Crypto & Forex June 20, 2026 0 Comments

Solana Just Outpaced Coinbase and Kraken—Here’s Why SOL’s Q3 Could Shatter Every Expectation You Have

Ever wondered how the once ironclad stronghold of centralized exchanges has been flipped on its head so fast? Spot trading—yeah, that realm dominated by a handful of big players—is now finding itself elbowed aside by the rising tide of decentralized exchanges (DEXs). And what’s wild? The total DEX volume across all blockchains smashed records in Q2 2025, hitting a staggering $1.34 trillion, with Solana snagging over a quarter of that pie. That’s no small feat—it cements Solana as the heavyweight champ in on-chain spot trading. Digging deeper, the numbers tell an even juicier story: Solana’s monthly trading volume just nudged close to $50 billion while Ethereum trudges behind at around $35 billion. That gap? It’s a flashing neon sign pointing straight to Solana’s growing reign powered by relentless user engagement, liquid pools that just won’t dry up, and DeFi demand that’s anything but fleeting. If you’re serious about decoding the next big wave in crypto trading dominance, this shift is where you gotta keep your eyes glued. LEARN MORE

Spot trading was once dominated by centralized exchanges. That has changed quickly as DEX adoption continues to gain momentum.

According to DefiLlama, total DEX volume across all chains hit a record $1.34 trillion in Q2 2025, with Solana accounting for 25%+ of the total. The milestone further reinforces Solana’s position as the leading chain for on-chain spot trading activity.

Looking at the breakdown by chain, Solana continues to top the rankings. As the chart below shows, Solana’s monthly DEX volume recently climbed to nearly $50 billion versus Ethereum’s roughly $35 billion.

The gap clearly highlights Solana’s growing dominance in on-chain trading, driven by strong user activity, deep liquidity, and sustained demand across its DeFi ecosystem.

Naturally, that brings the focus back to Solana’s [SOL] DeFi setup.

Here too, the trend remains constructive. Tether’s USDT supply on Solana has expanded by more than 16%, while USDT on Ethereum has contracted by over 3% during the same period.

As the largest stablecoin by market cap and a key source of on-chain liquidity, rising USDT balances on Solana suggest fresh capital continues to flow into the ecosystem.

That liquidity, in turn, helps support higher trading volumes, deeper liquidity pools, and stronger DeFi activity, reinforcing the growth in SOL’s DEX volumes and further cementing its lead in on-chain spot trading.

The takeaway? DEX volume may not be the only metric where SOL is gaining an edge.

Solana tightens its grip on CEX trading liquidity

For Solana, leading the market in on-chain DEX volume is hardly new.

What stands out is its latest push in spot trading activity. The Layer-1 network has recently outpaced several major centralized exchanges by volume, adding another layer to its growing market presence.

The logic is simple: While DEX dominance has been part of the Solana story for some time, volume on centralized venues is often viewed as a broader measure of market demand and liquidity.

As the chart below shows, Solana has surpassed Coinbase and Kraken in both daily and weekly spot volume, continuing to compete with tier one centralized exchanges while trailing only Binance and Bybit.

In essence, SOL’s trading strength signals stronger overall market participation.

On the DEX side, the story remains unchanged. Solana continues to dominate on-chain trading activity, consistently ranking ahead of rival chains.

When paired with its recent gains against major CEXs, the takeaway is fairly straightforward: More trading activity is flowing through the Solana ecosystem, underscoring the strength of its DeFi stack.

If that trend persists, trading activity could emerge as a key driver of Solana’s momentum in Q3.