Solana leads DEX activity as weekly trades surpass NYSE

  • Solana led weekly DEX volume for a 21st consecutive week and processed 208 million DEX trades during September 14–20.
  • Solana recorded more than $19.7 billion in weekly DEX volume, while its trade count exceeded the NYSE’s 189 million but remained below Nasdaq’s roughly 313 million.
  • Memecoin activity, including approximately 118 million Pump.fun trades, drove much of Solana’s activity, while Stonk generated more than $5 million in seven-day revenue.

Solana continued to lead Layer 1 and Layer 2 networks in weekly decentralized-exchange volume while recording a milestone in trade count. Blockworks data showed more than $19.7 billion in weekly DEX volume, or 38% of onchain market share, and Solana DEXs processed 208 million trades during September 14–20, compared with 189 million at the NYSE. The comparison, published September 21 by Vibhu Norby using Blockworks Research data, was the first confirmed instance of a blockchain network exceeding a major traditional stock exchange in weekly trade count, although Nasdaq remained ahead at roughly 313 million trades. Memecoin activity restored Solana’s share of that market to 78%, while Pump.fun generated approximately 118 million trades, or about 57% of Solana’s total. Stonk generated more than $5 million in seven-day revenue, briefly surpassed pump.fun in daily revenue and ranked third among Solana applications. Solana’s trade count includes small swaps across memecoins, stablecoins, tokenized equities and DeFi, so it is not comparable with traditional-market dollar volume; its continuous operation and low fees also enable activity outside U.S. market hours.

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