Solana beats Coinbase and Kraken in volume – What it means for SOLs Q3
Spot trading was once dominated by centralized exchanges. That has changed quickly as DEX adoption continues to gain momentum. 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 Solanas position as the leading chain for on-chain spot trading activity. Looking at the breakdown by chain, Solana continues to top the rankings. As the chart below shows, Solana‘s monthly DEX volume recently climbed to nearly $50 billion versus Ethereum’s roughly $35 billion. The gap clearly highlights Solanas growing dominance in on-chain trading, driven by strong user activity, deep liquidity, and sustained demand across its DeFi ecosystem. Source: DeFiLlama Naturally, that brings the focus back to Solanas [$SOL] DeFi setup. Here too, the trend remains constructive. Tethers $USDT supply on Solana has expanded by more than 16%, while $USDT on Ethereum has contracted by over 3% during the same period. As the largest stablecoin by market cap and a key source of on-chain liquidity, rising $USDT balances on Solana suggest fresh capital continues to flow into the ecosystem. That liquidity, in turn, helps support higher trading volumes, deeper liquidity pools, and stronger DeFi activity, reinforcing the growth in $SOLs DEX







