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The Solana ecosystem has garnered significant attention in 2025. According to the latest data, the on-chain spot trading volume on Solana has surpassed $1.6 trillion, a scale that has already exceeded almost all major centralized exchanges except Binance.
Looking at the on-chain data from Jupiter Exchange makes it even clearer—the trading volume of Solana accounts for about 12% of the entire market, soaring from around 1% in 2022. In other words, based on the total trading volume over the past year, Solana has firmly surpassed platforms like Bybit, Coinbase, and Bitget.
What does this reflect? The dominance of Binance is weakening. Binance's market share has declined from about 80% in 2022 to around 55% now. Although it remains the absolute leader, the sense of erosion is quite evident. On one hand, the growth momentum of on-chain transactions on Solana is strong; on the other hand, competition among various trading platforms is becoming increasingly fierce. The industry landscape is quietly changing, and the concentration of centralized trading is gradually dispersing.