Over the past week, the Solana-based decentralized exchange (DEX) saw trading volumes drop by more than 10%. In contrast, trading volumes on the Ethereum network, Solana’s biggest competitor, increased by 12% during the same period. Furthermore, trading volumes on the Base and Sui blockchains increased by 11% and 77%, respectively.

While Ethereum continues to lead in US dollar terms in transaction volume with $16.5 billion, Solana comes in second with a transaction volume exceeding $11 billion. The transaction volume of DEXs on the Base blockchain was recorded at $5.4 billion.

According to DefiLlama data, the total value locked (TVL) on the Ethereum network has reached over $6.44 billion, ahead of Solana with $1.74 billion TVL.

While DEX trading volumes on Solana have decreased, there are some positive developments for Solana. Zeta Markets founder Tristan Frizza noted that Solana has a share of about 10% of the overall DEX market. He also noted that institutional investors have increased their positions in Solana by shifting from Bitcoin to altcoins, based on CoinShares data. This increased institutional interest could lead to more capital flowing into the Solana ecosystem, which could increase both innovation and demand.

“However, the future pace of institutional DeFi adoption on Solana will depend on overall economic conditions and regulatory developments,” Frizza cautioned.

Solana (SOL) price is trading at $144, showing an increase of 1.3% in the last 24 hours.

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