According to data highlighted in the attached chart, Solana’s onchain spot trading volume reached $1.6 trillion in 2025, surpassing every centralized exchange except Binance.
The figures point to a structural shift in where spot trading activity is taking place, with onchain markets on Solana capturing a growing share of global crypto volume.
The chart shows that Solana’s onchain volume now exceeds the annual spot volumes of major centralized platforms such as Bybit, Coinbase, Gate.io, and Bitget. Binance remains the only venue with higher spot volume, processing roughly $7.2 trillion over the same period.
Market Share Expansion Since 2022
The data also illustrates how rapidly Solana’s position has evolved over the past three years. In 2022, Solana accounted for roughly 1% of combined spot trading volume. By 2025, that share had climbed to approximately 12%, reflecting sustained growth in onchain activity.
Over the same period, Binance’s dominance declined notably. The chart indicates Binance’s market share fell from around 80% in 2022 to roughly 55% in 2025. While Binance remains the largest single venue, the gap between centralized and onchain trading has narrowed significantly.
Onchain Trading Gains Ground Against CEXs
The comparison underscores a broader trend toward onchain execution, where Solana-based infrastructure is handling volumes that now rival, and in most cases exceed, traditional offchain exchanges. In 2025, Solana’s onchain spot volume ranked second overall, ahead of Bybit at $1.5 trillion and Coinbase at $1.1 trillion.
The visual breakdown suggests that onchain trading is no longer a niche alternative but a core component of the global spot market. Solana’s growing share highlights how decentralized venues are increasingly absorbing activity that historically flowed almost entirely through centralized exchanges.
A Structural Shift in Spot Market Dynamics
Based strictly on the chart data, 2025 appears to mark a turning point. Solana’s onchain markets have transitioned from marginal participation to competing directly with the largest centralized platforms by volume. While Binance continues to lead, the dominance it once held has materially weakened as onchain liquidity deepens.
The figures presented suggest that the balance between centralized and onchain trading is continuing to evolve, with Solana emerging as a major hub for spot volume at a global scale.
