Solana, a cutting-edge L1 blockchain for scalable, low-cost, and fast transfers, has gained a landmark achievement. In this respect, Solana has surpassed Bybit and Binance in terms of on-chain trading. As per Kaviish, a prominent data analyst at Artemis, Solana has emerged as a resilient liquidity layer. Thus, the trading volume of Solana’s $SOL-$USD has reportedly Bybit and Binance’s combined trading volume.
The on-chain statistics point out that, during 2023’s early period, on-chain activity occupied just a small share, nearly 5%-10%, of the cumulative trading volume of $SOL. At that time, the centralized crypto exchanges were overpowering the price discovery. Following that, throughout that year, the respective balance remained mostly unchanged, though the incremental spike in the wider on-chain engagement became notable toward the year’s end. Subsequently, by the start of the year 2024, a consistent change took place in the on-chain share, surpassing 25% amid the surging adoption of prominent decentralized trading ecosystems on Solana.
So, the rapid on-chain volume acceleration outpaced Bybit and Binance combined. Moving on, by mid 2025 onward, the on-chain $SOL-$USD trading volume hit a 55%-65% share of the overall volume. According to Kaviish, this shift’s sustained nature over the multiple recent months underscores structural adoption instead of speculative anomalies. As a result, a wider narrative is forming around the ecosystem of Solana, led by its comprehensive integration with DEXs, low fees, and rapid transfer finality.
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