Spot buying and selling was as soon as dominated by centralized exchanges. That has modified shortly as DEX adoption continues to realize momentum.
In response to DefiLlama, whole DEX quantity throughout all chains hit a file $1.34 trillion in Q2 2025, with Solana accounting for 25%+ of the overall. The milestone additional reinforces Solana’s place because the main chain for on-chain spot buying and selling exercise.
Trying on the breakdown by chain, Solana continues to prime the rankings. Because the chart under reveals, Solana’s month-to-month DEX quantity just lately climbed to just about $50 billion versus Ethereum’s roughly $35 billion.
The hole clearly highlights Solana’s rising dominance in on-chain buying and selling, pushed by robust consumer exercise, deep liquidity, and sustained demand throughout its DeFi ecosystem.
Naturally, that brings the main target again to Solana’s [$SOL] DeFi setup.
Right here too, the development stays constructive. Tether’s $USDT provide on Solana has expanded by greater than 16%, whereas $USDT on Ethereum has contracted by over 3% throughout the identical interval.
As the biggest stablecoin by market cap and a key supply of on-chain liquidity, rising $USDT balances on Solana counsel contemporary capital continues to circulate into the ecosystem.
That liquidity, in flip, helps assist larger buying and selling volumes, deeper liquidity swimming pools, and stronger DeFi exercise, reinforcing the expansion in $SOL’s DEX volumes and additional cementing its lead in on-chain spot buying and selling.
The takeaway? DEX quantity might not be the one metric the place $SOL is gaining an edge.
Solana tightens its grip on CEX buying and selling liquidity
For Solana, main the market in on-chain DEX quantity is hardly new.
What stands out is its newest push in spot buying and selling exercise. The Layer-1 community has just lately outpaced a number of main centralized exchanges by quantity, including one other layer to its rising market presence.
The logic is straightforward: Whereas DEX dominance has been a part of the Solana story for a while, quantity on centralized venues is commonly seen as a broader measure of market demand and liquidity.
Because the chart under reveals, Solana has surpassed Coinbase and Kraken in each each day and weekly spot quantity, persevering with to compete with tier one centralized exchanges whereas trailing solely Binance and Bybit.
In essence, $SOL’s buying and selling power alerts stronger total market participation.
On the DEX aspect, the story stays unchanged. Solana continues to dominate on-chain buying and selling exercise, persistently rating forward of rival chains.
When paired with its latest features in opposition to main CEXs, the takeaway is pretty easy: Extra buying and selling exercise is flowing by the Solana ecosystem, underscoring the power of its DeFi stack.
If that development persists, buying and selling exercise might emerge as a key driver of Solana’s momentum in Q3.
Remaining Abstract
- $SOL is seeing robust buying and selling exercise throughout each DEXs and CEXs, displaying deeper liquidity.
- Rising quantity and stablecoin inflows counsel rising DeFi power heading into Q3.
