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

2026/01/04 14:20
2 min read
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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