Solana Tops DEX Trading in December, $100B+ Monthly Volume Overtakes Ethereum

Published: 2026-01-01 03:39:26 |

Solana (SOL) finished 2025 as the most active blockchain for decentralized exchange (DEX) trading, processing over $100 billion in DEX trades in December — more than double Ethereum’s roughly $48 billion and ahead of BNB Chain’s ~$58 billion. Solana sustained five months of leading DEX activity in the second half of 2025, with daily volumes often above $3 billion in December. Protocol revenue trackers estimate Solana’s 2025 network revenue at $1.3–$1.5 billion (gross fees). Key contributors to Solana’s throughput were PumpSwap (annualized fees ~ $584 million; December volume ~ $14.8 billion) and HumidiFi (reported > $30 billion in monthly volume, heavy on SOL/stablecoin pairs and dark-pool liquidity). Stablecoin issuance supported liquidity: Circle minted $7.75 billion USDC on Solana in December. Despite on-chain activity and revenue gains, SOL’s price lagged, ending December near $124, down ~35% in Q4 2025. Analysts note Ethereum’s on-chain DEX volumes were fragmented across Layer-2 rollups, lowering mainnet figures, while Ethereum still holds ~67% of total DeFi liquidity versus Solana’s ~6.13%.

Bullish

The news is bullish for Solana-specific trading activity and ecosystem health because sustained, very large DEX volumes and rising protocol revenues indicate increased on-chain liquidity, tighter spreads, and more opportunities for market makers and arbitrageurs. High monthly and daily volumes (>$100B monthly; daily >$3B) reduce slippage and attract professional/trading-bot flows, which can increase short-term tradability and volume-driven fee revenue. The heavy USDC minting on Solana (Circle’s $7.75B in December) augments stable liquidity for swaps, supporting more consistent trading demand. However, the bullish view is targeted: while on-chain metrics favor Solana’s trading activity and could lift SOL adoption and trading volumes, SOL’s price already lagged (down ~35% in Q4) showing that increased on-chain throughput does not automatically translate into immediate token price appreciation. For traders: expect higher intraday liquidity and narrower spreads on Solana DEXs, more arbitrage opportunities between Solana and Ethereum/Layer-2s, and potential flow into market-making strategies. In the short term, volatility may rise as bots and professional desks optimize to the new liquidity; price moves could be amplified during large stablecoin flows or concentrated protocol activity (e.g., HumidiFi dark pools, PumpSwap surges). In the medium-to-long term, sustained high volumes and protocol revenues improve network fundamentals and utility, which can support a more constructive price backdrop for SOL if on-chain growth translates into persistent demand for staking, fees, and ecosystem services. Comparable past events: similar outcomes were seen when other chains (e.g., BNB Chain during prior cycles) captured concentrated DEX flow — volumes and revenues rose, trading improved, and arbitrage activity increased, but token price appreciation lagged until broader market sentiment shifted. Risk factors: concentration in a few DEXs and reliance on stablecoin minting can reverse if flows slow or stablecoin issuance shifts, and broader crypto market downturns can suppress token prices despite high on-chain activity.