Solana DEX Suspected of Wash Trading

Bitquery, a blockchain data company, has identified a significant amount of suspicious trading activity on Solana's decentralized exchanges (DEXs). According to their analysis, a staggering 58.4% of Solana DEX transactions over a 30-day period were classified as circular or botlike. This translates to $117.7 billion in flagged turnover, with the majority ($111.6 billion) involving repeated round trips across indexed pools.

The study also found that two wallet clusters, one with 20 and another with 50 addresses, accounted for a significant portion of the suspicious activity, totaling $26.3 billion. Bitquery's analysis suggests that these transactions may be indicative of wash trading or other forms of market manipulation.

While DefiLlama's Solana DEX dashboard reported $75.9 billion in rolling 30-day volume, Bitquery's indexed trades showed a slightly higher total of $83.7 billion outside of their flagged category. The discrepancy is attributed to differences in methodology and data inclusion.