95% of Solana’s DEX Trades in April Were Driven by Memecoins

• Memecoins drove 95% of Solana’s non-stablecoin trading, boosting DEX market share
• Solana’s network upgrades improved throughput by 4%, reinforcing its scaling roadmap
• Ethereum’s fee dominance plunged to 13.7% as Layer 2 networks diverted core revenues

In April 2025, Solana doubled down on improving its core infrastructure. At the same time, memecoins largely drove trading activity on its network. While the broader crypto market faced a selloff in risk assets, Solana’s focus on development and its growing ecosystem showed its aim for long-term leadership. 

Despite tough market conditions, memecoins accounted for 95% of non-stablecoin trading volume on Solana’s decentralized exchanges (DEXs). This highlights their role in generating on-chain revenue. Simultaneously, Solana advanced its technical plans with key upgrades. 

These promise faster transactions and quicker response times, setting the stage for more use by large institutions.

"Memecoins remain the primary driver of Solana's onchain revenues. In January 2025, they accounted for 44% of decentralized exchange trading volume, and 35% in April 2025.
If we exclude stablecoins, SOL, and SOL liq…

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