When it comes to dominating volume on decentralized exchanges (DEXs), Solana is eating Ethereum’s lunch – and drinking its milkshake – at least that’s how Seychelles-based cryptocurrency exchange OKX describes the DEX landscape in its 2025 State of DEXs report published on Tuesday.

The proof-of-history blockchain generated 48% of DEX volume in 2024 according to the report. By comparison, Ethereum was responsible for 21%, less than half of Solana – without accounting for volume from Ethereum L2s like Base, Arbitrum, and Polygon.

But regardless of pumpdotfun’s questionable reputation, it is now part of a well-oiled machine – together with decentralized exchange Raydium and DEX aggregator Jupiter – that allows users to mint memecoins on pumpdotfun, generate liquidity on Raydium, and obtain efficient price discovery via Jupiter, helping Solana generate more DEX volume than any other layer one blockchain.

“The key player and contributor to Solana’s explosive growth is indisputably Jupiter,” the OKX report states. “But if Jupiter is the king of Solana DEXs, Raydium is the kingmaker.”

...

https://news.bitcoin.com/report-solana-is-drinking-the-ethereum-milkshake/