DEX Activity

Financials

Onchain Activity

All trading from pools with less than a 1bp trading fee is filtered out due to the likelihood of fake activity.

**SOL-USD**: Trades between SOL and a stablecoin.

**Stablecoin Swaps**: Trades between two different stablecoins.

**LST Swaps**: Trades between Liquid Staking Tokens (LSTs) or SOL.

**Project Tokens**: Trades between governance tokens of Solana-based projects (e.g., JTO, JUP) and SOL or a stablecoin.

**AI Tokens**: Trades between AI-related projects (e.g. ai16z, ZEREBRO) and SOL or a stablecoin. If the token is AI-related and was launched on pump.fun, it will be counted under AI. 

**Memes (Pump.fun)**: Trades between memecoins created on the Pump.fun platform and SOL or a stablecoin. Volume can occur on any DEX, not limited to the Pump.fun platform.

**Memes (Other)**: Trades between memecoins not created on Pump.fun and SOL or a stablecoin.

Project Tokens include tokens across the finance, dePIN, social, and other sectors

Solana: DEX Volume by Trading Pair 

Volume on all non-project tokens (includes BONK)

Solana: Memecoin DEX Volume

Ordering Fees as a % of Spot DEX Volume measure the willingness of traders to pay for ordering specification or ordering priority, relative to the total spot market volume. These fees are paid by traders to secure their ability to capture arbitrage profits across DEX-DEX and CEX-DEX markets, and a smaller portion—generally estimated to be in the low-to-mid single digits—funds front-running and sandwiching attacks. 

This metric also reflects the pricing power of block builders and blockspace, as higher fees indicate traders' willingness to pay significant premiums for prioritized execution within blocks. It captures the total cost paid by arbitrageurs to execute their strategies, providing insight into the economic barriers to entry for market participants and the efficiency of arbitrage activity on that chain. By framing these fees in terms of volume, the metric also helps contextualize the expected profitability of similar actors in less-developed ecosystems, where weaker MEV capture or lower ordering fees may signal greater arbitrage opportunities and potential for ecosystem growth.

Ordering Fees include Priority Fees and Jito Tips

Solana: Ordering Fees as Share of Spot DEX Volume

New mints represents all tokens created through the pump.fun platform. Graduated tokens represents all tokens that have migrated from the bonding curve to an AMM. Graduation Rate is the percentage of new mints that are migrated to Raydium in the period.

Pumpfun: New Tokens Created

All trading from pools with less than a 1bp trading fee is filtered out due to the likelihood of fake activity.

Solana: Total Volume by DEX

Trades involving memecoins not created on Pump.fun.

Includes all memecoins not launched on Pumpfun

Solana: Memecoin Volume by DEX

Trades involving memecoins created on the Pump.fun platform.

Can occur on any DEX, not limited to the Pump.fun platform.

Graduated Pumpfun tokens are automatically deployed on Raydium

Solana: Pumpfun Token Volume by DEX

Trades utilizing liquidity pairs with SOL and a stablecoin.

Solana: SOL-USD Volume by DEX

Stablecoin Swaps: Trades between two different stablecoins.

Stable-to-stablecoin swaps

Solana: Stablecoin Swaps Volume by DEX

Trades involving governance tokens of Solana-based projects (e.g., JTO, JUP).

Solana: Project Tokens Volume by DEX

Trades between Liquid Staking Tokens (LSTs) or SOL.

Includes LST-LST and LST-SOL pairs

Solana: LST Swaps Volume by DEX

Wallets segmented by lifetime trade volume

Solana: DEX Volume by Wallet Segment

The number of unique addresses that paid a transaction fee in the period. 

Active addresses should not be used to measure "user" activity. It is an easily, and commonly, gamed metric that does not translate to the number of unique people or entities using a blockchain.

Solana: DEX Active Addresses by Wallet Segment

The number of unique addresses with <$10 of lifetime volume that executed a DEX trade in the period.

Active addresses should not be used to measure "user" activity. It is an easily, and commonly, gamed metric that does not translate to the number of unique people or entities using a blockchain.

Activity from wallets with <$10 of lifetime volume is likely spam

Solana: DEX Activity, Addresses with <$10 of Lifetime Volume

The number of unique addresses that paid a transaction fee in the period.

Active addresses should not be used to measure "user" activity. It is an easily, and commonly, gamed metric that does not translate to the number of unique people or entities using a blockchain.

What DEXs do the most active traders use?

Solana: DEX Activity by Addresses with >$500k of Lifetime Volume

Trades between AI-related projects (e.g. ai16z, ZEREBRO) and SOL or a stablecoin. AI-related tokens launched on pump.fun will be counted under "AI" and not "Memes (Pump.fun)."

Solana: AI Tokens Volume by DEX

**Trading Revenue**: A fee is charged when users buy or sell a token on the bonding curve while using the web app, the advanced web app, or the mobile app. The fee is 1% of the web app, but may vary on the advanced web app or the mobile app.

**Pool Migration**: A fee of 6 SOL is assessed when a token graduates from the bonding curve and is migrated to an AMM. A portion of this fee covers the costs of setting up the new pool, and the remainder is retained as profit. The profit is swept into the revenue collection wallets roughly once per week, creating the lumpiness on the daily revenue. 

Layer 1

Layer 2

DeFi

Sectors

ETFS

Solana: DEX Activity

Trader Segmentation by Lifetime Volume per Address

Memecoin Activity

DEX Volume Share by Asset Type

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