Solana has maintained its dominance in decentralized exchange (DEX) trading, extending a four-month winning streak over Ethereum. According to DeFiLlama, Solana-based DEXs have recorded over $60 million in trading volume this month, nearly doubling Ethereum’s $34 million.

The surge in activity highlights Solana’s growing role in decentralized finance (DeFi), as lower fees and higher throughput continue to attract both developers and users.

Memecoins Fuel Trading Frenzy

A key driver behind Solana’s dominance is the explosive rise in memecoin trading. The network’s low transaction costs make it a hotspot for speculative trading, drawing in retail investors looking for high-risk, high-reward opportunities.

In January, Solana-based DEXs processed $258 billion in trades, compared to Ethereum’s $86 billion—a staggering lead that underscores the network’s efficiency and appeal.

Revenue Growth Strengthens Bullish Case

Despite its reputation as a low-cost blockchain, Solana has also outperformed Ethereum in revenue generation. This month, Solana has already earned $25 million in DEX revenue, compared to Ethereum’s $16 million. In January, Solana raked in $124 million, surpassing Ethereum’s $109 million.

This robust financial performance supports a bullish outlook for the SOL-ETH ratio, which peaked at 0.09 in January before pulling back to 0.075.

TVL Gap Still Favors Ethereum

While Solana continues to dominate in trading volume and revenue, its total value locked (TVL) remains significantly lower than Ethereum’s. Solana currently holds $9 billion in TVL, while Ethereum boasts $57 billion.

This suggests that while Solana is gaining traction, Ethereum’s deep liquidity and established DeFi ecosystem still provide a strong foundation for long-term stability.

Solana’s rising DEX activity and revenue signal strong momentum, challenging Ethereum’s long-standing dominance. If the trend continues, Solana could further solidify its position as a top blockchain for trading and DeFi innovation.