Solana Maintains Its Lead in Spot Trading on Decentralized Exchanges

Solana continues to hold a primary position for activities on decentralized exchanges (DEX), surpassing other blockchains and some centralized exchanges. The activity on this network was bolstered last month with the help of the Meteora exchange and also through PumpSwap transactions.

According to Mihan Blockchain, Solana, holding about 20% of total activities, still carries the largest share of DEX spot trading volume. Although this network is far from its peak activity during the 2021 boom, it has maintained a stable and solid baseline.

The top decentralized exchanges on Solana have also outperformed most centralized exchanges, including Bybit. Solana has now entered a new competition where the top five blockchains are vying for a larger share of token trading volumes as well as tokenized security transactions.

One of the factors enhancing Solana's position is the continuous influx of stablecoins from major issuers and smaller projects. Just yesterday, another $300 million in liquidity was injected into this network in the form of USDC.

The highly active spot trading on the Solana network has also turned it into an attractive platform for retail traders. For new traders, having SOL tokens (to pay fees) is not always an easy task.

MetaMask, one of the most widely used wallets in this field, announced a new program to cover network fees. This wallet has stated that it will pay the fees for transactions (Swaps) over $200.

MetaMask announced on its Twitter:

Don’t have SOL tokens? We’ve got you covered. From now on, MetaMask will pay the swap fees over $200 on the Solana network.

Overall, Solana has managed to control its unsuccessful transaction rate to around 23%, meaning that retail user exchanges continue to occur smoothly. Other applications like the Jupiter router and tools within the Phantom wallet have also facilitated spot trading for users.

As a result, Solana is more accessible for newcomers compared to competing ecosystems like Ethereum and BNB Chain. This network has also achieved an average fee of $0.19 for DEX transactions, making it a predictable and inexpensive platform.

Although Solana's activity level is still much lower than traditional markets, this platform has brought itself closer to comparative radars. A significant portion of Solana's trading volume comes from stablecoin swaps as well as tokenized securities in the form of XYZStocks.

Since the beginning of 2026, spot trading on Solana's decentralized exchanges has consistently surpassed the trading volume of the NYSE American (New York American Stock Exchange).

Solana's weekly trading volume reached $10.29 billion, while this figure for the NYSE American is about $6 billion per week. Currently, the spot trading volumes on Ethereum and BNB Chain are around $6.7 billion and $5.8 billion, respectively.

Solana's recent success is a combination of trading on the PumpSwap platform (the main source of new assets) and tokenized stock transactions.

Tokenized assets on Solana reached over $5.77 billion in the second quarter, indicating a 114% growth in the past quarter. Tokenized stocks on Solana have been growing for six consecutive quarters, with 84% of real-world assets (RWA) in this network concentrated on stock markets.

The rapid growth of spot trading, despite liquidity exiting this sector in other markets, indicates that the applications of cryptocurrency networks are evolving over time. As of June 23, trading of tokenized assets on Solana has outpaced meme coins and has become the primary application of this network. Solana has also proven that it can act as a settlement layer for institutional traders and whales.

Tokenized stocks on the Solana network are also making their way into lending markets, recording a weekly collateral of $51.9 million. Over $31 million of these assets are locked in the Kamino platform, and $20 million in the Jupiter lending platform.

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