Solana's DEX Volume Surpasses Ethereum's by 204% in January 2025

Solana's latest price was $206.48, up 1.09% in the last 24 hours. For the past ten months, Solana has maintained higher decentralized exchange activity than Ethereum. This represents a change in a sector where Ethereum had long been the leading network. Decentralized exchange volume measures the total value of all trades made on DEX platforms. These platforms operate using smart contracts, which process transactions directly on the blockchain. This offers a clear view of real-time network activity. Data from the analytics firm Artemis shows that Solana began consistently exceeding Ethereum’s DEX volumes in October 2024. The only exception occurred in March 2025, when Ethereum briefly retook the lead. Beyond that instance, Solana has held the advantage. The largest gap was recorded in January 2025. Artemis reported Solana’s DEX volume at $262 billion, compared to $86 billion on Ethereum. This indicates Solana processed 204% more volume than its competitor that month. Another source, SolanaFloor, reported an even larger difference, estimating Solana’s January volume near $400 billion. Although absolute figures differ between tracking platforms, both reflect the same overall trend. In July, SolanaFloor recorded a Solana DEX volume of $124 billion. This represents a 56% increase from June and places Solana 42% above Ethereum’s volume for the same month. This shift in trading activity indicates a change in how blockchain networks are being used. While Ethereum remains the most widely used smart contract platform, Solana has become the preferred network for decentralized trading. DEX volume serves as a useful indicator of practical user engagement.

Solana is benefiting from a combination of macro and project-specific catalysts. Notably, VanEck has filed for a JitoSOL ETF, the first spot Solana ETF backed by a liquid staking derivative, fueling institutional speculation and increasing TVL in staking protocols. This development comes at a time when the Solana network continues to see rising dApp deployment and NFT traction, particularly in gaming and AI-integrated protocols. Its hybrid Proof-of-History/Proof-of-Stake consensus is maintaining competitive block finality and throughput, giving it a performance edge against Ethereum in certain use cases. The VanEck–Jito filing proposes the first liquid staking-backed Solana staking ETF, using JitoSOL to capture staking rewards and give institutional investors regulated exposure to staked SOL through a tradable fund. The Solana staking ETF proposed by VanEck and Jito Network is a liquid staking-backed exchange-traded fund that would hold JitoSOL to provide investors regulated exposure to staked SOL and capture staking yield inside an ETF vehicle. The ETF integrates liquid staking by using JitoSOL, a token that represents staked SOL and carries staking rewards. VanEck’s filing outlines custodial controls, NAV calculation, and compliance measures to make DeFi-native yield accessible to regulated investors. Recent SEC commentary indicates well-structured liquid staking tokens may not be securities if they meet certain criteria. That guidance strengthens the regulatory case for a liquid staking-backed ETF and reduces classification risk for products like the VanEck–Jito filing. Front-loaded institutional demand via an ETF could increase liquidity for SOL and JitoSOL, potentially supporting price discovery. After the filing, Solana traded at approximately $205.84, up roughly 3% on market reaction. Analysts note the ETF could bridge DeFi and TradFi, increasing institutional participation in staking markets. Institutional adoption depends on regulatory clarity, custodial practices, and operational controls. If approved, the ETF could encourage similar single-token, liquid staking products and expand issuance of staking-based financial instruments. Staking rewards are captured by JitoSOL and reflected in the token’s valuation within the ETF; fund NAV growth and potential distributions convey yield to ETF holders. SEC guidance suggests well-structured liquid staking tokens that meet specific operational and economic criteria may not be securities. Each token is evaluated on facts and circumstances. First-of-its-kind filing: VanEck and Jito Network proposed the first liquid staking-backed Solana staking ETF using JitoSOL. Institutional access: The product aims to.

Pump.fun captured 76.8% of Solana's launchpad market share on August 24, 2025, leading the rankings, followed by Letsbonk at 8.43% and Meteora DBC at 8.2%. The dominance highlights Pump.fun's strategic foothold in Solana's ecosystem, underlining its substantial impact on microcap and memecoin token listings, shifting market dynamics significantly. Pump.fun leads the launchpad market on Solana, capturing 76.8% of the share. It stands prominently against competitors like Letsbonk at 8.43% and Meteora DBC at 8.2%. The involvement of industry key players underscores its significant presence. Pump.fun’s dominance highlights robust algorithms ensuring its preeminent market position, impacting crypto market prices and trends. Solana launchpads see altered dynamics as Pump.fun solidifies control over daily listings surges. Analysts affirm its stabilized position atop the leaderboard. Notably, PumpFun regains 75% market share in the Solana memecoin sector, reflecting its consistent performance with minor public reactions. Pump.fun has achieved a significant milestone, generating over $800 million in fees since launch, according to data from Dune Analytics. Analysts at Coincu propose that Pump.fun's dominance enhances liquidity, possibly leading to further decentralized token launches. Experts advocate for monitoring evolving launchpad strategies to predict the Solana ecosystem's trajectory.

Token Unlocks data reveals significant token releases next week for JUP, KMNO, HUMA, and other tokens, impacting a portion of current supply and market valuation. These unlocks could influence market liquidity and price movement, with previous similar events showing potential short-lived price declines. Prominent Solana DeFi tokens, including Jupiter (JUP) and Kamino (KMNO), are scheduled for large-scale unlocks in late August 2025, potentially shaking the market. Jupiter will unlock 53.47 million tokens, representing 1.78% of its supply, while Kamino will release 229 million tokens, comprising 6.81% of its supply. Each of these events forms part of their initial roadmaps as stated by their leaders, maintaining trust and transparency within the community. As the market absorbs these token releases, impacts are expected in the form of potential price fluctuations. Large unlocks like Huma Finance's 23.38% of supply draw attention due to their size and possible market implications. General market sentiment remains cautious, with key figures reinforcing transparency. Such statements aim to mitigate investor apprehensions regarding these unlock events. Previous 1% token unlocks in the Solana ecosystem, like February 2024's release, resulted in immediate yet brief price drops, followed by rapid liquidity recovery. Jupiter's (JUP) market data reveals a current price of $0.51, with a market cap of $1.56 billion and a trading volume spike of 16.01% within the last 24 hours. Despite a recent 1.85% decline, the token's 60-day increase of 24.33% suggests potential buyer confidence amid impending unlocks. Experts suggest that the market may brace for short-term volatility as these unlock events progress. Historical trends imply a pattern of immediate price drops followed by recovery phases, especially in protocols with robust vesting transparency and community trust.

Solana has achieved a significant regulatory milestone with Hong Kong regulators approving new operational frameworks related to its ecosystem. This development is viewed as a substantial catalyst for broader institutional adoption and network utility. Blockchain security incidents have intersected with Solana's activity, as a hacker associated with a prior Coinbase breach reportedly acquired over 38,000 SOL tokens. The movement highlights ongoing security considerations within the crypto ecosystem. Solana's decentralized finance (DeFi) sector anticipates substantial token unlock events scheduled for late 2025. Analysts note this coincides with periods of strong token buybacks and increasing institutional interest in the network, potentially influencing supply dynamics. The network continues to demonstrate robust on-chain activity, consistently outpacing Ethereum in decentralized exchange (DEX) trading volume for an unprecedented tenth consecutive month. This sustained dominance underscores strong user engagement within the Solana ecosystem. Google Trends data reveals Solana has reached new all-time highs in search interest globally. This surge significantly outpaces current search volumes for Bitcoin and Ethereum, indicating rapidly growing mainstream attention and retail curiosity about the platform.