Solana commands roughly 20% of global DEX spot volumes, with weekly trading reaching $10.29 billion — more than the NYSE American.
Geri
Solana holds 20% DEX spot share as PumpSwap and Meteora drive volumes
Solana held roughly 20% of global DEX spot volumes in July, with weekly trading reaching $10.29 billion as PumpSwap and Meteora activity boosted the network's lead.
DeFi Llama data shows Solana's weekly DEX volumes at $10.29 billion, compared with $6.7 billion for Ethereum and $5.8 billion for BNB Chain. The network's spot trading has consistently exceeded the NYSE American's roughly $6 billion in weekly volumes throughout 2026, according to Blockworks analytics.
The activity surge draws from two sources. PumpSwap, the automated market maker tied to Pump.fun's token launchpad, has become a primary venue for new asset trading. Meteora, a liquidity protocol, added further volume through concentrated liquidity pools. Solana's average DEX fee stood at $0.19 per trade, with failed transactions running at about 23%, according to network data.
The DEX dominance extends beyond meme coins. Tokenized assets on Solana reached $5.77 billion in the second quarter, up 114% from the prior quarter, with equities trading flipping meme tokens as the main use case on June 23. Tokenized equities collateral on Solana lending markets hit a weekly record of $51.9 million, with $31 million locked on Kamino and $20 million on Jupiter's lending platform.
MetaMask removes SOL requirement for swaps
MetaMask said July 21 it will cover gas fees for Solana swaps above $200, removing the need for users to hold SOL tokens for transaction costs. The wallet's move follows a $300 million injection of USDC liquidity into Solana in the past day, according to on-chain data.
DEX volumes hold steady as CEX activity slides
The DEX activity on Solana comes as centralized exchange spot volumes fell 27.9% in the second quarter to $1.95 trillion, according to CoinGecko's Q2 2026 Crypto Industry Report. Binance maintained a 38.7% market share, while Bybit held 10%. Solana's SOL token traded at $78.34 as of July 21, with a market capitalization of $45.65 billion, down from a 52-week high of $253.21 set in September 2025.
This article is for informational purposes only and does not constitute investment advice.
