Solana DEX activity shows massive on‑chain throughput but very low user retention: Solana’s DEX volume is large, yet over 96% of SOL addresses churn within a day, indicating high short‑term trading, not sustained on‑chain adoption.
Key point: Solana leads DEX throughput but suffers extreme address churn.
Solana holds ~25.36% of on‑chain DEX volume vs. Ethereum’s ~23.3%, yet long‑term addresses are a tiny fraction.
Data highlight: ~96.6% of Solana addresses have a lifespan under one day; only 0.2% last ≥1 year.
Meta description: Solana DEX activity reveals high throughput but weak retention — 96% address churn. Read concise analysis and key takeaways on Solana adoption now.
What does Solana DEX activity reveal about long‑term adoption?
Solana DEX activity shows exceptional throughput and ultra‑low fees, but it does not equal durable adoption. While SOL drives large short‑term trading volume, the vast majority of addresses are transient, suggesting liquidity and volume are driven by quick trades rather than sticky users or applications.
How large is Solana’s on‑chain DEX volume compared with Ethereum?
On reported on‑chain metrics, Solana and Ethereum together account for roughly 50% of total DEX trading volume. Solana holds a slight edge at about 25.36%, with Ethereum near 23.3%. These figures show liquidity is closely contested, but Solana’s edge is concentrated in high‑frequency, low‑cost swaps rather than long‑term usage.
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Key Takeaways
Solana’s high DEX throughput masks weak retention. Over 96% of addresses churn within a day. What does this mean for long-term adoption?
Solana [SOL] and Ethereum [ETH] remain the dominant chains in on‑chain DEX volume, controlling roughly half of total trading. Solana currently holds a slight edge at 25.36%, with Ethereum at 23.3% — a narrow margin reflecting comparable liquidity dynamics.
On‑chain, SOL’s edge underscores network fundamentals: high throughput, ultra‑low fees, and sub‑second finality.
Solana averages roughly $0.043 per transaction versus Ethereum’s ~$0.43, enabling up to 10× more value movement per dollar of fees and making SOL attractive for high‑frequency swaps without immediate congestion.
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This operational advantage drives headline DEX throughput. Yet the retention picture diverges: Solana reports over 750 million transaction addresses, but approximately 96.6% (about 720 million) have a lifespan under one day, exposing substantial address churn and low long‑term stickiness.
Put simply, Solana’s headline metrics may overstate genuine adoption. Just over 1.8 million addresses have lifespans longer than a year — roughly 0.2% of the total address base — underlining limited long‑term retention despite massive throughput.
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