Solana Dominates DEX Activity, Topping All Chains in Weekly Volume for 5 Weeks Straight

This data, highlighted by sources like cryptoamanclub on X, puts Solana ahead of both Binance Smart Chain (BSC) and Ethereum in this key area.

Solana has reported a huge increase in application revenue for the first quarter of 2025. According to data from Syndica and Messari, Solana’s total application revenue reached $1.2 billion. This marks a 20 percent rise from the previous quarter.

The report, which followed 39 major protocols on the Solana network, also highlights a strong performance by Pump.fun. The platform, known for its meme coin utility, generated $257.3 million during Q1, a 91.7 percent increase from Q4 2024. This figure includes revenue from its PumpSwap product, which launched in March.

Another noteworthy highlight is Phantom, a popular Solana-native wallet. Phantom recorded $164.3 million in revenue, a 25.4 percent quarter-over-quarter jump.

Among other top performers, Photon contributed $122.4 million, BullX generated $87.3 million, Jupiter reported $79.8 million, and Raydium generated $76 million in revenue during the quarter.

Furthermore, data from Chainalysis reveals that Solana’s decentralized exchanges (DEXs) recorded the highest trading volume among all major blockchains for the fifth consecutive week.

With $26.2 billion in weekly volume, Solana outpaced Binance Smart Chain (BSC) and Ethereum. BSC's DEXs generated $25.5 billion in volume, while Ethereum's DEXs reported $15.7 billion over the last seven days.

This finding underscores the substantial activity in Solana's DeFi and non-fungible token (NFT) ecosystem. The report also notes a shift in on-chain activity, with users gradually migrating from older Ethereum-based platforms towards faster networks and scaling layers.

As for stablecoin activity, Solana experienced a 145 percent surge in stablecoin usage during Q1 2025. The total value of stablecoins on the Solana network reached $12.5 billion.