Solana is keeping more assets from other chains trading on its own chain, a strategy that is beginning to be reflected in transaction data. Recent market data shows that Hyperliquid's...HYPEZEC, a Zcash token, has seen its spot trading volume on Solana surpass that of some centralized exchanges such as Coinbase, OKX, and Kraken during the same period.
HYPE's trading volume exceeds that of multiple exchanges
On May 31, Solana briefly became the world's third-largest 24-hour spot trading venue for HYPE. Data shows that at that time, the spot trading volume of HYPE on Solana was approximately $56 million, higher than Coinbase's approximately $41.7 million and OKX's approximately $40.1 million.
As of press time, this trend continues. HYPE's 24-hour spot trading volume on Solana rose to $95.4 million, while Coinbase, OKX, and Kraken saw approximately $79.2 million, $56.4 million, and $33.9 million respectively during the same period.
- Solana: $95.4 million
- Coinbase: $79.2 million
- OKX: $56.4 million
ZEC also experienced a similar situation.
Besides HYPE, Zcash's native token ZEC also sees higher trading activity on Solana than some top exchanges. Currently, ZEC's 24-hour spot trading volume on Solana is approximately $36.4 million, higher than OKX's $17.9 million and also exceeding Kraken's $26.6 million.
This indicates that the demand for trading non-native assets on Solana is no longer limited to a single token, but is beginning to expand to more external ecosystem assets.
Sunrise became the main entry point.
This growth is primarily driven by Sunrise, a cross-chain gateway application launched by Wormhole at the end of 2025. The product aims to allow Solana users to gain trading opportunities directly from the initial listing of other ecosystem assets without leaving the local chain.
Wormhole launched Sunrise on November 21, 2025, and it was simultaneously enabled during Monad's MON token generation event. Subsequently, assets such as HYPE, AAVE, SUI, and AVAX have also entered the Solana trading market through Sunrise.
Data shows that the total supply value of tokens issued through Sunrise is currently approximately $249 million. Of this, the Backpack token (BP), natively traded on Solana, accounts for approximately $163.8 million, making it the largest component.
The market capitalization of foreign tokens rose to $733 million.
On a broader scale, the total market capitalization of foreign tokens on Solana has risen to $733 million. HYPE, in particular, has become one of the largest non-Bitcoin, non-Ethereum external assets on Solana, with a market capitalization of approximately $63.9 million.
These data reflect Solana's attempt to make "cross-chain asset trading venues" part of its ecosystem growth. For traders, if a certain type of asset is not directly available on Solana, funds are more likely to flow to other chains or platforms. As more external assets are introduced, Solana hopes to keep trading, liquidity, and user engagement within its own ecosystem.
