
In recent developments within the cryptocurrency landscape, Solana has claimed a substantial portion of the decentralized exchange (DEX) market share, overshadowing Ethereum in recent weeks. According to the latest report from the crypto exchange OKX, Solana has been responsible for approximately half—and at times nearly the entirety—of the DEX volume over the past five weeks. This surge is largely attributed to the popularity of the memecoin launchpad, Pump.fun, which has generated more volume than Ethereum during this period.
The OKX report highlights Solana’s outstanding transaction speed, cost-effectiveness, and developer-focused tools as key factors in its rising dominance. Dune Analytics data reveal that during the last week of December, Solana briefly achieved an 89.7% market share in the DEX sector, maintaining levels above 50% thereafter.
Solana’s native decentralized exchange, Jupiter, has played a significant role, contributing nearly 70% of Solana’s DEX volume. OKX commends Jupiter for optimizing slippage, ensuring timely price data, and reducing platform risks. Notably, the DEX volume was bolstered by the launch of memecoins associated with former U.S. President Donald Trump and his wife Melania, which at their height surpassed a combined market cap of $20 billion.
Despite Solana’s impressive performance, Ethereum continues to be a dominant force in decentralized finance. It leads in metrics such as weekly volume per address and average trade size, which indicates a strong presence of larger investors. Ethereum also accounts for 82% of more than $5 billion in tokenized real-world assets on blockchains, whereas Solana’s share is about 2.5%.
The liquidity strength of Ethereum is bolstered by its extensive total value locked, positioning it as a bedrock for innovation in decentralized finance. Meanwhile, some of Ethereum’s layer 2 solutions are beginning to challenge Solana with lower fees and faster transactions. The future sustainability of Solana’s low TVL, high-volume model remains uncertain and will depend on its ability to adapt to evolving market conditions and attract ongoing liquidity and development.