According to external sources, the spot trade share of the decentralised exchange is still growing, and Solana is the main beneficiary of this change. The article quoted DefiLlama as saying that in the second quarter of 2025, the total volume of the full chain DEX transactions reached US$ 1.34 trillion, that Solana accounted for more than 25 per cent, and that it continued to lead off-the-chain transactions.
2nd quarter DEX transactions over 25%
From the chain data, Solara's recent monthly DEX transactions are close to $50 billion, up from about $35 billion in the Ether. According to the article, this gap reflects the continuing advantages of Solana in terms of user activity, liquidity depth and DeFi demand.
This has led to a renewed focus on the chain base behind SOL. For the public chain, the volume of DEX transactions represents not only user activity but also eco-efficient liquidity and market absorption.
USDT supply growth support chain liquidity
The article also mentions that USDT supply in the Solana chain grew by more than 16 per cent over the same period, while USDT supply in the Ether is down by more than 3 per cent. As one of the most important stable currencies in the chain, the increase in USDT balances usually means that more money is going into the ecology.
Increased liquidity usually leads to higher transaction volumes, deeper pools and more active DeFi use. According to this article, Solana ' s leading position in the chain of spot transactions is being further underpinned by a stable currency inflow.
The deal has exceeded Coinbase and Kraken
In addition to the data on the chain, the article states that Solana's off-the-shelf deal on the centralized trading platform is also on the rise. In daily and weekly caliber, Solana's spot trade volume has exceeded Coinbase and Kraken and is only behind the front platforms of Binance and Bybit.
According to the article, this means that Solana ' s trading activity is no longer confined to the chain. More transactions are being concentrated in the Solana ecology as the DEX and CEX interfaces are well synchronized.
If this trend continues, the volume of transactions and liquidity performance may continue to be one of the main factors of interest to SOL in the third quarter.