Solana News Today: Solana Overtakes Ethereum in DEX Volume, But Can It Keep Users?

Solana’s decentralized exchange (DEX) volume has reached record highs, surpassing Ethereum, the blockchain with the largest total value locked (TVL). According to analytics from @SolaniansHub, Solana’s DEX volume led all major blockchains over the last seven days, indicating a growing preference among users for the platform within the decentralized finance (DeFi) sector. The surge in volume coincided with a recent market recovery, with both Solana’s native token ($SOL) and Ethereum’s ($ETH) prices rising significantly. CoinMarketCap data shows $SOL increased by 12.6% to $158.96, while $ETH rose 10.5% to $3,424 during the same period [2].

One of the key contributors to this volume spike is Jupiter, a Solana-based DEX aggregator that recently lowered fees on perpetual products in response to community feedback. The base fee was reduced from 0.07% to 0.06%, which likely attracted more users to the platform. This strategic adjustment has had a measurable impact on overall DEX volume, reinforcing Solana’s growing influence in the DeFi landscape [2].

Despite the impressive volume figures, concerns about long-term adoption and user retention persist. While Solana’s DEX activity has surged, it remains to be seen whether these gains will translate into sustained user engagement and broader ecosystem growth. The recent success is partly driven by short-term hype and speculative trading, especially within the meme-coin sector. New tokens on Solana, such as $BOME, have been rapidly listed on major exchanges like Binance, highlighting the platform’s appeal for developers seeking to launch innovative projects with minimal costs [2].

The Solana ecosystem has also seen a surge in staking activity, with $61 billion in staked capital as of the latest data. Staking, a mechanism that secures the network in return for yield, has become a vital part of Solana’s growth strategy. Unlike Ethereum, where 65% of staked assets are in liquid form, only 6.5% of Solana’s staked $SOL is in liquid staking tokens (LSTs). This highlights a fundamental difference in the staking models of the two blockchains, with Solana’s delegated Proof-of-Stake system offering a more accessible and user-friendly approach [2].

Developer activity is another key factor behind Solana’s recent momentum. According to Santiment, $SOL ranked highest in developer activity with a score of 74.57, underscoring the ongoing commitment of developers to enhance the Solana platform. This focus on development is particularly significant in an ecosystem that has seen rapid innovation, especially with the emergence of new tokens and the proliferation of meme coins [2]. However, the sustainability of this growth will depend not only on volume but also on the ability of these projects to attract and retain active users over time.

In contrast to Solana’s dominance in DEX volume, other blockchain networks like Base are also showing signs of growth. According to DeFiLlama, Base’s DEX volume reached $1.379 billion daily, placing it fourth behind Solana, Ethereum, and BNB Smart Chain. Meme coins like Brett (BRETT), Toshi (TOSHI), and Degen (DEGEN) are driving much of the activity on Base. While these tokens have gained traction, their success is largely tied to speculative hype, raising questions about the stability and longevity of their growth. Analysts suggest that infrastructure improvements and a growing user base may support higher meme-coin activity in 2025, but the sector remains highly volatile [3].

Source:

[1] Solana/USD Coin Metrics - Stock Price, Quote (https://www.cnbc.com/quotes/SOL.CM=)

[2] Solana's DEX volume reaches new heights, surpassing (https://coinnews.com/news/dex-volume-on-solana-surges-ethereum-falls-behind/)

[3] 3 Best Base Meme Coins to Buy in 2025? (https://finance.yahoo.com/news/dex-volumes-tipped-explode-3-122343655.html)