In the latest 2025 Quarter 1 (Q1) update by CoinGecko, it has been reported that Solana (SOL) is surpassing Ethereum (ETH) in various aspects.
As per CoinGecko’s Q1 Crypto Industry Report, Ethereum has lost all gains from the previous year, while the overall crypto market cap only experienced an 18.6% decline in the early months of 2025.
“ETH concluded Q1 of 2025 at $1,805, marking a -45.3% decrease within the quarter, dropping from $3,336. It has wiped out its gains from 2024, reverting to levels last seen in 2023. It has significantly underperformed major cryptocurrencies like BTC, SOL, XRP, and BNB, all of which saw much lesser declines.
Trading volume also decreased in Q1, dropping from a daily average of $30.0 billion in Q4 of 2024 to $24.4 billion in the most recent quarter. Instances of volume spikes led to ETH’s price plummeting.”
CoinGecko also noted that Solana has maintained its lead in the decentralized exchange (DEX) sector.
“Continuing its momentum from late 2024, Solana remained the dominant player in DEX trades, achieving 52% dominance in January 2025; newcomers Sonic & Bera made an impact as well.
Solana retained its position as the primary chain for DEX trading in Q1 of 2025, with a market share of 39.6% for the quarter. It experienced a growth of +35.3%, rising from $217.0 billion in Q4 to $293.7B in Q1.
In January, Solana captured 52% of on-chain trades among the top 12 blockchains, driven by the ‘political memecoin’ frenzy associated with TRUMP. It recorded over $184.8 billion in trading volume, setting an all-time high record for the chain. This caused Ethereum’s market share to fall below 20% for the first time.
However, as the meme coin trend subsided, Ethereum managed to reclaim the top position in March, with a 30.1% market share compared to Solana’s 23.4%.
Optimism and Polygon were surpassed in March by newcomers Sonic and Berachain in the top 10 rankings. Nevertheless, both chains remained ahead throughout the entire quarter.”
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