Solana Trading Terminal Volume Slumps to Lowest Point Since September 2023

Throughout 2025, Solana’s DeFi trading terminals achieved unicorn status. Buoyed by memecoin euphoria, platforms like Axiom and Photon enjoyed blistering commercial success, with Axiom becoming one of the fastest startups in history to reach $300M in revenue.

Today, these applications play a significantly smaller role in the onchain economy. Trading terminal monthly volume has plummeted over 89% since its peak, with memecoin traders exhausted by token saturation and highly-competitive, extractive strategies in the “trenches”.

Can trading terminals survive on Solana without a thriving memecoin economy, or are users disillusioned by high protocol fees and endless points campaigns? 

Monthly Terminal Volume Down 89% From Peak

Solana’s once thriving memecoin scene has been in a state of steady decline for several months now, and with it, trading volume has evaporated from advanced terminals like Axiom and Photon.

After peaking at $35B during the $TRUMP-led memecoin bonanza, monthly trading volume on terminals has since fallen 89%, based on Blockworks data. 

While activity has steadily stagnated over the course of the year, the $3.8B recorded in March 2026, represents the worst month for advanced trading terminals since September 2023, a full 18-months ago.

Consequently, trading terminal revenue generation has slowed dramatically. After making its first $300M in just 263 days, Axiom has struggled to maintain its incredible momentum. While still boasting a substantial lead in the terminal market, Axiom has reportedly generated just over $60M in Q1.

Despite criticisms that they ‘solved’ memecoin trading and indirectly exacerbated the decline of the memecoin supercycle, trading terminals are undeniably one of crypto’s most successful business models. Cumulative data suggests that applications like Axiom, Photon, and Bullx have collectively netted over $1B in platform revenue, making them some of the most successful crypto businesses in history.

Stablecoins Eclipse Meme Volume

Off the back of Solana ETFs and other institutional-scale tokenization and RWA efforts, data reinforces the thesis that the onchain economy is maturing. Where previously, memecoins represented over 50% of DeFi trading volumes, new asset classes are stepping in to fill the void.

According to Blockworks data, stablecoin swaps now represent over 23% of all onchain spot volume. AlphaQ, a prop AMM, and Manifest, an emerging CLOB dex, dominate activity, representing 34% and 16% of market share, respectively.

While trading terminals give traders a wealth of competitive advantages in the memecoin economy, they’re extremely ineffective for $SOL-Stablecoin and intra-stablecoin swaps. Many trading terminals charge as high as 1% on swaps, courtesy of value-added features. 

Markets have proven this is an acceptable premium for memecoin trading, but they will likely never gain traction in more mature asset classes that demand highly-competitive execution.

Airdrop Promises Remain Unfulfilled

Despite giving memecoin traders the features that they desperately wanted, sentiment towards trading terminals has arguably never been lower. Critics argue that the mass distribution of multi-wallet tooling and bundling software has effectively ‘solved’ the memecoin economy, resulting in extractive practices from participants.

Meanwhile, many trading applications now find themselves held hostage by airdrop promises. While points programs have proven to be an incredibly effective user acquisition method, delivering a token airdrop often results in an exodus of traders, who take their mercenary capital elsewhere to farm competing incentives.

As a result, many trading terminals have continued to operate extensive incentivized use campaigns, dangling a proverbial carrot that may never feed hungry farmers.

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