Solana’s on‑chain spot trading volume surged to $1.6 trillion in 2025, surpassing every centralized exchange (CEX) except Binance, according to aggregated market data.Solana’s on‑chain spot trading volume surged to $1.6 trillion in 2025, surpassing every centralized exchange (CEX) except Binance, according to aggregated market data.
Solana On‑Chain Volume Now Rivals Centralized Exchanges, Second Only to Binance
News Brief
Solana’s on‑chain spot trading volume surged to $1.6 trillion in 2025, surpassing every centralized exchange (CEX) except Binance, according to aggregated market data.
Solana’s on‑chain spot trading volume surged to $1.6 trillion in 2025, surpassing every centralized exchange (CEX) except Binance, according to aggregated market data.
Key Numbers
- Solana on‑chain spot volume (2025): $1.6T
- Market share growth: 1% → 12% since 2022
- Binance market share: 80% → 55% over the same period
Why This Is a Big Deal
This marks a structural shift in how crypto trading is happening:
- On‑chain venues are now competing directly with top CEXs on raw volume
- Solana has become the dominant high‑throughput chain for spot trading
- Liquidity is fragmenting away from a single centralized hub
Only Binance—by far the largest global exchange—still clears more spot volume than Solana’s entire on‑chain ecosystem.
What’s Driving Solana’s Rise
- Ultra‑low fees and fast finality, enabling high‑frequency on‑chain trading
- Growth of order‑book and AMM‑hybrid DEXs
- Improved UX that rivals centralized exchanges
- Retail‑driven activity alongside increasing professional participation
Market Structure Implications
- DEX vs. CEX convergence: On‑chain trading is no longer niche or illiquid
- Custody shift: More volume is happening without users giving up asset control
- Pressure on CEXs: Fee compression and declining dominance outside Binance
The Binance Angle
While Binance remains the largest venue, its declining share—from ~80% to ~55%—highlights:
- Regulatory pressure
- Geographic fragmentation
- Rising competition from both DEXs and other CEXs
Bottom Line
With $1.6T in annual on‑chain spot volume, Solana has crossed a critical threshold: on‑chain markets are now operating at CEX scale. The data signals a long‑term redistribution of trading activity—from centralized intermediaries toward high‑performance blockchains.
Market Opportunity
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