Solana lives and dies on new token issuance and trading volumes. 🧵on what's happening under the hood 👇 DEX Volumes: - avg. of $3.5b/day over the last few months, still 45% below avg. volumes in Q1 - @RaydiumProtocol has market share with 32% of volumes (down from 57.5% in Q1)

Why is Raydium's market share down? Private DEXs. They now account for 25% of all DEX volume on Solana. - SOLFi = 15% - ZeroFi = 4.6% - Obric = 2.3% - Stabble = 1.5%

Where are these private DEX swaps originating? On @JupiterExchange In fact, SolFi has taken market share with 22.7% of all Jupiter volume originating from the Private DEX in 2025. Private DEXs are providing a better trading experience for users on Jupiter. Raydium has 20.5% market share on Jupiter.

What % of DEX volume is "degen" vs "non-degen?" 53% = "degen" (memes, AI, speculative tokens) It's not a bug. It's a feature.

Shifting to launchpads. Major shakeup occurring as we speak with @bonk_inu taking market share from @pumpdotfun More competition is good for Solana and SOL holders. [We're covering this in @the_defi_report tomorrow, sign up link below)

P.S. We're covering PUMP (and its new competition with Let's Bonk) for readers of @the_defi_report tomorrow. If you'd like to have the latest research hit your inbox when it's published, you can sign up here:

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