# Solana DEX Market Volume Drops 14.3% as Ethereum and Base Show Strong Gains
This week (October 25–October 31), Solana’s trading volume in the decentralized exchange (DEX) market decreased by 14.3% compared to the previous week. Conversely, Ethereum and Base exhibited strong upward trends, intensifying the competition for market dominance with Solana.
According to DeFi information platform DeFi Llama on November 1, Solana ranked first in the DEX market with a weekly trading volume of $13.571 billion (October 25–October 31). However, trading activity on the platform fell by 14.43% from the previous week, indicating a decline in user interest.
Specifically, weekly trading volumes for Solana-based DEXs such as Raydium, Orca, and Meteora decreased by 10–50%. This suggests increasing volatility within the platform.
In contrast, Ethereum’s weekly trading volume surged 23.78% to $10.090 billion. Its market share also rose to 22.58%, narrowing the gap with Solana’s 25.34%. Ethereum maintained a DEX Total Value Locked (TVL) of $8.65 billion, enhancing its influence within the DeFi ecosystem.
Ethereum Layer 2 solution Base, developed by cryptocurrency exchange Coinbase, also recorded a weekly trading volume of $7.864 billion, showing a significant increase of 25.73%. Base’s TVL continues to grow rapidly, reaching $1.516 billion.
# Arbitrum and Polygon Ethereum Layer 2 ‘Rise’
Arbitrum and Polygon also reported weekly trading volume increases of 16.80% and 25.96%, respectively. Arbitrum’s weekly trading volume reached $4.162 billion, while Polygon recorded $1.619 billion, maintaining a steady growth in TVL at $757.56 million.
Meanwhile, Thorchain achieved the highest weekly volatility with a 32.99% increase, reaching a trading volume of $772.83 million. Optimism and Avalanche also showed growth rates of 19.97% and 14.33%, respectively, expanding their presence in the DEX market.
This week in the DeFi market highlighted Solana’s decreasing trading volume and the strong performance of Ethereum and Base. As trading volumes and TVL’s volatility continue across platforms, competition among major platforms and the growth of new platforms are contributing to the expansion of the DeFi ecosystem.
The overall TVL of the DeFi market this week was $98.668 billion, a 2.14% increase from the previous week.
