Foreign media reports indicate that the spot trading share of decentralized exchanges (DEXs) continues to expand, with Solana being a major beneficiary of this shift. The article cites DefiLlama data, stating that in the second quarter of 2025, the total trading volume of all DEXs reached $1.34 trillion, with Solana accounting for over 25%, maintaining its leading position in on-chain spot trading.

In the second quarter, DEX trading volume accounted for over 25%.

According to chain-specific data, Solana's recent monthly DEX trading volume is close to $50 billion, higher than Ethereum's approximately $35 billion. The article argues that this gap reflects Solana's continued advantage in user activity, liquidity depth, and DeFi demand.

This has also led the market to refocus on the on-chain transaction infrastructure behind SOL. For public chains, DEX trading volume not only represents user activity but also reflects the efficiency of capital turnover and market absorption capacity within the ecosystem.

USDT supply growth supports on-chain liquidity

The article also mentions that the USDT supply on the Solana chain increased by more than 16% during the same period, while the USDT supply on Ethereum decreased by more than 3%. As one of the most important stablecoins on the chain, an increase in USDT balance usually means that more funds are entering the ecosystem.

Increased liquidity typically leads to higher trading volumes, deeper liquidity pools, and more active DeFi use cases. Based on this, the article argues that Solana's leading position in on-chain spot trading is being further supported by stablecoin inflows.

Spot trading volume has surpassed Coinbase and Kraken.

In addition to on-chain data, the article states that Solana's spot trading volume on centralized exchanges is also increasing. Calculated on a daily and weekly basis, Solana's spot trading volume has surpassed Coinbase and Kraken, trailing only leading platforms such as Binance and Bybit.

The article argues that this means Solana's trading activity is no longer limited to on-chain activity. With both DEX and CEX trading volumes strengthening, more trading activity is concentrating within the Solana ecosystem.

If this trend continues, trading volume and liquidity performance are likely to remain one of the key factors to watch in the third quarter for SOL.