Solana Surges Past Coinbase and Kraken in On-Chain Trading Volume

Solana has continued to dominate in on-chain spot trading activity, surpassing major centralized exchanges such as Coinbase and Kraken in volume. According to DefiLlama, total DEX volume across all chains hit a record $1.34 trillion in Q2 2025, with Solana accounting for 25%+ of the total.

The milestone further reinforces Solana's position as the leading chain for on-chain spot trading activity. Looking at the breakdown by chain, Solana continues to top the rankings, with its monthly DEX volume recently climbing to nearly $50 billion versus Ethereum's roughly $35 billion.

The gap clearly highlights Solana's growing dominance in on-chain trading, driven by strong user activity, deep liquidity, and sustained demand across its DeFi ecosystem. Rising USDT balances on Solana suggest fresh capital continues to flow into the ecosystem, helping support higher trading volumes and deeper liquidity pools.

Solana has recently outpaced several major centralized exchanges by volume, adding another layer to its growing market presence. The Layer-1 network has surpassed Coinbase and Kraken in both daily and weekly spot volume, continuing to compete with tier one centralized exchanges while trailing only Binance and Bybit.