Solana has accumulated roughly $4.4 trillion in total token trading volume over three years, data shows. Weekly activity, once below $10 billion, accelerated to between $20–$40 billion in 2024 before peaking at around $130 billion during speculative cycles. While volumes have cooled to $12–$15 billion weekly, this remains elevated. In a separate metric, Solana now leads in RWA holder count with roughly 155,000 wallets, surpassing Ethereum‘s 154,000, though it trails significantly in total RWA value. Market liquidity remains thinner than Ethereum’s, with a 0.4 liquidity-to-volume ratio.
Trading activity on the Solana blockchain has expanded sharply, accumulating roughly $4.4 trillion in total token volume. Weekly turnover, once below $10 billion, climbed steadily through 2024, frequently reaching the $20–$40 billion range.
Momentum accelerated with rising participation across decentralized trading venues and memecoin ecosystems. At its peak, weekly volume briefly spiked to about $120–$130 billion during speculative bursts.
Activity has since cooled, with the network generating roughly $12–$15 billion in weekly trading volume recently. This level remains significantly higher than its early-cycle activity, indicating sustained retail demand.
In tokenized real-world assets (RWAs), Solana has overtaken Ethereum in holder count. Solana recorded roughly 154,942 RWA holders, slightly exceeding Ethereum’s 153,592 holders according to distribution data.
However, Ethereum still leads in capital concentration, securing roughly $15.45 billion in RWAs across 675 assets. Solana’s total RWA value is lower at around $1.79 billion, reflecting an earlier stage of capital deployment.
Market liquidity presents a complex structure for Solana. DeFiLlama data shows $6.53 billion in Total Value Locked (TVL) supports $14.96 billion in weekly DEX volume.
This produces a 0.4 liquidity-to-volume ratio, far thinner than Ethereum’s 4.57 benchmark. Larger orders on Solana can encounter shallow depth, where price impact rises quickly during demand spikes.
Roughly $15.4 billion in stablecoin supply supported more than 60% of trading pairs, helping maintain continuous market activity. Meanwhile, Ethereum preserves a structural edge through $160 billion in stablecoins and expanding RWA liquidity.
