Ethereum and Solana DEX Monthly Trading Volume Gap Narrows to Near 12-Month Low

BlockBeats News, May 13th. Over the past few months, the gap in monthly DEX trading volume between Solana and Ethereum has significantly narrowed. Solana's transaction volume ratio to Ethereum has dropped to about 94%, hitting a 12-month low and reversing the peak of 218% in January 2026. Currently, the monthly DEX trading volume of the two major blockchains is around $45 billion each, almost equal.

Ethereum's relative resilience during this period stems from its differently structured trading volume composition, deeper liquidity pools, stablecoin trading pairs, and DeFi activities, showing a more stable performance when speculative sentiment cools down. The current near-parity status of the two provides a new opportunity for them to compete for trading volume as on-chain activities heat up.

Solana's bullish thesis lies in its low fees, high throughput architecture naturally suited for retail-driven activities and the resurgence of meme coins or AI narrative. On the other hand, Ethereum's strength lies in its substantial total value locked, institutional familiarity, and the quality of trading volume composition. It is worth noting whether Solana's trading volume bottom can stabilize at the current level or continue to shrink. If it stabilizes here while Bitcoin's dominance begins to soften, it may serve as an early signal for speculative capital re-entry, with Solana potentially being the first beneficiary due to its retail base.