintained, which roughly corresponds to the entire ETH ecosystem (L1 + L2)”. Today, Raydium, the main decentralized platform for changing on the Solana, keeps TVL (total value locked) $ 1.3 billion, a strong signal of user trust in its ecosystem.
The same collapse and its consequences on the ecosystem of Solan
The outbreaks of the volumes on the Solana were largely carried by speculation on the same, which is a phenomenon that suddenly turned in February. Several scandals shaken by the confidence of investors, starting with a pound, a memecoin falsely associated with Argentine President Javier Milei, who lost $ 4.4 billion in a few hours. Another main incident concerns Trump, a cryptopicially associated with Donald Trump, which caused $ 2 billion in $ 800,000.
The Pump.Fun platform, which is used to launch New Same On Solan, has seen its activities by 80 %since January. Vaneck remembers that this market was 80 % of Solan’s revenue, which supported the liquidity of its ecosystem before these chips migrate to Raydium. The sudden decline in this dynamics led to a sudden decrease in stable-what-transfers, the backbone column of transactions on the chain, with a reduction of 80 % compared to January.
Despite this crisis, Solana retains solid foundations. Since the beginning of the year, its token increased by 191 %, its intake on the chain (except MeV) exploded by 700 %and the range of stablecoins into its network jumped by 291 %. These figures testify to positive dynamics, but the dependence on the same remains a strategic challenge. The future of Solana will depend on her ability to diversify her sources of income and attract more institutional acceptance on her Dex. In addition, competition with Ethereum remains wild, but Solan’s Blockchain has shown that the market leader could compete, even in a period of great turbulence. It remains to be found whether it will be possible without relying on speculative madness.
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A graduate of the Toulouse and the Blockchain Consultant Certification certification holder and I joined the adventure of Cointribuna in 2019. I convinced of the potential of blockchain to transform many economy sectors, committing to raising awareness and informing the general public about how the ecosysty developed. My goal is to allow everyone to better understand blockchain and take the opportunity they offer. I try to provide an objective analysis of messages every day, decrypt trends on the market, hand over the latest technological innovations and introduce the economic and social issues of this revolution.
Renunciation
The words and opinions expressed in this article are involved only by their author and should not be considered investment counseling. Do your own research before any investment decision.