Solana Leads All Chains in DEX Volume for 5th Consecutive Month

Against a backdrop of fear and uncertainty in crypto markets, Solana’s thriving DeFi scene has maintained its position as the industry’s biggest onchain marketplace.

Throughout a volatile news cycle, Solana has once again dominated onchain trading activity, leading all chains in DEX trading volume for the fifth consecutive month.

Which apps are leading Solana’s GDP in trying conditions, and what does the network’s resilient stablecoin supply suggest about market dynamics?

Solana Records $100B in Monthly DEX Volume

For the fifth consecutive month, Solana leads all blockchains in monthly DEX volume, maintaining its hard-earned position as the crypto industry’s home of onchain trading.

Solana DEX Volume (pictured in blue) dominates rival chains

While markets succumb to turbulent price fluctuations and a volatile news cycle, DeFi traders are still turning to Solana more than any other blockchain. According to DefiLlama data, the Solana network witnessed over $105B in DEX trading volume, commanding 28.01% of market share.

Raydium, Solana’s largest decentralized exchange, still dominates market share among its rivals. Blockworks data suggests the DEX oversaw the bulk of onchain trading, constituting 60.1% of spot DEX volume.

Since taking the crown from Ethereum in October 2024, the Solana network has led all blockchains in onchain trading volume. Solana’s dominance reached its peak in January 2025, when it accounted for 45.93% of onchain market share.

Pump.fun Still Solana’s Most Valuable App

After dominating the DeFi space for months, Solana’s memecoin economy is suffering. In the wake of the $LIBRA scandal, activity on memecoin-centric applications is diminishing, causing a stark drop in platform revenue.

Despite the exodus of memecoin traders, pump.fun retains its position as Solana’s most valuable application. While pump.fun’s daily deploys and token graduation rate may have dropped considerably, the application still generates more revenue than all other Solana-based apps.

However, pump.fun’s reign may not last much longer. As network participants turn away from Solana’s memecoin trenches, applications like Jupiter and Phantom are rapidly gaining on pump.fun in terms of revenue generation.

Over the last 30 days, Jupiter only generated 28.33% of pump.fun’s total revenue. Over the course of the month, Jupiter has steadily closed that gap, generating 59.59% of pump.fun’s weekly revenue and 78.98% of its daily revenue.

Solana Stablecoin Supply Holds Strong

While markets flounder, Solana’s stablecoin supply indicates that DeFi users aren’t ready to throw in the towel just yet. 

Since breaching new all-time highs earlier this year, Solana’s stablecoin supply has remained relatively consistent at ~$11.5B. 

Stablecoin issuers like Circle have minted billions of dollars' worth of stablecoins to the Solana network in 2025, indicating high demand for stables among DeFi users.

The fact that Solana’s stablecoin supply has remained consistent throughout market volatility suggests that traders and investors are yet to take profits into fiat currency. This suggests that onchain traders could be waiting to redeploy funds, believing that this bull cycle may not be over. 

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