Solana Flips Ethereum as DEX Volume Tops L2s and Hyperliquid Combined

TLDR:

Solana logged $3.06B in daily spot DEX volume, topping Ethereum, L2s and Hyperliquid combined on October 3.
Solana captured over 36% of global spot DEX volume in H1 2026, nearly twice Ethereum’s share in the period.
DefiLlama showed about $78B in 30-day Solana DEX volume, versus roughly $42B recorded on Ethereum overall.
Memecoin volume fell to 16% from 40%, while stablecoin swaps rose to 19% from 6% over the same period.

Solana overtook Ethereum, its Layer 2 networks and Hyperliquid combined in spot decentralized exchange volume on October 3, according to Blockworks Research data. The comparison, shared by SolanaFloor on October 4, placed Solana at the top of the latest completed daily session.

JUST IN: @Solana recorded more spot DEX trading volume yesterday than Ethereum mainnet, all Ethereum L2s and Hyperliquid combined. pic.twitter.com/nJPYTt49Fq
— SolanaFloor (@SolanaFloor) October 4, 2026

Blockworks’ dedicated dashboard recorded $3.06 billion in previous-day spot DEX volume and $4.51 billion in DEX liquidity. The result stands out as the benchmark combines Ethereum mainnet with L2s and adds Hyperliquid, creating a wider measure of competing onchain trading activity.
Solana Extends Its Lead Across Spot DEX Markets
The October 3 result follows a broader shift in decentralized spot trading. Research from 21Shares found that Solana handled more than 36% of global spot DEX volume during the first half of 2026.
That share was roughly double Ethereum’s, even though Solana represented about 9.5% of the smart-contract blockchain market capitalization measured in the report.
DefiLlama data also placed the network among the largest decentralized trading ecosystems. Its recent rankings showed about $78 billion in 30-day Solana DEX volume, compared with roughly $42 billion for Ethereum.
However, provider totals differ as tracking methods are not identical. Blockworks only counts trades where both assets appear in its token database. That filtering is designed to remove artificial activity involving unidentified or thinly traded tokens. As a result, Blockworks totals can sit below raw blockchain volume.
Spot Trading Mix Shifts Toward Stablecoins and Tokenized Assets
The trading mix has also changed. According to 21Shares, memecoins accounted for 16% of Solana spot volume in H1 2026, down from 40% one year earlier. Stablecoin swaps moved in the opposite direction, rising from 6% to 19% over the same period.
That shift shows a larger share of activity moving beyond purely speculative tokens. Tokenized equities have also become part of the network’s trading base. Blockworks Research ranked Solana second behind Binance in median weekly spot volume among measured venues during 2026.
Even so, Solana DEX volume remained below 1% of either Nasdaq or the NYSE by dollar value, keeping the scale comparison in perspective. Trade count tells a different story. Solana recently processed about 208 million weekly spot DEX trades, above roughly 189 million NYSE transactions in a separate comparison.
Together, the October 3 lead, higher 30-day volume and changing asset mix show Solana strengthening its position in onchain spot execution. Ethereum, L2s and Hyperliquid still remain major competitors.
The comparison also highlights how dollar volume and transaction counts measure different dimensions of market activity across trading venues. On October 3, however, the daily dollar-volume ranking placed Solana ahead of the combined benchmark formed by Ethereum, L2s and Hyperliquid in this session.
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