Solana Smashes Records: DEX Volume Tops $800B in 2025
Solana’s decentralized exchange (DEX) ecosystem just hit a jaw-dropping milestone—$800 billion in annual trading volume. Eat your heart out, Wall Street.
The speed demon of blockchain proves (once again) it’s not just hype—real traders are voting with their wallets. No more ’Ethereum killer’ talk—this is Solana’s era now.
Of course, the usual crypto skeptics will mutter about ’wash trading’ and ’inflated metrics.’ But try telling that to the developers shipping at light speed and traders avoiding Ethereum’s gas fee nightmares.
One question remains: How long until traditional finance ’discovers’ this and tries to slap a 50-page compliance form on it?
Solana monthly DEX volume in USD | Source: Top Ledger
January accounted for more than half of the DEX volume this year at $408 billion. The crpyto market rally, which started in November and culminated in January, caused a major explosion in activity.
At the time, Solana’s price also contributed to rising dollar-denominated DEX metrics. By March, these figures went back to pre-rally levels. In terms of SOL, volumes saw a significant spike around January 20th, after which they returned to their previous levels.
Jupiter continues to dominate DEX volume on Solana
In 2025, Jupiter exchange continued to dominate all other protocols in terms of volume, with $334.6 billion in volume. This means that 55% of all DEX volume routed through its aggregator. OKX was a distant second, with 5.21% of the volume or $32.2 billion. Interestingly, memecoin launchpad Pump.fun, facilitated $22.3 billion in volume, or 2.8% of the market.
At the execution layer, Raydium remained in the lead, with $352.8 billion in volume. Meteora was second, with $113.7 billion or 14.17%. Following it was Orca with $103.9 billion in volume or 12.95%, and SolFi with $97.9 billion or 12.20%.
DEX volume growth in 2025 coincided with rising adoption of Solana’s ecosystem. In the first quarter of 2025, Solana was firmly in second place after Ethereum. While Ethereum accounted for 30% of DEX volume on all chains, Solana controlled 23%.
