Memecoin DEX Volume Share Drops to 10% - Is Solana DeFi Maturing?

For the better part of the last two years, Solana’s detractors have slandered the chain’s supposed reliance on its memecoin economy.

Onchain data indicates that this may no longer be the case. While DEX volumes on the network remain consistently high, memecoin market share has steadily declined.

Amidst a maturing DeFi landscape, Ethereum’s OG AMM has finally conceded Solana’s dominance of onchain spot markets and deployed on the rival Layer-1.

Onchain Economy Moves Away From Memes

Critics have always tended to hyper-fixate on whatever is trending on Solana, leveraging its popularity to disparage the network. 

In 2021, Solana was a VC scam chain with an off-switch. Shortly after, in 2022-2023, Solana was only for NFTs, with the memecoin circus dominating public opinion throughout 2024 and 2025.

Trends in onchain data suggest that Solana is outgrowing its memecoin phase. According to Blockworks research, memecoins now account for a mere 10.17% of Solana DEX volume, down from 67.54% this time last year.

Despite diminishing memecoin volume, spot DEX volumes across the network have remained consistently high. Between October 6-12, Solana processed over $40B in spot trading volume driven by October 10’s dramatic crash. 

Last week’s turmoil marked the biggest week for onchain markets since the peak of Q1’s memecoin mania, which saw launches from U.S. President Donald Trump, First Lady Melania Trump, and Argentinian President Javier Milei.

Prop AMMs Dominate Volumes as Humidifi Teases Token

With memecoin dominance evaporating onchain, the vast majority of volume now passes through $SOL-Stablecoin pairs, which constitute 73.16% of all DEX trading.

Prop AMMs are undoubtedly the biggest contributors to this new trend. Offering spreads that rival what traders might see on centralized exchanges, Prop AMMs are rapidly making onchain DeFi the most efficient markets available for $SOL trading, commanding 59% of weekly DEX volume. 

Solana’s top Prop AMM, HumidFi, has soared to the top of DeFi rankings, regularly processing billions in daily trading volume and constituting 34% of DEX market share.

Speculators eager to gain exposure to Solana’s biggest DEX were shown a ray of hope earlier this week, with HumidiFi indirectly teasing that it may have a token coming in the future.

UniSwap Deploys on Solana

Solana’s dominance of crypto’s DEX trading landscape may have finally vanquished its final boss. Uniswap, Ethereum’s biggest DEX and one of the pioneers of AMM liquidity curves, has thrown in the towel and added support for Solana, alongside 35 other chains.

[​​https://x.com/SolanaFloor/status/1978887180870160398]

However, instead of deploying its proprietary tech stack on Solana natively, UniSwap chose instead to power its Solana-based swaps through the Jupiter API. This latest integration marks a series of cross-chain initiatives from Jupiter, which has turned to EVM-based teams like Ethena and Fluid to power its stablecoin and lending platform, respectively.

Read More on SolanaFloor

Those MarginFi points might actually be worth something

MarginFi Airdrop Might Finally be Happening - But is it Too Late?

What’s Really Happening with Solana?