Solana’s User Activity and Trade Volume Suggest it Could Be the Next Robinhood

Famed for its smooth onboarding and simplistic UX, Solana is challenging one of TradFi’s most popular retail trading platforms, Robinhood.

Over the first two months of 2025, Solana DeFi has witnessed significantly more trading volume than Robinhood, suggesting traders are eager to make the move onchain.

With platforms like Remora Markets bringing tokenized equities and other TradFi assets onchain, could Solana DeFi finally replace legacy trading platforms?

DeFi Trade Volumes Rival Popular TradFi Platform

Following a record-breaking start to 2025, Solana’s spot DeFi sector has dominated Robinhood in terms of both equity and crypto asset notional volume. According to Robinhood’s monthly metric reports, the trading platform witnessed around $322.8B in notional volume across equity and crypto markets in the first two months of 2025.

Meanwhile, DefiLlama data suggests Solana’s onchain DEX volume recorded over $364B during the same time period. 

This meteoric increase in volume was largely driven by U.S. President Donald Trump’s polarizing memecoin launch, which is widely considered the industry’s largest-ever DeFi liquidity event.

Additionally, onchain activity implies that more traders are using Solana than legacy platforms like Robinhood. Robinhood’s report suggests that the platform currently supports 25.6M funded accounts. In Q3 2024, the platform reported having 11M monthly active users.

Drawing comparisons in usage and activity between Robinhood and Solana is an imprecise science. Robinhood’s obligatory KYC procedures mean that typically, 1 account = 1 user. On the other hand, any Solana user could have dozens, even hundreds, of separate accounts.

Blockworks data suggests that Solana’s activity peak was in January, which saw 55.8M unique existing accounts, not new wallets, interact with the chain. 

Over a seven-day period, over 15.6M accounts make less than 5 transactions per day, which could be considered organic activity. Blockworks Research argues that wallets making thousands of transactions per day are likely to be bots.

Alternative data sources, like Dune Analytics, indicate that Solana DeFi could play host to around 11M organic weekly traders, down considerably from the highs recorded in November 2021.

Onchain Equities Could Drive Adoption

Despite Solana’s surging adoption and activity throughout recent quarters, Robinhood boasts a significant advantage over the Layer-1. Currently, Solana doesn’t offer any way of trading or investing in traditional stocks and equities onchain. This sector represents the bulk of trading activity on Robinhood, witnessing $142.9B of volume in February alone.

Remora Markets, an emerging RWA protocol, could help guide some of this volume to Solana DeFi. Bringing tokenized stocks and other TradFi assets onchain, Remora Markets promises to give Solana users greater access to asset classes from outside the crypto industry in a KYC-free environment. 

Millions of previously geo-blocked network participants will be able to invest in and trade the U.S. stock market, tapping into a trillion-dollar sector.

While existing Robinhood users are unlikely to abandon the platform to trade RWAs on Solana, Remora Markets will provide the DeFi ecosystem with an eagerly awaited new financial tool.

Disclaimer: Remora Markets and SolanaFloor are owned and operated by Step Finance

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