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ETH 
SOL 以太坊主网DEX交易量份额降至2018年以来最低
DefiLlama数据显示，9月份以太坊主网处理的去中心化交易所（DEX）交易量占比仅为13.6%，创下自2018年以来的月度最低纪录。相较于一年前约21%的份额，这一比例出现了显著下滑。
尽管交易活动出现转移，以太坊在去中心化金融（DeFi）领域的资本主导地位依然稳固。目前，以太坊仍持有约56%的DeFi应用存款资金，与一年前的比例持平。然而，其在稳定币供应中的份额已滑落至约48%。
交易流向Solana、Robinhood Chain和Base
随着各大交易所构建自有网络，且以太坊最知名的应用程序纷纷跟进，交易活动正逐渐向Solana (SOL)、Robinhood Chain和Base等网络迁移。Blockworks Research周二指出，这种趋势反映了市场重心的变化。
过去一个月，Solana处理了约四分之一的DEX总交易量。此外，于7月1日上线的Robinhood Chain在该时间段内的交易量也超过了以太坊。相比之下，一年前以太坊的市场份额约为五分之一。
43% of Uniswap's transactions in the past month occurred on Robinhood Chain, while 32% of transactions on Ethereum occurred. Blockworks research found that exchanges that issue tokenized stocks tend to keep related activity on their own networks to maintain an ecological closed loop. It is worth noting that Robinhood Chain and Base are both Layer-2 networks built based on Ethereum, of which Robinhood Chain also uses ETH to pay transaction fees.
Is capital withdrawing? DeFi's share remains stable
According to DefiLlama's online data, Ethereum's control over DeFi deposits has not diminished. The network still accounts for about 56% of DeFi app deposits, roughly the same level as a year ago.
The only exception is in the stablecoin field. Ethereum's share of the stablecoin supply has dropped from 55% in November 2025 to approximately 48% currently, although the total stablecoin supply is still growing.
ETF Capital Flow and Price Outlook
The capital flow of a spot Ethereum ETF is crucial to the ETH price. Data showed that in the five trading days from September 29 to October 5, the U.S. spot Ethereum ETF recorded a net outflow of US$206 million. Previously, these funds had shown net inflows for more than a week in a row, and then turned to sell.
Since July, the fund has been rebuilding its ETH position. CryptoQuant contributor MorenoDV pointed out that if the redemption wave re-intensifies, this support will be weakened. Bitmine Immersion Technologies continues to buy and now holds 4.9% of ETH supply after increasing its holdings last week. Chairman Tom Lee said ETH's gain relative to the S & P 500 was "noteworthy" given the significant macro headwinds that emerged during the quarter.
Citigroup expects ETF inflows to recover at a slower pace and raised its one-year target price for Ethereum to $3,028. "Recovering previous high positions will strengthen the logic of recovery," MorenoDV wrote.
Conclusion: Moat faces challenges
Blockworks Research believes that this shift in transaction volume threatens Ethereum's ultimate advantage over rival networks. The institute wrote in its newsletter: "Ethereum does not need to undergo a massive capital flight to lose its moat. It just needs the next wave of growth to occur on other networks."
As new activities continue to be rolled out to other networks, Ethereum's transaction share may continue to decline. ETH's price trend ultimately depends on the movements of the funds that are driving it back. As of 3:18 pm EST on Tuesday, ETH closed at US$2,687, down 0.8% in 24 hours.
