Solana Surges Ahead in DEX Volume and App Revenue

Statistics indicate that Solana was trading $5.512 billion in DEXs in a single day. Its closest rival Ethereum handled 4.438billion with Binance Smart Chain (BSC) coming in second with 4.344billion. Base, the Layer 2 application of Coinbase, operated with a total of $1.288 billion, which is much lower than the statistics of Solana.

This isn’t a one-time spike. Since the beginning of 2025, Solana has been actively defeating Ethereum in the activity of DEXs. The trend is confirmed by on-chain trackers, such as DeFiLlama, as Solana is reporting close to 30 billion weekly volumes. Solana has remained ahead of its competitors due to high-frequency trading and the low price charged..

Technology Advantage

The design of Solana matters. Operating in conjunction with a Proof of Stake (PoS) consensus mechanism, the Proof of History (PoH) system is capable of achieving 65,000 transactions per second (TPS). In contrast, Layer 2 scaling is needed to achieve 15-30 TPS in Ethereum L1. Another aspect of DEX is the transaction costs. According to its whitepaper, the average fee of Solana is 0.00025. Ether costs during congestion can still be $1 or $5 because of the Merger. Because traders operate on fast and frequent payments, this loophole is attractive. Recent additions like Alpenglow which reduced transaction finality to under 400 milliseconds and the ongoing Firedancer validator project should see Solana become even more scalable and reliable.

Institution Fuel

That institutional demand has helped grow Solana. On Sept 22, 2025 AInvest stated that Solana’s market cap had increased by $137 billion due to inflows into funds like Franklin Templeton’s Onchain Fund. In DEX, publicly traded companies currently own about 1.44% of total supply of Solana with staking rates of 7-8%. The added dollar amount by institutions just in Q3 2025 was 1.72 billion. Forbes’s analysts compared that surge to the Bitcoin rally of 2021, in which an ETF gave the cryptocurrency a nearly 300 percent price lever in about a year.

Risks and concerns

Still, there are risks. EPJ Data Science’s research shows how Solana has a hyper-transient audience with most wallets used for less than a day. This churn, along with the benefit of increased volume also makes it questionable whether users will remain loyal to it in the long run as compared to the relatively stable base of Ethereum. Close observation is also being taken by regulators. There are several Solana ETFs in the U.S. and Europe under review, and increased control over them may affect institutional growth.

Whats Ahead

By 01:15 PM IST there was no indications of sluggishness in the on-chain activity of Solana. In case of the given pace, the total DEX volume has a chance to reach over $6 billion at the end of the day. This is dubbed by the supporters as Solana Season driven by pace, efficiency, and institutional adoption. Speculators warn that transactions can boost volumes through speculative trading. At any rate, Solana has proven to be a serious threat to Ethereum and the current numbers confirm that story.