Solana DEX Trading Volume Declines for Five Consecutive Weeks

The Solana blockchain has witnessed a sustained decline in decentralized exchange (DEX) trading volume, marking five consecutive weeks of decreasing activity.

This drop is primarily attributed to the meme coin trading frenzy, which initially drove Solana’s market surge. However, the rapid emergence and disappearance of meme coins have left traders fatigued, as many fall victim to pump-and-dump schemes, rugpulls, and insider trading.

As of the week ending February 16, 2025, Solana’s DEX trading volume stood at approximately US$20.2 billion. The previous week, ending February 10, 2025, saw on-chain transaction volume plummet by 28%, totaling US$31.8 billion (around Rp515.4 trillion).

This declining trend has been observed across other major blockchain networks, including BNB Chain, Ethereum, Sui, and Polygon.

Diverse Performance Among DEX Platforms

The top three decentralized exchanges (DEXs) by trading volume during this period were Meteora, Raydium, and Orca, collectively recording a total trading volume of US$155.17 billion (approximately Rp2,515 trillion).

• Meteora led with US$875.8 million (around Rp14.1 trillion).
• Raydium followed closely with US$836.37 million (approximately Rp13.5 trillion).
• Orca ranked third, registering US$322.32 million (around Rp5.2 trillion).

In terms of Total Value Locked (TVL), Meteora reported US$8.02 billion (approximately Rp130 trillion) with a volume/TVL ratio of 0.84, indicating strong liquidity. Meanwhile, Raydium had a higher TVL but a lower volume/TVL ratio of 0.5.

While Solana’s DEX volume declined, Binance Smart Chain (BSC) saw a notable increase, positioning itself as the blockchain with the highest decentralized exchange trading volume.

This marks a significant shift from March 2024, when BSC DEXs ranked third with a trading volume of US$47.81 billion (approximately Rp775 trillion), trailing Solana and Ethereum. At that time, Arbitrum ranked fourth with US$27.74 billion (around Rp449.6 trillion).

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