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ETHEREUM WOES
Solana Hits All-Time Highs vs Ethereum as ETH/BTC Ratio Collapses
Ethereum’s decline against both Bitcoin and Solana reveals cracks in its once-unshakable lead.
Ethereum, long regarded as the king of smart contract platforms, is facing an intensifying challenge from Solana-its leaner, faster, and increasingly more efficient counterpart. Recent market dynamics suggest the winds of change are blowing, and Ethereum might be losing its dominance, not just in its niche but across the broader crypto landscape.
Follow the Volume: DEX Activity
CoinGecko’s 2025 Q1 Crypto Industry Report (bottom chart below) shows a revealing breakdown of DEX trading volume by blockchain. Ethereum remains a dominant player, consistently making up a large chunk of monthly trading volume. However, Solana has carved out a significant and growing share.
In January 2025 — the peak of the quarter — DEXs processed a whopping $358 billion, with Solana commanding the second-largest share after Ethereum. Here’s the kicker: while Ethereum’s share has remained relatively stable, Solana’s has expanded, especially during months of high trading activity (like December 2024 and January 2025). This was the time when the Solana-based…
