Solana's DEX Activity Surges Past $600 Billion

Solana's decentralized exchange (DEX) activity has been gaining momentum, surpassing $600 billion in Q3 DEX volume according to DeFiLlama data. This is higher than Q2's $572 billion and marks a significant increase in on-chain activity. The jump suggests that the $1 trillion mark seen in Q4 2025 may be within reach.

Solana has emerged as an important driver behind this potential pickup in DEX activity, with its weekly spot DEX trades surpassing those of the NYSE for the first time. In the week ending September 13th, Solana recorded around 208 million spot DEX trades compared to roughly 190 million on the NYSE.

The rise of tokenized equities on Solana is also contributing to this trend, with the number of tokenized equity holders reaching a record 973k in September. This represents a nearly 60% increase since August and indicates growing demand for more 'on-chain' market infrastructure.