Solana leads DEX volume with $20B amid DeFi resurgence

Solana is processing more decentralized exchange volume than any other blockchain right now, and the gap isn’t particularly close. With daily DEX volumes ranging from $1.6B to $3.25B throughout September, the network has reasserted itself as the primary venue for on-chain trading, beating out competitors including Robinhood Chain and its $2.72B daily figure.

The weekly tally tells an even clearer story. Solana’s seven-day DEX volume regularly exceeds $17B, with recent totals hitting $17.322B for the week ending mid-September according to DefiLlama data. Over the past 30 days, cumulative volume surpassed $76B.

The $3 trillion milestone and what’s driving it

Solana crossed $3T in cumulative DEX volume in early September. More than half of that total was generated within the preceding year. Three categories of activity are doing most of the heavy lifting: stablecoin swaps, meme-driven transactions, and perpetual contracts.

Tokenized equities have become a meaningful contributor, with Raydium processing over 90% of Solana’s memestocks DEX volume. Cumulative tokenized stock trading on the platform topped $5B by late September.

PropAMMs: the market makers you haven’t heard of

PropAMMs now capture between 15% and 30% of global DEX volume. Solana hosts approximately 90% of this activity. Jupiter, the dominant liquidity aggregator on Solana, facilitates a majority of SOL-stablecoin flows through these PropAMMs.

Traditional AMMs are actually regaining market share alongside PropAMMs, suggesting the pie is growing fast enough that different approaches to liquidity can thrive simultaneously.

A competitive ecosystem taking shape

Alongside established names like Raydium and Orca, newer platforms like PumpSwap have emerged to compete for trading volume. DeFi total value locked on Solana sits between $5.72B and $6.2B as of mid-to-late September.

The network also recently recorded all-time highs in both transaction count and dApp revenue. Solana’s DEX volumes now frequently outpace those of major centralized exchanges like Coinbase and Kraken.

The daily volume peak of $3.25B on September 12 offers a useful benchmark. On that day, Solana’s DEX activity alone exceeded the daily trading volume of several mid-tier centralized exchanges combined.

The PropAMM phenomenon is worth watching closely. If sophisticated market makers continue concentrating on Solana, it creates a self-reinforcing cycle: better liquidity attracts more traders, more traders attract more market makers, and so on. The fact that 90% of PropAMM activity lives on one chain is both a competitive advantage and a potential vulnerability if another network manages to replicate the conditions that attracted those operations.

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