Solana reclaims DEX lead with $19.7B weekly volume as Stonk challenges pump.fun
By Node Zero
September 22, 2026
Solana reclaimed the top spot in onchain DEX trading last week, processing more than $19.7 billion in volume for about 38% market share, according to Blockworks data carried by Daily Crypto News on September 22, 2026. The network had briefly lost the daily volume lead to BNB and later Robinhood before moving back into first place as memecoin liquidity returned to Solana rails.
Memecoins did most of the heavy lifting, accounting for about 78% of the reported trading volume in that wrap. Social-trading flow followed the same path: Dune Analytics figures curated by adam_tehc showed more than 54% of activity on the social trading app fomo routing through Solana, up from just 7.8% two weeks earlier. That is a participation print for Solana’s long-tail token stack, not a guarantee that every NFT floor on Magic Eden or Tensor will reprice with SOL spot.
A new launchpad named Stonk is part of the same revival story. Daily Crypto News said Stonk incubated tokens including ZCAT, ALLINU, and NEARKAT and generated more than $5 million in revenue over the past seven days, ranking third among Solana-based applications on DefiLlama. The outlet reported Stonk briefly surpassed pump.fun in daily revenue — the strongest challenger since LetsBonk’s 2025 run — while still trailing pump.fun on overall volume and token launches.
The DEX mix is shifting with that memecoin return. Traditional passive AMMs such as Raydium, Orca, and Meteora are reclaiming share versus proprietary AMMs that had controlled roughly 70% of Solana DEX volume in January. Because Stonk-launched tokens graduate to Raydium, that venue now captures more than 90% of Solana’s meme and stock trading volume ahead of Pumpswap and Meteora in the same report. Proprietary venues remain important for SOL-stablecoin pairs, but the long-tail memecoin tape favors passive pools.
This desk already covered Solana Agave 4.3 general adoption ahead of Alpenglow and a January-high SOL print near $118. Today’s unused angle is the Blockworks-backed DEX share reclaim: weekly volume above $19.7 billion, 38% market share, memecoin dominance near 78%, and launchpad competition heating around Stonk. For NFT desks, Solana secondary depth still concentrates on Magic Eden in recent Chadbot snapshots; DEX memecoin heat is related weather for SOL gas and marketplace attention, not identical to collectible sales dollars.
Collectors and marketplace operators should still separate DEX memecoin notional from NFT secondary sales. A week above $19.7 billion in swaps can lift SOL spot and NFT ask confidence without repairing Courtyard-style phygital dollar volume or Ethereum blue-chip floors. The useful read is whether Raydium’s graduation funnel and Stonk’s revenue keep feeding long-tail liquidity while Magic Eden retains Solana NFT venue share — two markets that share a chain and a token beta but settle different assets.
Institutional Solana wrappers moved on a parallel track Tuesday. Bitwise CEO commentary relayed by Gate News and BingX said the Bitwise Solana Staking ETF BSOL took more than $60 million in inflows over two days, lifting AUM above $1.2 billion to an all-time high. That wrapper print sits beside the DEX reclaim rather than replacing it; this Latest News leads with the onchain volume and launchpad structure, not the ETF AUM alone.
Other launchpads including Heaven, Boop, and Bags have tried and failed to permanently displace pump.fun, Daily Crypto News noted, after LetsBonk’s July 2025 surge faded. Stonk’s seven-day revenue ranking therefore matters as a competition signal even if absolute launch counts still favor the incumbent. Protocol desks watch whether graduation liquidity stays sticky on Raydium or fragments again if proprietary AMMs adapt to long-tail inventory.
Net: Solana processed more than $19.7 billion in weekly DEX volume for about 38% share, reclaimed the lead after BNB and Robinhood challenges, saw memecoins near 78% of that flow, watched Stonk post more than $5 million weekly revenue with a brief daily edge over pump.fun, and saw Raydium take more than 90% of meme and stock trading volume as passive AMMs regained ground. That is the cleanest unused Dev & Protocol Pulse angle for this Orange County morning after prior Agave and SOL-high Latest News.
Disclaimer: This article is provided for informational and educational purposes only. It does not constitute financial, investment, legal, or trading advice. The NFT market is highly volatile, and past performance is not indicative of future results. Readers should conduct their own research and consult qualified professionals before making any decisions related to digital assets. The cover image for this article may have been created using artificial intelligence (AI).
