Solana dominates DEX activity with 50% market share driven by retail adoption

Key Takeaways

• Solana commands 50% of DEX volume, driven by retail adoption, low fees, and platforms like Jupiter and Raydium.
• The report highlights Ethereum’s liquidity depth, challenges of liquidity fragmentation, and the growing role of AI and derivatives in DeFi.

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Solana has captured 50% of decentralized exchange (DEX) market share, driven by retail trading activity and low transaction costs, according to the OKX State of DEXs 2025 report .

“The trajectory of DEX growth we’ve seen over the past year is something I expect to continue in 2025. Solana (with 48% of overall DEX volume) and Solana meme coins have been driving much of this growth,” said Jason Lau, Chief Innovation Officer at OKX.

He pointed to the increasing blending of custodial and on-chain experiences as a key driver for broader DEX adoption.

Solana’s retail-first focus sets it apart, with low fees, fast transaction speeds, and a robust ecosystem of platforms attracting everyday traders.

Jupiter, a DEX aggregator responsible for 70% of Solana’s transaction volume, and Raydium, a leading liquidity provider, have been pivotal in fueling this growth.

Jason Lau noted that Solana’s dominance in DEX and meme coin trading stems from its strong ecosystem of token launch platforms and competitive DEXs, with three of the top five operating on Solana.

However, he pointed out that Ethereum maintains an edge in liquidity depth, holding 10 of the top 20 global liquidity pool spots, compared to Solana’s 1.

Lau added that as the market evolves, these differing strengths will define how trading use cases develop.

The report also addresses challenges and innovations within the DEX ecosystem.

Liquidity fragmentation remains a pressing issue, but platforms like Polygon’s Agglayer and OKX’s DEX aggregator aim to consolidate liquidity across chains.

Jason Lau explained that “aggregators like Jupiter, which commands 70% of aggregator volume on Solana, show how efficient routing and thoughtful design can effectively consolidate fragmented liquidity and drive user adoption.”

Similarly, the OKX DEX aggregator plays a vital role in streamlining access to liquidity across more than 30 chains, further addressing fragmentation in the DeFi ecosystem, Lau added.

Efforts like OP’s Superchain ecosystem and Polygon’s Agglayer are also enhancing interoperability and liquidity fluidity.

These developments signal a shift toward a more interconnected and sophisticated DeFi landscape.

The report also explored the rise of new app-specific chains, with platforms like Hyperliquid and dYdX leveraging these architectures to enhance efficiency and speed.

At the same time, AI tools such as AIXBT and ElizaOS are pushing the boundaries of liquidity management and trading automation, further transforming the ecosystem.

Lau commented that AI in DeFi, though still in its early stages, has the potential to provide advanced data analysis and enable automated decision-making, significantly improving efficiency across the ecosystem.

The OKX State of DEXs 2025 report also explores the broader dynamics shaping the decentralized exchange ecosystem.

It highlights the ongoing evolution of cross-chain interoperability, with innovations like LayerZero’s lzRead enabling real-time cross-chain data queries without triggering state changes.

The report emphasizes a geographic shift in developer activity, with Asia now surpassing North America as the leading region for blockchain innovation, contributing 32% of active developers.

Additionally, it underscores the transformative potential of AI in DeFi, not only for liquidity management but also for creating entirely new incentive models through tokenized AI protocols.

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