Navigating Solana’s DEX Landscape

Introduction

Solana has become the dominant hub for onchain trading, with over 27 million total tokens and over 60k tokens deployed per day through Pumpfun alone. DEX volumes on the network amounted to ~$339B in January 2025, a new all-time high for any chain and a 15x YoY increase. This report examines the competitive dynamics of the Solana DEX landscape, identifying sustainable moats per protocol – if any – as well as potential winners. 

Landscape Overview

Orca was the dominant DEX on Solana throughout 2022-23, consistently registering over 50% of the chain's total DEX volume. From November 2023, however, Raydium began gaining ground on Orca, quickly surpassing its position as the top Solana DEX. The chart below shows that Raydium's market share has hovered around 60% since October 2024. 

 What are users trading onchain? In the past 90 days, 60% of Solana DEX volumes have come from memecoins, while 25% from the SOL-USD pair. In other words, about 85% of Solana DEX volumes originate from either memecoins or the SOL-USD trading pair. Below, we show weekly DEX volumes over time by asset type. There was a clear behavioral shift in December 2023, when memecoins started gaining ground, a trend that accelerated in April 2024 with Pumpfun.