DEX trading volume is down 38% weekly

According to data from DefiLlama, despite a 38% weekly drop in crypto trading volume across all decentralized exchanges (DEXs) on smart contract platforms, Solana's DEX maintained its position. In my position, I only lost 8.6%.
Meanwhile, Optimism suffered a loss in total trading volume of more than 60%, the largest among the top 10 chains by total value locked (TVL). Volumes for both Polygon and Arbitrum also dropped dramatically, both down about 50%.
Saber and Raydium are the DEXs that have helped Solana, with trading volumes increasing by 45% and 32% respectively.
Furthermore, Solana is approaching Ethereum's lead in decentralized exchange dominance, as seen in January trading volume data. During the first week of the month, Solana stood at third place with a dominance rate of a little over 13%, far behind Arbitrum's 18% and Ethereum's 34%. However, last week, Solana overtook Arbitrum, climbing to a market share of 19.5%, while Ethereum fell slightly to 31.5%.

While it may seem like a small feat for Solana, the dominance gap during the same period last year has narrowed significantly at nearly 67%, with Ethereum holding 68% of the decentralized exchange market share. average, compared to Solana's market share at the time.
Trading volume on Solana DEXs started to increase in October 2023, when its dominance rate was 2.4% and gradually increased.
Solana's highest dominance in weekly trading volume was recorded in the 3rd week of December 2023. At that time, the chain was only 0.34% behind Ethereum in terms of volume, which could be considered a technical attraction.
However, Solana's DEX lost ground in the following weeks, showing a recovery in trading volume between January 13 and 19.