Solana topped Ethereum, Layer 2 networks, and Hyperliquid in spot decentralized exchange (DEX) volume on October 3, with $3.06 billion in daily volume and $4.51 billion in DEX liquidity, according to Blockworks Research data shared on October 4.
The result reflects a broader shift in onchain trading activity. Research from 21Shares found that Solana handled more than 36% of global spot DEX volume during the first half of 2026, roughly double Ethereum's share during the same period. This occurred despite Solana representing approximately 9.5% of the smart-contract blockchain market capitalization in the report.
Data from DefiLlama showed Solana with about $78 billion in 30-day DEX volume, compared with roughly $42 billion for Ethereum. However, volume totals vary across data providers due to differences in tracking methods. Blockworks only counts trades where both assets appear in its token database, a filter designed to remove artificial activity involving unidentified or thinly traded tokens.
Composition of Trading Activity Shifts
The asset mix on Solana's DEX has changed significantly. Memecoins accounted for 16% of spot volume in the first half of 2026, down from 40% one year earlier. Stablecoin swaps rose from 6% to 19% over the same period, indicating a larger share of activity moving beyond purely speculative tokens. Tokenized equities have also become part of the network's trading base.
Blockworks Research ranked Solana second behind Binance in median weekly spot volume among measured venues during 2026. Solana recently processed approximately 208 million weekly spot DEX trades, exceeding roughly 189 million NYSE transactions in a separate comparison, though Solana DEX volume remained below 1% of either Nasdaq or NYSE by dollar value.
