Solana Leads All Chains in DEX Volume Amidst DeFi Resurgence

Solana has reasserted its dominance of onchain markets, leading all chains in DEX volume and reclaiming pole position for liquidity flows on social trading apps.

Credited with reigniting Solana’s memecoin economy, Stonk continues to grow its DeFi influence. Netting over $5M in weekly revenue, Stonk represented the greatest threat to pump.fun’s reign of power since LetsBonk in July 2025.

With memes dominating DEX volumes, traditional AMMs have flipped prop AMMs in market share, suggesting that long-tail assets and passive liquidity will always have a place in the DeFi economy.

Memecoins Fuel Solana’s Surging DEX Volume

Once again, Solana has disproven its detractors and gravedancers. Just a few weeks after social media commenters asserted that “Solana is in the most perilous place it's ever been in since its inception”, crypto’s most performant Layer 1 has reclaimed the metrics used to justify its demise.

After briefly relinquishing its lead of daily volume share to BNB, and then Robinhood, Solana has reestablished its position atop spot DEX rankings. Blockworks data reports the network recorded over $19.7B in trading volume last week, representing 38% of onchain market share.

Unsurprisingly, much of this volume has been driven by memecoins. Shrugging off the challenge from rival networks, memecoin capital and liquidity has once again flooded back to Solana, which now commands 78% of volume share.

Trader’s return to Solana is especially prevalent in social trading apps, like fomo. Where fomo activity has largely centered around Robinhood chain, new data suggests that social traders are steadily flowing back to Solana.

Curated by adam_tehc, Dune Analytics data indicates that over 54% of all fomo’s trading activity is routing through Solana, up from as low as 7.8% two weeks prior.

Stonk Grows Onchain Footprint

With memecoins driving a significant portion of Solana’s DEX volume, Stonk has steadily established itself as one of the network’s best performing launchpads. Incubating some of the month’s biggest memes, like $ZCAT, $ALLINU, and $NEARKAT, Stonk has become one of Solana’s strongest revenue generators.

According to DefiLlama data, Stonk has generated over $5M in revenue in the last 7 days, ranking 3rd among all Solana-based apps. Stonk has made a solid start in total volume and number of token launches, though onchain data suggests the emerging launchpad has a long way to go before dethroning pump.fun, the market leader.

Having briefly flipped the pump.fun launchpad in daily revenue, Stonk represents the leader’s strongest competitor since LetsBonk. Initially rolled out in April 2025, LetsBonk dominated the Solana launchpad wars in July 2025 before losing momentum and ceding its crown back to pump. Since then, pump.fun has shrugged off dozens of launchpads threatening to claim market share, including Heaven, Boop, and Bags, all of which ultimately were not up to the challenge.

Passive AMMs Reclaim Dominance

As memecoins return to the forefront of onchain trading activity, traditional, passive AMMs are reclaiming the lion’s share of Solana DEX volumes. Where prop AMMs dominated the bear market and continue to capture the bulk of $SOL-Stablecoin trading, passive AMMs like Raydium, Orca, and Meteora are far better suited for long-tail assets like memecoins.

After commanding 70% of all Solana DEX volume in January, prop AMMs have steadily relinquished their lead to other onchain liquidity sources. This is likely due to an explosion of memecoin activity, a market that prop AMMs are poorly-optimised to provide liquidity for.

Raydium, an OG Solana DEX has been one of the biggest benefactors of the network’s return to memes. As the graduation venue for Stonk-launched assets, Raydium now captures over 90% of Solana’s meme/stock trading volume, outpacing major rivals like Pumpswap and Meteora.

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