Solana’s onchain activity between 2024 and 2025 reflected a clear shift in how the network functioned and how participants used it. After several years of relatively flat growth following the 2022 market downturn, Solana entered a period of rapid expansion across spot trading, derivatives, stablecoin usage, and network revenue.
2025 also saw nearly $9 billion in assets bridged to Solana from other chains, with more than $5 billion coming from Ethereum alone.
These developments did not occur in isolation. Each metric reinforced the others, creating a coherent picture of a network that moved from recovery into sustained economic relevance.
Solana Leads DEX Volume Across All Networks
Spot decentralized exchange activity on Solana accelerated sharply in 2024. Annual DEX volume increased from $42.1 billion in 2023 to approximately $968.9 billion in 2024. This represented a more than 22-fold year-over-year increase. In 2025, spot DEX volume expanded further to roughly $1.95 trillion, doubling the previous year’s total.
Raydium accounted for the largest share of spot trading volume across both years. In 2024, Raydium processed about $529.7 billion in trades, representing just over half of all Solana DEX volume. Orca followed with $196.3 billion, while Meteora and Lifinity each exceeded $75 billion. By 2025, Raydium’s absolute volume had grown to nearly $642 billion, although its market share declined as trading activity spread across more venues. Meteora reached $254.7 billion, Orca recorded $237.8 billion, and newer platforms such as HumidiFi and PumpSwap captured meaningful portions of flow. This distribution suggested that Solana’s DEX ecosystem matured rather than consolidating around a single dominant venue.
Perpetual Trading Becomes a Core Activity
Perpetual futures trading on Solana followed a similar growth pattern. In 2025, Solana’s yearly perpetual DEX volume hit a new all-time high of $451.2 billion, surpassing the network’s combined perpetual trading volume from all previous years since launch.
Jupiter drove most of this expansion. In 2024, Jupiter facilitated $179.7 billion in perpetual trading, accounting for more than three-quarters of Solana’s perps volume. Drift remained the second-largest venue, with $44.8 billion in volume. In 2025, Jupiter remained the leader with $264.1 billion in volume, although its market share declined as competition intensified. Drift processed $92.1 billion, while Pacifica emerged as a major participant with $81.5 billion. Solana's annual growth is remarkable, despite its relatively small market share in the perpetuals market.
Stablecoin Supply Breaks a Multi-Year Ceiling
Solana’s institutional adoption was evident in its stablecoin growth over the year, with companies such as Western Union picking the network for their stablecoin initiatives. Stablecoin supply on Solana remained relatively stable between 2021 and 2024, fluctuating between $6.6 billion and $6.9 billion.
In 2025, stablecoin supply expanded sharply to $15.09 billion. $USDC grew to $9.47 billion, while $USDT reached $2.74 billion. Other stablecoins also gained traction. $PYUSD surpassed $936 million, $USDG reached nearly $870 million, and products such as $BUIDL, $USX, and $USD1 added further diversity. This expansion suggested that capital not only entered the Solana ecosystem but also remained deployed onchain rather than cycling in and out.
Peer-to-Peer Transfers Signal Broader Usage
Peer-to-peer stablecoin transfers provided additional context for this growth. In 2024, Solana processed approximately $246.7 billion in P2P stablecoin transfers. $USDC accounted for approximately 70 percent of that volume, while $USDT accounted for roughly 27 percent.
In 2025, P2P transfer volume exceeded $1.026 trillion. $USDC transfers alone reached $825.6 billion, and $USDT transfers totaled $168.9 billion. Smaller stablecoins, including $PYUSD and $USDG, also saw increased usage. These figures indicated that Solana functioned not only as a trading venue but also as a settlement layer for direct value transfers between users, exchanges, and onchain treasuries.
Network Revenue
Network revenue provided a final confirmation of Solana’s changing role. From 2020 through 2023, annual network revenue remained below $30 million. In 2024, Solana generated approximately $1.424 billion in network revenue. Non-vote transaction priority fees contributed $677.3 million, while MEV accounted for $667.9 million. Vote transaction fees and base fees made up the remainder.
In 2025, network revenue remained elevated at about $1.403 billion. MEV revenue increased to $720.1 million, overtaking priority fees, which totaled $576.3 million. Solana's revenue structure demonstrates its ability to capitalize on periods of high network usage by monetizing blockspace demand, rather than depending solely on inflation or subsidies.
Usage Rather than Speculation
While speaking to SolanaFloor at Solana Breakpoint 2025, Real Vision founder Raoul Pal suggested that 2026 would be a positive year for Solana.
Taking Solana’s 2025 activity into account, Mr. Raoul’s estimation doesn’t seem so far-fetched. Spot and derivatives trading expanded rapidly, stablecoin balances increased, direct transfers crossed the trillion-dollar threshold, and network revenue scaled in parallel. Rather than reflecting isolated bursts of speculation, the data pointed to a broader pattern of usage. By 2025, Solana supported high-volume trading, capital storage, and settlement at a scale that placed it among the most economically active blockchain networks. It will be interesting to observe how 2026 plays out for the Solana ecosystem.
Read More on SolanaFloor
Helium Abolishes Token Buybacks - Will Jupiter Be Next?
“We’re So Back?” - Solana ETFs Eclipse $1B in AUM Amidst Market Surge
Was 2025 Solana’s Wildest Year Ever?
