Solana DEX Volumes Surge 56% in July, Outpacing Ethereum for the Tenth Consecutive Month

The DEX ecosystem on Solana continues to expand rapidly. Over the past two months, four new private AMMs have launched on Jupiter, contributing to a more competitive and diverse market structure. This surge in new platforms comes alongside heightened competition among token launchpads, which has played a role in boosting overall trading activity.

After a downturn in June, July brought a strong rebound in DEX volumes on Solana. This shift reflects both the onboarding of new players and increased trading momentum across the ecosystem.

Solana Widens Its Lead Over Ethereum

Onchain data from Dune shows that Solana’s DEX trading volume in July reached $124.2B, marking a 56% increase from June. Ethereum, in comparison, recorded $87.1B in DEX trades during the same month, which is 42.5% less than Solana.

This gap is not new. Since October 2024, Solana has consistently outperformed Ethereum in DEX trading volume, holding the top position for ten consecutive months.

New DEX Entrants Gain Ground

Four new DEXs launched on Solana in the last two months have quickly captured notable trading shares. Humidifi led the pack with over $6B in July trading volume, followed by Tessera with $2.5B. Both exceeded the volumes of established DEXs such as Lifinity and Phoenix.

Interestingly, these platforms, like SolFi and ZeroFi before them, operate solely through Jupiter and have no independent front-end interfaces. Despite this limitation, they have taken meaningful market share from incumbents including Raydium and Orca.

Market Share Leaders in July

Raydium maintained its leadership with 32.2% of Solana’s July DEX volume. Meteora ranked second at 21.8%, while Orca followed with 15.2%.

In terms of month-over-month growth, Meteora posted the largest jump at 145.9%, followed by Raydium with 72% growth and Orca with 48.4%. Both ZeroFi with 32% and SolFi with 14.5% also saw notable increases.

At the other end of the spectrum, Pump.fun and Pumpswap experienced sharp declines of 57.8% and 39.3% respectively. Much of this drop came from Pump.fun losing ground to Letsbonk.fun in July, leading to fewer token launches and lower associated trading activity.

Direct Trading Volumes Overtake Aggregators

Another trend in July was the shift away from aggregator-dominated order flow. In January 2025, volumes routed through aggregators were nearly double those from direct DEX trades. However, this gap has narrowed steadily, and in June the two were roughly equal.

By July, direct DEX trades totaled $65.9B, surpassing aggregator-driven trades by $7.5B.

Bot Activity Remains a Defining Feature

Solana’s high transaction throughput and low fees have made it a hub for automated trading bots. In July, bots accounted for 62% of total DEX volume, which equals more than $77B.

While heavy bot participation increases failed transaction counts and slightly raises network costs, Solana’s low fee environment makes these impacts less significant compared to other blockchains. The high rate of failed transactions remains one of the clearest indicators of bot-driven activity.

Token Trading Trends in July

The most traded asset in July was $SOL, with over $58.4B in volume, representing a 92.7% increase from June. Stablecoins ranked second at $29.7B, followed by memecoins at $26.2B.

The memecoin segment’s 8.9% month-over-month growth was fueled by intense competition between Pump.fun and LetsBonk.fun, despite overall volume declines for Pump.fun.

$BTC Trading Sees Modest Recovery

Bitcoin trading on Solana has grown substantially since November 2024, when volumes reached $2.1B, more than quadrupling from the previous month. This growth peaked in April 2025 at $3.26B before declining to $1.56B in June.

In July, $BTC volumes rebounded by 21.7% to $1.9B, with the $BTC-$SOL pair accounting for the largest share. Multiple wrapped $BTC versions now circulate on Solana, offering traders alternative exposure without leaving the network.

Outlook

July’s data underscores Solana’s sustained momentum in the DEX sector, with total monthly volume reaching $124.2B, 56% higher than June and over 42% above Ethereum’s $87.1B. This performance has been supported by four new DEX entrants, direct trades surpassing aggregator volume by $7.5B, and bots contributing 62% of activity worth more than $77B. With its combination of high throughput, low costs, and a growing diversity of trading venues, Solana remains firmly ahead as the leading blockchain for DEX volume.

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