Solana On Top
The first quarter of 2025 has officially crowned a new king of blockchain activity—Solana. According to a fresh report from Coin98 Analytics published on April 18, Solana led all chains in decentralized exchange (DEX) volume, clocking in at a staggering $1.49 trillion. That’s more than Ethereum and Base combined. Ethereum posted $1.17 trillion, and Base came in with $948.6 billion.
The Gap Is Widening
This isn’t just a small win for Solana—it’s a flex. Compared to Ethereum, Solana pushed 27% more DEX volume. And the lead over Base? Even bigger. It’s clear that Solana isn’t just catching up anymore—it’s setting the pace.
Why Solana?
Solana’s rise isn’t random. The chain has seen a surge in meme coin activity, with tokens like $BONK, $WIF, and dozens of fresh Pump.fun launches fueling nonstop speculation. Add to that Solana’s dirt-cheap transaction fees and faster-than-light finality, and you’ve got the perfect home for degens.
The Meme Coin Factor
Let’s not sugarcoat it meme coins are a big reason Solana’s numbers look like this. During Q1, the memecoin explosion on Solana brought in wave after wave of traders. Many of these tokens are born, pumped, and rugged in less than 24 hours, but they keep users glued to the network and volume flowing.
Base Put Up a Fight
To be fair, Base also had a monster quarter. Thanks to the viral $DEGEN and Farcaster-powered token launches, Base had its own moment. But despite gaining traction with creators and users alike, Base still couldn’t match Solana’s raw momentum.
Ethereum Losing Its Grip?
Ethereum isn’t disappearing—but it’s no longer untouchable. Its share of DEX volume dropped below 30% in Q1, and L2s like Base and rollups are chipping away. Meanwhile, Solana is stealing the show, especially in the fastpaced meme and NFT sectors.
Solana Ecosystem Growth
Beyond meme coins, Solana is also showing strength with serious DeFi platforms. Jupiter, Kamino, and Drift Protocol are seeing consistent volume and growing TVL. The ecosystem is maturing alongside the memes rare in crypto.
Community Wins Matter
Solana’s rise isn’t just technical it’s cultural. The chain has built a rabid community of builders, traders, and artists. From Solana Mobile’s Saga phone to Mad Lads NFTs, there’s a strong vibe that Solana is building something different, and people are noticing.
Looking Ahead
If Q1 was Solana’s breakout, Q2 might be its consolidation. With meme mania still raging, plus major DeFi growth and an expanding NFT scene, Solana is positioned to keep dominating. Whether Ethereum can reclaim ground remains to be seen but right now, the throne belongs to SOL.