The network ranked behind only Binance, extending a five-week run in which Solana-based decentralized trading outpaced several major centralized exchanges.
Solana has exceeded the weekly spot trading volume of major centralized exchanges including Bybit, Coinbase and Kraken for a fifth straight week, placing second only to Binance. The report points to sustained activity on Solana-based decentralized exchanges, a sign that traders are continuing to use on-chain venues rather than relying solely on centralized platforms. That matters because DEX spot volume measures direct token trading through smart contracts (self-executing blockchain code), offering a gauge of retail participation, liquidity and network usage.