Solana has reclaimed the top spot in onchain trading, with DEX volume surging as liquidity and social trading activity flow back to the network.
The comeback is being powered largely by memecoins, while a new launchpad called Stonk is starting to make noise alongside established players such as pump.fun. At the same time, traditional automated market makers are regaining ground as traders return to long-tail tokens.
According to Blockworks data, Solana processed more than $19.7 billion in DEX volume last week, giving it 38% of the onchain market share. The network had briefly lost the daily volume lead to BNB and later Robinhood, but has now moved back into first place.
Memecoins are doing much of the heavy lifting with 78% of trading volume, reflecting a strong return of capital and liquidity to the network after competitors had begun to challenge its dominance.
That shift is also showing up in social trading. Data from Dune Analytics, curated by adam_tehc, shows that more than 54% of trading activity on the social trading app fomo is now routed through Solana.
Two weeks earlier, that figure was just 7.8%.
Solana’s memecoin revival has a new contender
Stonk has emerged as one of the network’s more notable launchpads, incubating tokens including ZCAT, ALLINU, and NEARKAT.
The platform generated more than $5 million in revenue over the past seven days, ranking third among Solana-based applications according to DefiLlama data.
Stonk has even briefly surpassed pump.fun in daily revenue, making it the most significant challenger the incumbent has faced since LetsBonk.
LetsBonk took control of the Solana launchpad market in July 2025 after launching in April, but eventually lost its momentum and handed the lead back to pump.fun. Other platforms, including Heaven, Boop, and Bags, also tried to capture the market without displacing the established leader.
For now, Stonk is still some distance behind pump.fun in overall volume and token launches. But its recent revenue suggests the competition around Solana’s memecoin economy is heating up again.
Solana’s DEX mix is changing, too
The return of memecoin trading is also reshaping where liquidity sits.
Traditional passive AMMs such as Raydium, Orca, and Meteora are reclaiming a larger share of Solana’s DEX activity, while proprietary AMMs remain particularly important for SOL-stablecoin trading.
The difference comes down to the kind of assets being traded. Passive AMMs are better suited to the long tail of tokens that dominate memecoin activity, while proprietary liquidity venues are less optimized for that market.
In January, proprietary AMMs controlled roughly 70% of Solana’s DEX volume. Their share has steadily declined as memecoin activity expanded.
Raydium has been one of the clearest beneficiaries. Because Stonk-launched tokens graduate there, the established DEX now captures more than 90% of Solana’s meme and stock trading volume, ahead of rivals including Pumpswap and Meteora.
Solana’s latest numbers therefore tell a broader story than a simple shift in DEX rankings. Trading activity is returning to the network, social traders are following the flow, and the infrastructure supporting speculative long-tail assets is gaining ground again.
The result is a noticeably different onchain market from the one that briefly pushed Solana out of the top spot: more memecoins, more competition among launchpads, and renewed pressure on liquidity platforms to adapt to where traders are actually moving.