Core Insights - Solana-based decentralized exchanges (DEXes) have reportedly surpassed trading volumes of major centralized exchanges like Binance and Bybit during late 2025, indicating a significant shift in crypto price discovery directly onto the blockchain [1][2] - The on-chain activity and trading volumes on Solana DEXes, including Jupiter, Orca, and Raydium, have reached new records, driven by traders seeking faster and cheaper trading venues [1][3] Trading Volume and Performance - Solana DEX volume has consistently matched or exceeded that of major centralized exchanges during the final quarter of 2025, with Raydium clearing over $100 billion in monthly volume for three consecutive months and total Solana DEX volume surpassing $120 billion in certain months [3] - Daily trading volume on Solana DEXes has at times exceeded $3.8 billion, outperforming the combined volume of Ethereum and Base [7] Advantages of Solana DEXes - The advantages of Solana DEXes stem from their speed and low transaction fees, with the Alpenglow upgrade enabling transaction finality under 100 milliseconds, attracting high-frequency trading firms and algorithmic traders [5][6] - The transition to the Votor consensus protocol has further reduced settlement latency, making sub-100ms finality achievable in practice [6] Impact of Stablecoin Inflows - Significant inflows of stablecoins, such as over $5.5 billion in USDC minted directly on Solana in one month, have created a "permanent bid" for on-chain trading, allowing traders to save an estimated 0.10–1% per trade compared to centralized venues [7]