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. This has been noted despite decline in Solana trader count. 

SOL On-Chain Trading Volume Growth Shows Rise from 5% to 65%

Based on the market data, Solana has successfully outcompeted Bybit and Binance when it comes to on-chain trading. Particularly, the $SOL-$USD pair’s on-chain volume stands above the combined volume of spot $SOL at Bybit and Binance. For the last three consecutive months. The significant shift indicates a structural transformation, with traders majorly preferring direct volume execution within the Solana network.

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. After that, the most significant development occurred from 2024’s latter period onward. So, the rapid on-chain volume acceleration outperformed 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.

Growing Adoption Makes Solana Noteworthy Liquidity and Settlement Layer

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. Ultimately, if the respective momentum furthers, Solana could serve as an underlying liquidity and settlement layer to reshape the interaction of traders with digital assets.