Solana lives and dies on new token issuance and trading volumes.
🧵on what's happening under the hood 👇
DEX Volumes:
- avg. of $3.5b/day over the last few months, still 45% below avg. volumes in Q1
- @RaydiumProtocol has market share with 32% of volumes (down from 57.5% in Q1)
Why is Raydium's market share down?
Private DEXs.
They now account for 25% of all DEX volume on Solana.
- SOLFi = 15%
- ZeroFi = 4.6%
- Obric = 2.3%
- Stabble = 1.5%
Where are these private DEX swaps originating?
On @JupiterExchange
In fact, SolFi has taken market share with 22.7% of all Jupiter volume originating from the Private DEX in 2025.
Private DEXs are providing a better trading experience for users on Jupiter.
Raydium has 20.5% market share on Jupiter.
What % of DEX volume is "degen" vs "non-degen?"
53% = "degen" (memes, AI, speculative tokens)
It's not a bug. It's a feature.
Shifting to launchpads.
Major shakeup occurring as we speak with @bonk_inu taking market share from @pumpdotfun.
More competition is good for Solana and SOL holders.
[We're covering this in @the_defi_report tomorrow, sign up link below)
P.S. We're covering PUMP (and its new competition with Let's Bonk) for readers of @the_defi_report tomorrow.
If you'd like to have the latest research hit your inbox when it's published, you can sign up here:
@the_defi_report Link to the dashboard:
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