Solana closes 2025 with an absolute leading position in DEX activity, surpassing Ethereum and BNB Chain for five consecutive months. In December alone, Solana-based DEXs recorded over $100 billion in trading volume, more than twice Ethereum’s ($48 billion) and higher than BNB Chain’s ($58 billion).
Despite the cooling of meme tokens, Solana continues to maintain strong growth, consistently surpassing $100 billion in monthly DEX volume for six months in a row, thereby generating a record estimated revenue of $1.3 to $1.5 billion for the year.
The main drivers come from PumpSwap – a rapidly expanding platform in the second half of the year – along with HumidiFi, which provides large-scale hidden liquidity. Stablecoin activity also plays a significant role as Circle issued $7.75 billion USDC on Solana in December.
However, the SOL price still faces pressure, indicating that transaction fee selling pressure continues to dominate the market.
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