BroadChain has learned that according to Cointelegraph, on-chain data as of April 1 shows Solana's total value locked (TVL) is approximately $6.3 billion—still significantly behind Ethereum's $54.1 billion.
Despite this gap, Solana's network fees over the past 30 days remain about 80% higher than Ethereum's. This is largely because Ethereum has successfully reduced mainnet fees through Layer 2 rollups and data blob mechanisms.
In March, Solana's network fees fell to $18.5 million, marking a 42% drop from January's $30 million. The decline was primarily driven by a contraction in decentralized exchange (DEX) trading volume on the network.
Data indicates Solana's DEX volume dropped to $55.5 billion in March—its lowest level since September 2024.
By comparison, Ethereum's DEX volume stood at $41 billion in March, down 23% from two months prior. However, when factoring in Layer 2 networks such as Base, Arbitrum, Polygon, and Optimism, Ethereum's share of the DEX market has climbed from 33% in January to 42%, challenging Solana's previous dominance.
That said, Solana continues to show strength in other areas. Over the past 30 days, it hosted 13 dApps that each generated over $1 million in revenue—more than Ethereum's 11, and well ahead of BNB Chain and Base, which each had 4. Protocol revenues, including from projects like Helium, continue to draw attention from developers and capital.
Overall, while declining DEX activity is impacting Solana's short-term metrics, its ecosystem remains robust in terms of profitability and developer interest.