Solana has surpassed Ethereum, its main Layer 2 networks, and Hyperliquid combined in daily spot decentralized exchange (DEX) trading volume, according to data provided by Blockworks Research. On October 3, Solana’s spot DEX volume reached $3.06 billion, marking a significant lead in the onchain trading landscape.
Solana advances in global spot DEX market share
Solana, a high-performance blockchain platform known for its fast transaction speeds and low fees, has seen a considerable increase in market influence throughout 2026. Research by 21Shares, an ETP issuer and crypto research provider, indicated that Solana captured over 36% of global spot DEX volume in the first half of 2026. This figure is nearly double the share held by Ethereum, even though Solana accounted for approximately 9.5% of smart-contract blockchain market capitalization during the period.
Data tracked by DefiLlama revealed that Solana processed roughly $78 billion in 30-day DEX volume, compared with about $42 billion on Ethereum. These figures position Solana among the top networks for decentralized trading activity.
Blockworks Research has noted that its data methodology is stricter than some other providers. Its dashboard only accounts for transactions involving tokens it tracks, which is intended to filter out suspicious activity associated with obscure or unverified assets. This filtering approach can result in lower overall volume totals compared to raw onchain statistics.
| Network | Daily Spot DEX Volume (Oct 3) | 30-Day Total DEX Volume |
|---|---|---|
| Solana | $3.06 billion | $78 billion |
| Ethereum | Included in combined benchmark | $42 billion |
Mini dictionary: Blockworks Research is a digital asset analytics firm that provides data dashboards, market research, and real-time insights on blockchain trading, allowing users to track volume, liquidity, and protocol-specific activity across several blockchain networks.
Trading dynamics shift: Fewer memecoins, more stablecoins
Along with higher overall volumes, Solana’s trading activity is experiencing a notable shift in the types of assets exchanged. Findings from 21Shares suggest that memecoins accounted for 16% of Solana’s spot DEX volume in H1 2026, a reduction from 40% in the previous year. Meanwhile, the share of stablecoin swaps increased to 19%, up from 6% the year before.
This change suggests a move away from speculative tokens towards greater use of stablecoins and tokenized equities, reflecting a more diversified and mature trading environment. Blockworks Research also placed Solana second in median weekly spot volume among measured venues in 2026, behind Binance.
Despite record spot DEX volumes, Solana’s share by dollar value remains below 1% of either the Nasdaq or NYSE. However, the total trade count on Solana recently reached approximately 208 million weekly transactions, outpacing the 189 million weekly trades reported by the NYSE for the same comparison period.
On October 3, Solana recorded $3.06 billion in daily spot DEX volume, exceeding the combined total for Ethereum, its Layer 2 networks, and Hyperliquid. During the first half of 2026, Solana held more than 36% of global spot DEX volume, nearly double Ethereum’s share.
Benchmarks highlight different measures of activity
The results from recent trading activity illustrate the difference between dollar volume and transaction count as ways of measuring decentralized trading. On October 3, based on total spot DEX dollar volume, Solana led the combined benchmark set by Ethereum, Layer 2s, and Hyperliquid.
Analysts believe this shift signals that Solana is strengthening its position as a leading network for onchain spot execution, though major competitors like Ethereum, its L2s, and Hyperliquid remain prominent in the market.
