DEXs

Overview

Financials

Onchain Activity

SOL Staking

DEX Aggregators

Launchpads

Trading Platforms

Stablecoins

Tokens On Solana

Solana: LST Swap Volume by DEX

**Pair Categories**
We define a set of trading pair categories below. The classification of pair categories is determined in a top-to-bottom manner.

- SOL-Stablecoin: the trade involves SOL and a stablecoin.
- Bitcoin: the trade involves a Bitcoin-pegged asset. Some notable trading pairs are BTC-ETH, BTC-USD, and BTC-BTC (for example, cbBTC-WBTC).
- Stablecoin Swaps: the trade has both the bought token and sold token as stablecoins.
- LST Swaps: the trade involves a Liquid Staking token.
- Tokenized Assets: the trade involves a tokenized asset. Examples include Gold, Equities, and Treasuries.
- Indexed Assets: the trade involves an indexed asset. Examples include leveraged crypto tokens, portfolio of crypto tokens, and LP tokens.
- Project Tokens: the trade involves tokens that are issued by projects. An example would be governance tokens and L1 tokens (not including BTC or ETH).
- AI Agents: the trade involves an AI agent token.
- Memes: The remaining volume from known memecoins as well as unclassified tokens.

**DEXs**
The exchange that the trade takes place on. Jupiter volume only includes swaps that happen from the Jupiter Liquidity Pool (JLP). It does not include Perps Volume or DEX Aggregator volume from their router.

**Trade Source**
Indicates where the trade was sourced from. We define five major categories:
* Direct: Trade is traded directly with the exchange
* DEX Aggregator: Trade is routed through an aggregator first
* Trading Platform: Trade takes place on a trading platform such as Photon, Phantom, Axiom, etc.
* MEV Bot: Trade is from an identified MEV bot program on Solana.
* Other: Programs that are unidentified. Most likely an MEV bot.

There are some instances where a trade can be from a trading platform and routed thru an aggregator. To avoid double-counting this volume, we prioritize Trading Platforms in this case. As a result, the total DEX aggregator volume in this chart may slightly differ from other charts.



Volume adjusted to exclude wash trading

Solana: DEX Volume

**DeFi Tokens**: Sectors include DEX, DEX Aggregator, Lending, Staking, Yield Manager, etc.

**Consumer Tokens**: includes tokens like PENGU, GMT (formerly STEPN), etc.

**DePIN Tokens**: includes tokens like GRASS, RNDR, HNT, ORE, etc.

Solana: Project Token Volume by DEX

Solana: Meme Volume by DEX

Considers total memecoin volume from where the token was launched on.
- For example, Pump.fun considers the volume of all Pump.fun tokens on every DEX (not just Pump). LaunchLab consists of the total volume of all tokens launched on LaunchLab.

Some launchpads allow other platforms to launch tokens on it, allowing customizability but reusing the general bonding curve framework.
- LaunchLab contains token launches from platforms such as letsbonk.fun, cook.meme, Pumpkin.fun, and others.
- The majority of Meteora token launches are from Believe.app

Considers volume from all DEXs

Solana: Memecoin Volume by Token Origination

Calculated by applying this formula for the top traded tokens:
(Buy Volume + Sell Volume)/(2*Total Volume)

Includes both buy and sell volume for each token.

Solana: DEX Volume by Token

Ordering Fees as a % of Spot DEX Volume measure the willingness of traders to pay for ordering specification or ordering priority, relative to the total spot market volume. These fees are paid by traders to secure their ability to capture arbitrage profits across DEX-DEX and CEX-DEX markets, and a smaller portion—generally estimated to be in the low-to-mid single digits—funds front-running and sandwiching attacks. 

This metric also reflects the pricing power of block builders and blockspace, as higher fees indicate traders' willingness to pay significant premiums for prioritized execution within blocks. It captures the total cost paid by arbitrageurs to execute their strategies, providing insight into the economic barriers to entry for market participants and the efficiency of arbitrage activity on that chain. By framing these fees in terms of volume, the metric also helps contextualize the expected profitability of similar actors in less-developed ecosystems, where weaker MEV capture or lower ordering fees may signal greater arbitrage opportunities and potential for ecosystem growth.

Ordering Fees include Priority Fees and Jito Tips

Solana: Ordering Fees as Share of Spot DEX Volume

Solana: LST Swap Volume by Pair

Solana: Project Token Volume by Sector

Solana: AI Agent Volume by Token Origination

Solana: AI Agent Volume by DEX

Percentage of each DEX's volume sourced from DEX aggregators

Solana: DEX Aggregator Volume Concentration by DEX

We define trading platform as any Telegram/Trading bot + Wallets. Examples include: Axiom, Photon, Banana Gun, Phantom, etc.

**Bonding Curve Pools** tab represents the % of volume from trading platforms on bonding curve pools. 
-For Pump, this represents their Pump.fun product. 
-For Raydium, this represents their LaunchLab product

Percentage of volume that is sourced from trading platforms.

Solana: Trading Platform Volume Concentration by DEX

Total volume between SOL and stablecoin pairs

Solana: SOL-Stablecoin Volume by Pair

Solana: SOL-Stablecoin Volume by DEX

Solana: Tokenized Asset Volume by Sector

Solana: Tokenized Asset Volume by DEX

**Volume from New Traders**: The % of volume coming from traders that are within 24 hours new. We count a trader as new once they execute their first trade.

Markets

Sectors

Treasury Companies

Layer 1

Layer 2

Finance

Consumer

DePIN

Chain Clusters

ETFS

Solana

SOL-Stablecoin

Stablecoin Swaps

Bitcoin

Solana: DEX Volume

Project Tokens

LST Swaps

Memes

AI Agents

Trader Behavior

Tokenized Assets

Solana: DEX Leaderboard

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