It is said that “during a gold rush, sell shovels.” Solana trading apps have been doing precisely that. Recently, Telegram-based trading bots have become a common part of the crypto trading landscape, as traders rely on platforms such as GMGN and Maestro for fast execution and a competitive edge. Trojan’s own bot grew with the broader ecosystem, which pushed tens of thousands of traders into a highly active market and created strong demand for more advanced trading environments, leading to a shift from chat-based bots to full trading terminals as platforms such as Axiom and Photon competed to offer faster execution, deeper analytics, and more cohesive onchain experiences.
In response, Trojan has introduced an all-encompassing terminal designed as a high-performance Onchain Exchange (OEX).
The new product operates through a web-based non-custodial interface that merges real-time analytics with fast execution to deliver institutional-level performance. The terminal aims to reduce the friction traders often face when switching between tools or waiting for slow transactions. It also expands access to advanced order functions that have not been widely available in onchain environments.
Speaking exclusively with SolanaFloor, Reethmos, Founder of Trojan, stated that they were confident their product offered the best UI/UX in the segment. They also explained that they aimed to deliver the fastest execution and the most competitive incentives across the market.
According to Dune data, Trojan has almost crossed the 2.5 million users milestone and has processed more than $27 billion in lifetime trading volume.
The team views this milestone as evidence of growing demand for trading environments that match the speed and interface quality of centralized exchanges while preserving self-custody.
However, Trojan’s daily trading volume data paints a different picture. At the height of Solana’s memecoin mania, hundreds of millions of dollars were routed through the trading bot as users sought any advantage they could with specialized trading tools. On January 20, 2025, alone, the bot saw $365m in volume and earned $2.8m in fees, both all-time highs. By contrast, over recent weeks, daily volumes have consistently been below $10m.
The team says its goal is to give users more control of their assets and support the shift toward onchain activity, but one can only wonder whether this is also a strategic move to regain market share.
Trojan positions the terminal as the first step in a broader, staggered product rollout, aiming to transition its existing user base toward a more robust, browser-native trading environment as onchain activity continues to scale.
When asked why the terminal is launching now rather than earlier, Reethmos responded, "Building a terminal is by far the most difficult product you can build in crypto, so if we were going to launch one, we wanted to do it right.”
Features Shaped by User Feedback & Hyperliquid Integration
At the core of the terminal is Trojan’s proprietary routing pipeline, which the team claims enables sub-millisecond order execution, a performance benchmark typically associated with centralized exchanges rather than onchain platforms.
In addition to its custom routing pipeline, Trojan Terminal introduces live launch “trenches” and explorer pages; automated trading strategies, including copy trading and auto-selling; an intelligent wallet analyzer for tracking high-performing addresses or “smart money” in crypto-speak; and a native social feed highlighting emerging narratives and market discussions. The terminal also integrates Hyperliquid, enabling onchain perpetual futures trading directly within the platform. This combination aims to deliver a unified experience that brings together many previously separate features.
Several Telegram-based bots have struggled to maintain their peak user bases after transitioning to full terminals, as seen with BonkBot’s launch of Telemetry, its own terminal product, which failed to recapture its earlier traction. These shifts raise a broader concern about whether the transition from chat-based bots to full trading terminals came too late for some providers and whether Trojan can differentiate itself enough to compete with established platforms that already dominate the space.
“Consistent success on Telegram showed us what onchain traders actually value: a fast, secure, user-centric experience that rewards their loyalty and engagement,” said Andri Rabetanety, Head of Operations at Trojan. “Our new terminal is the culmination of years of feedback and investigation. We distilled everything that made us the market leader, from execution speed to self-custody, into a professional web platform that empowers traders with the tools and transparency they deserve.” - Andri Rabetanety, Head of Operations at Trojan.
A Fast-Growing Market
Trojan’s move comes amid rapid growth in the Solana trading terminal sector. Axiom Exchange has demonstrated how lucrative the space has become. The platform surpassed $300 million in cumulative revenue in 263 days, making it one of the fastest applications in the crypto industry to reach that milestone. DefiLlama data show that the app generated over $3.6 million in revenue over the past week. These figures have brought more attention to the trading terminal category and highlighted the rising demand for fast onchain execution.
Several other projects have also made strategic moves. Last October pump.fun acquired Padre (now Terminal) to strengthen its multi-chain trading capabilities. In November, Phantom joined the competition with the beta release of Phantom Terminal, which offers advanced charting, real-time data, and execution through a web-based interface. These developments indicate how quickly the category is expanding and how Solana users now have multiple specialized platforms to choose from.
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