Solana has processed more decentralized exchange (DEX) volume than Ethereum mainnet every month since October 2024. In September 2026 Solana DEXs handled $79.2 billion against $43.2 billion on Ethereum, according to DefiLlama. Ethereum still holds about eight times more value locked in DeFi, and once its two largest layer-2 networks, Base and Arbitrum, are added, the Ethereum ecosystem's DEX volume is roughly level with Solana's.
This page tracks the comparison month by month from September 2024 to September 2026: DEX volume by chain, total value locked (TVL), what drives each network, and what the numbers do and do not tell traders. Data was retrieved from DefiLlama on 24 October 2026. It is educational and not financial advice.
- Solana leads Ethereum mainnet on DEX volume. It has been ahead every month since October 2024, 24 months in a row to September 2026, after first passing Ethereum briefly in July 2024.
- The peak was January 2025. Solana DEXs processed $313.9 billion that month, 3.7 times Ethereum's $85.8 billion, during the memecoin surge.
- Layer 2s change the picture. Ethereum plus Base and Arbitrum out-traded Solana in most months of 2025 and from April to July 2026; in August and September 2026 the two were level.
- TVL still favours Ethereum. At the end of September 2026, Ethereum DeFi held $53.2 billion against Solana's $6.5 billion, a ratio of 8.2 to 1.
- Both are down from 2025. January to September 2026 DEX volume was 42% lower on Solana and 47% lower on Ethereum than in the same months of 2025.
Solana vs Ethereum DEX Volume, Month by Month
| Month | Solana | Ethereum | Solana ÷ Ethereum | Ethereum + Base + Arbitrum | BNB Chain |
|---|---|---|---|---|---|
| Sep 2026 | $79.2bn | $43.2bn | 1.83× | $77.0bn | $35.5bn |
| Aug 2026 | $66.4bn | $34.7bn | 1.91× | $64.1bn | $36.7bn |
| Jul 2026 | $56.8bn | $31.5bn | 1.80× | $57.4bn | $30.4bn |
| Jun 2026 | $69.3bn | $38.0bn | 1.82× | $78.0bn | $26.4bn |
| May 2026 | $58.6bn | $36.9bn | 1.59× | $72.5bn | $25.5bn |
| Apr 2026 | $59.5bn | $46.2bn | 1.29× | $77.8bn | $23.1bn |
| Mar 2026 | $84.8bn | $42.2bn | 2.01× | $76.5bn | $30.8bn |
| Feb 2026 | $108.9bn | $57.3bn | 1.90× | $99.8bn | $40.2bn |
| Jan 2026 | $139.9bn | $53.1bn | 2.63× | $99.6bn | $54.2bn |
| Dec 2025 | $109.5bn | $49.5bn | 2.21× | $93.9bn | $62.4bn |
| Nov 2025 | $123.4bn | $76.3bn | 1.62× | $130.8bn | $82.8bn |
| Oct 2025 | $168.4bn | $99.3bn | 1.70× | $179.0bn | $126.9bn |
| Sep 2025 | $142.1bn | $104.0bn | 1.37× | $161.9bn | $91.9bn |
| Aug 2025 | $134.8bn | $128.9bn | 1.05× | $201.1bn | $60.3bn |
| Jul 2025 | $124.9bn | $84.9bn | 1.47× | $140.9bn | $75.0bn |
| Jun 2025 | $86.2bn | $54.2bn | 1.59× | $97.0bn | $90.7bn |
| May 2025 | $130.0bn | $66.2bn | 1.96× | $119.5bn | $65.4bn |
| Apr 2025 | $94.1bn | $56.3bn | 1.67× | $89.3bn | $11.7bn |
| Mar 2025 | $80.0bn | $65.0bn | 1.23× | $99.9bn | $19.7bn |
| Feb 2025 | $149.1bn | $82.5bn | 1.81× | $134.3bn | $29.5bn |
| Jan 2025 | $313.9bn | $85.8bn | 3.66× | $162.6bn | $19.4bn |
| Dec 2024 | $135.3bn | $90.9bn | 1.49× | $173.9bn | $30.0bn |
| Nov 2024 | $158.5bn | $70.9bn | 2.24× | $140.0bn | $24.6bn |
| Oct 2024 | $60.4bn | $42.5bn | 1.42× | $81.1bn | $13.4bn |
| Sep 2024 | $27.5bn | $36.4bn | 0.75× | $61.7bn | $12.0bn |
Three things stand out. First, Solana's lead over Ethereum mainnet has held through a full market cycle, from the late-2024 rally through the 2026 downturn. Second, the gap narrows sharply when Ethereum's layer-2 networks are counted, because much of Ethereum's trading has moved to them. Third, BNB Chain is a serious third player: it passed Solana in June 2025 ($90.7 billion against $86.2 billion) and reached $126.9 billion in October 2025.
Solana vs Ethereum TVL
Total value locked measures the assets deposited in a chain's DeFi protocols, such as lending markets, DEX liquidity pools and staking. It reflects where capital sits, while DEX volume reflects how actively it trades.
| Quarter end | Solana TVL | Ethereum TVL | Ethereum ÷ Solana |
|---|---|---|---|
| Sep 2026 | $6.5bn | $53.2bn | 8.2× |
| Jun 2026 | $4.9bn | $37.3bn | 7.6× |
| Mar 2026 | $6.1bn | $52.4bn | 8.5× |
| Dec 2025 | $7.9bn | $67.5bn | 8.6× |
| Sep 2025 | $11.5bn | $88.4bn | 7.7× |
| Jun 2025 | $8.6bn | $62.3bn | 7.2× |
| Mar 2025 | $6.6bn | $46.9bn | 7.1× |
| Dec 2024 | $8.5bn | $65.6bn | 7.7× |
| Sep 2024 | $5.4bn | $48.5bn | 9.1× |
| Jun 2024 | $4.3bn | $54.8bn | 12.8× |
| Mar 2024 | $4.8bn | $52.7bn | 11.0× |
On month-end figures, Solana's TVL peaked at $11.5 billion in September 2025 and Ethereum's at $90.9 billion in August 2025. Both have since fallen by about 40%, broadly in line with crypto prices. The ratio tells the structural story: Solana turns over its locked capital far more often, while Ethereum holds more long-term deposits in lending and staking.
Why Solana Leads on Volume
- Cost and speed. Solana transactions confirm in under a second and usually cost a fraction of a cent, which makes frequent, small trades practical.
- Memecoins and token launches. Launchpads such as Pump.fun made Solana the main venue for new tokens, and each launch brings a burst of trading. The January 2025 peak came during the height of this activity.
- Aggregators and DEXs. Jupiter, Raydium and Orca route a large share of swaps, including stablecoin and SOL pairs used for arbitrage.
- Wallet experience. Mobile-first wallets such as Phantom lowered the barrier for retail traders.
- Infrastructure upgrades. New validator clients such as Firedancer aim to raise throughput and reduce the network's reliance on a single client.
Why Ethereum's Volume Looks Lower
- Activity moved to layer 2s. Ethereum's scaling plan pushes everyday trading to rollups such as Base and Arbitrum. In September 2026 those two added $33.8 billion of DEX volume on top of Ethereum mainnet's $43.2 billion.
- Higher mainnet fees. Mainnet transactions still cost more than Solana's, so smaller trades go elsewhere.
- Different users. Ethereum mainnet is weighted toward larger trades, lending and long-term positions, which shows up as higher TVL rather than higher volume.
What the Numbers Mean for Traders
- Volume is not value. DEX volume includes memecoin churn, arbitrage and bot activity. It shows where trading happens, not which token will perform better.
- Compare like with like. Solana against Ethereum mainnet and Solana against the Ethereum ecosystem give opposite answers. Say which one you mean.
- Watch the trend, not one month. Single months swing with events such as token launches. Two or three months of rising share is a stronger signal.
- Pair volume with other data. Fees, TVL, stablecoin supply and developer activity help separate lasting growth from short bursts.
- Liquidity matters for execution. Higher DEX volume generally means tighter spreads for SOL pairs on-chain, but most traders still trade SOL and ETH on centralized exchanges, where spot and futures liquidity is deeper.
Risks on Each Side
Solana
- Memecoin dependence. A large share of volume comes from speculative tokens; in 2026 that activity fell, and Solana's volume fell with it.
- Network reliability. Solana has had outages in the past, and its validator set is smaller than Ethereum's.
- Competition. BNB Chain, Base and other fast chains compete for the same traders.
Ethereum
- Value capture from L2s. Trading on layer 2s pays only part of its fees back to Ethereum mainnet, which is part of the debate about ETH's long-term value.
- Fragmentation. Liquidity is split across many rollups, which can mean worse prices for traders on smaller ones.
- Staking concentration. A large share of staked ETH sits with a few providers, which raises governance concerns.
How to Track and Trade SOL and ETH With Altrady
- Trade both on many exchanges. Altrady connects to 19 exchanges, including Binance, Bybit, OKX, Coinbase, Kraken and Hyperliquid, for spot and futures in one terminal. See our guide to crypto trading terminals.
- Get alerted on key levels. Set price and trend line alerts on SOL and ETH pairs, or watch the SOL/ETH ratio on a chart.
- Scan for setups. The TA scanner watches every market on your exchanges for the indicator conditions you define.
- Manage risk on every entry. Smart orders attach the stop loss and take profits when you enter.
Frequently Asked Questions
Does Solana have more DEX volume than Ethereum?
Yes, compared with Ethereum mainnet. Solana has processed more DEX volume than Ethereum mainnet every month since October 2024; in September 2026 it was $79.2 billion against $43.2 billion, according to DefiLlama. Including Base and Arbitrum, the Ethereum ecosystem was roughly level with Solana.
When did Solana overtake Ethereum in DEX volume?
Solana first beat Ethereum mainnet in monthly DEX volume in July 2024 and has led every month since October 2024. The biggest month was January 2025, with $313.9 billion on Solana against $85.8 billion on Ethereum.
Which chain has the most DEX volume?
In September 2026 Solana led with $79.2 billion, followed by Ethereum mainnet at $43.2 billion, BNB Chain at $35.5 billion and Base at $27.6 billion. BNB Chain briefly passed Solana in June 2025.
Is Solana's TVL higher than Ethereum's?
No. At the end of September 2026, Ethereum DeFi held $53.2 billion in total value locked against Solana's $6.5 billion, about 8.2 times more, according to DefiLlama.
Why is Solana's DEX volume so high?
Low fees and fast confirmations make frequent trading practical, and Solana became the main venue for memecoins and new token launches. Aggregators such as Jupiter and DEXs such as Raydium and Orca route large volumes of swaps and arbitrage.
Does higher DEX volume mean SOL will outperform ETH?
Not necessarily. DEX volume includes memecoin churn, arbitrage and bots, and it measures activity rather than value. Traders usually combine it with fees, TVL, stablecoin flows and price trends.
Where does the Solana vs Ethereum data come from?
The figures on this page come from DefiLlama's DEX volume and TVL dashboards for each chain, retrieved on 24 October 2026. Ethereum figures are for mainnet unless Base and Arbitrum are named.
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