Solana Out-Trades Coinbase and Kraken While CEXs Watch Their Lunch Get Eaten On-Chain 🍴

Solana's on-chain spot trading activity has surpassed Coinbase and Kraken in both daily and weekly volume, trailing only Binance and Bybit among major centralized venues, according to DefiLlama data cited in market analysis. The Layer-1 network's recent gains against tier-one centralized exchanges add a new dimension to a dominance pattern that had previously been confined to decentralized trading.

Total DEX volume across all chains reached a record $1.34 trillion in Q2 2025, with Solana accounting for more than 25% of the total, per DefiLlama. On a monthly basis, Solana's DEX volume has climbed to nearly $50 billion, compared with roughly $35 billion for Ethereum, underscoring the gap between the two leading chains for on-chain spot activity. Solana has consistently ranked ahead of rival networks in on-chain trading throughout the period reviewed.

Liquidity indicators point in the same direction. Tether's USDT supply on Solana has expanded by more than 16%, while USDT supply on Ethereum has contracted by over 3% during the same window. The shift in stablecoin balances is consistent with fresh capital entering the Solana ecosystem, supporting deeper liquidity pools and higher trading throughput across its DeFi applications.

Centralized exchange operators have historically cited volume as a proxy for market demand and liquidity, and Solana's ability to outpace Coinbase and Kraken on that measure marks a notable expansion of its footprint. The network's combination of leading DEX share and growing CEX-level spot volumes reflects broader participation across trading venues.

Taken together, the data show trading activity continuing to migrate through the Solana ecosystem, with on-chain metrics and stablecoin supply both reinforcing the trend heading into Q3.