From Memecoin Mania to DEX Dominance: Solana Surpasses Ethereum with $64.1 Billion Volume, Yet Challenges Remain.

The decentralized finance (DeFi) landscape continues its rapid evolution, and the battle for dominance among leading blockchains is intensifying. In a significant milestone, Solana (SOL) has recently managed to surpass Ethereum (ETH) in terms of decentralized exchange (DEX) trading volume. Over the past 30 days, Solana's DEX volume reached a staggering $64.1 billion, outperforming Ethereum's $61.4 billion. This achievement was largely propelled by the massive contributions from key platforms such as Raydium, Pump.fun, and Orca, which collectively accounted for over $47 billion of the total volume.

However, beneath this triumphant achievement lies a more complex narrative. Despite successfully capturing a larger share of the DEX market, Solana's overall network activity has reportedly experienced a drastic decline, plummeting by approximately 91% from its peak in January 2025. This shifting dynamic raises crucial questions about the sustainability of Solana's momentum and the challenges it faces in a changing market.

1. Solana Claims Second Spot in DEX Market: An Impressive Figure

According to the latest data from DefiLlama (as of June 27, 2025), Solana has solidified its position as the second-largest blockchain by 30-day DEX volume.

  • Outperforming Ethereum: Solana recorded a 30-day DEX volume of $64.1 billion, surpassing Ethereum's $61.4 billion. This marks a crucial turning point in the competition between these two leading crypto ecosystems.

  • Key Contributors: This remarkable volume growth is intrinsically linked to the vital role played by three primary DEX platforms on Solana:

  • Raydium: Contributed $19.1 billion.

  • Pump.fun: Accounted for $14.2 billion.

  • Orca: Registered $13.9 billion.

Collectively, these three platforms accounted for the majority of Solana's DEX volume, showcasing their efficiency and appeal to traders.

  • Global Competition: Although Solana now holds the second position globally, it still trails behind BNB Chain, which leads with $159.6 billion in 30-day DEX volume during the same period. Nevertheless, this achievement remains testament to Solana's capability in attracting significant trading activity.

This accomplishment underscores Solana's advantages in terms of low fees and high transaction speeds, making it an attractive choice for high-frequency trading activities.

2. Beyond Volume Figures: Challenges and Declining Network Activity

Despite Solana's impressive DEX volume surge, some concerns have emerged regarding the overall health of its ecosystem.

  • Declining Overall Network Activity: Regardless of the compelling DEX volume, Solana's overall network activity (not limited to DEXs) has reportedly decreased by approximately 91% from its peak in January 2025. This decline raises questions about how sustainable Solana's DEX dominance can be if general network activity is trending downwards.

  • Memecoin Segment Slowdown: The memecoin segment, once a major driver of Solana's ecosystem activity, has experienced a significant slowdown. Many prominent memecoins like Giga, Popcat, Bonk, and WIF have recorded price drops ranging from 25% to over 40% in the last two weeks. This waning interest in memecoins not only reduces speculative activity but also impacts overall demand for the Solana network.

  • Rise of Hyperliquid: Another concern for SOL investors is the emergence of Hyperliquid as a dominant blockchain for perpetual futures trading. Hyperliquid's 30-day trading volume even surpassed the combined volume of its five largest competitors by 84%. Hyperliquid's dominance has shifted investor attention away from Ethereum Layer-2 solutions and even Solana-based decentralized applications like Pump.fun itself, weakening traders' confidence that Solana can become an undisputed dominant player.

These factors suggest that while Solana has excelled in DEX volume metrics, it faces challenges in maintaining overall network activity and diversifying its growth beyond its previous reliance on memecoins.

3. Optimism and Future Prospects: The Role of Potential ETFs and Infrastructure Strength

Despite the existing challenges, several potential catalysts could help Solana regain positive momentum.

  • Anticipation of Spot Solana ETFs: The most significant potential catalyst for SOL is the anticipated decision by the U.S. Securities and Exchange Commission (SEC) regarding the approval of a spot Solana ETF, expected in October. This approval could provide a massive boost to investor interest and liquidity, attracting significant institutional capital.

  • Strength of Technical Infrastructure: Industry experts continue to highlight Solana's robust fundamental infrastructure. This allows for native token collateralization and protects DEX users through the absence of an "offchain matching engine" (which helps prevent unfair transaction reordering or prioritization). Solana's high scalability and low transaction fees remain key competitive advantages.

  • Ecosystem Diversification: While associated with memecoins, Solana's ecosystem demonstrates resilience through broader use cases beyond speculative token launches. Jito, Kamino, and Jupiter are some of the DeFi protocols on Solana that continue to show strong TVL (Total Value Locked), reflecting user confidence in the wider ecosystem.

  • Potential Price Rebound: Some analysts believe that with the low fees and high scalability offered by Solana, a price recovery to the $180 level could occur even before the ETF decision in October.

Conclusion: A Nuanced DEX Victory

Solana's recent ascendancy in DEX volume market share marks a significant moment in blockchain competition, surpassing Ethereum in this crucial metric. However, this victory comes with nuances and challenges. The decline in overall network activity, the slowdown in the memecoin segment, and the rise of Hyperliquid as a dominant player in derivatives indicate that Solana needs to continue adapting and diversifying its sources of growth.

Nevertheless, Solana's robust technical infrastructure, low costs, and the considerable potential of a U.S. spot ETF approval make it an asset worth watching. Moving forward, Solana's ability to overcome these hurdles will determine whether its dominance in DEX volume can be sustained and trigger a continuous price increase for SOL within the ever-evolving DeFi landscape.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high level of risk and volatility. Always conduct your own research (DYOR) and consult a professional financial advisor before making any investment decisions.