Solana has held its crown as the king of decentralized exchange (DEX) trading volumes for five months running, according to data from DefiLlama. In February 2025, Solana racked up an impressive $105.85 billion in DEX trading volume, leaving BNB Chain in second place with $84.25 billion for the same period.
It’s a clear sign Solana’s still got the juice, even as other parts of its ecosystem hit some bumps. The blockchain’s low fees and fast transactions keep pulling in developers and traders, solidifying its spot as a powerhouse in decentralized finance.
But it’s not all smooth sailing for Solana. While DEX volumes are soaring, its meme coin market—especially activity on Pump.fun—has taken a nosedive. Pump.fun, which drove a huge chunk of Solana’s revenue in 2024, is struggling big time. Its protocol fee revenue crashed over 90% from a January 25 peak of $15.38 million, and token launches dropped from over 70,000 on January 23 to just around 20,000 by March 1, per Dune Analytics. That slowdown’s a head-scratcher, considering Solana’s overall momentum, but it shows how meme coin hype can fade fast.
