Solana’s decentralized exchanges processed more spot trading volume than the New York Stock Exchange this Thursday, marking a significant milestone for blockchain infrastructure. The network recorded $1.6 trillion in cumulative spot volume for 2025, capturing nearly 12% of global market share and ranking second only to Binance.
Daily on-chain activity peaked above 100 million transactions in mid-2026. Crucially, Solana now commands approximately 97% of all on-chain tokenized equities spot trading volume.
Tokenized assets are the primary growth driver. Daily trading volume for these instruments hit a record $187.9 million in June 2026. SPCX, a token representing SpaceX shares, accounted for over $105 million of that daily total alone.
Market analysts urge caution when comparing decentralized exchange metrics to traditional venues. NYSE volume reflects regulated order books with institutional oversight, whereas on-chain data can include bot activity and wash trading that inflate raw numbers. Additionally, the legal status of tokens like SPCX remains uncertain across jurisdictions.
Despite these nuances, Solana has established dominant network effects in asset tokenization. With ETFs like Bitwise BSOL and Grayscale GSOL already trading on NYSE Arca, the convergence of traditional finance and decentralized infrastructure continues to accelerate.