Which venues boosted SOL volumes?

TLDR

Most of the recent boost in Solana (SOL) volumes came from on?chain DEX activity on Solana itself. On?chain SOL USD trading exceeded combined spot volume on Binance and Bybit for months per a report citing Artemis data in a CryptoSlate analysis.

1. On?chain venues on Solana led the increase, outpacing centralized spot on Binance and Bybit per the report above.
2. Among centralized exchanges, Binance and Bybit remained the primary SOL spot venues in the period referenced by the same report.
3. Coinbase expanded access for SOL ecosystem tokens, which supports venue breadth, per a market update.

Deep Dive

1. On?Chain DEXs Dominated

The largest incremental lift in SOL trading came from native on?chain venues on Solana. A recent analysis citing Artemis shows on?chain SOL USD trading exceeded combined Binance and Bybit spot volumes for three straight months, implying price discovery shifted on chain rather than on centralized exchanges. See the CryptoSlate analysis.

• This aligns with Solanas fast, low?fee profile that favors high?turnover flows and aggregator?routed trades.
• Practically, it means liquidity concentrated in Solana DEX order flow rather than migrating to CEX spot.

2. Binance and Bybit Still Key CEX Hubs

Even with the on?chain shift, Binance and Bybit remained the principal centralized venues for SOL spot in the period cited. The same analysis explicitly uses these two exchanges as the benchmark for comparing on?chain share, underscoring their role in SOL volume concentration. Reference the CryptoSlate analysis.

• These venues typically offer deepest books and pairs that anchor CEX price discovery.
• Their relative share matters when on?chain volume ebbs, especially around macro events or cross?market volatility.

3. Coinbase Expanded Access

Coinbase broadened access to SOL ecosystem tokens, which supports activity across U.S. user bases and can indirectly lift SOL turnover when interest rotates back to CEXs. This was noted in a late?December roundup that mentioned Coinbase integrating SOL?based tokens, see the market update.

• Wider token coverage improves discovery and funnel effects into SOL pairs.
• The impact tends to be episodic, strongest around listings and narrative bursts.

Conclusion

In the past week, the venues that most boosted SOL volumes were on?chain DEXs on Solana itself, with centralized spot trading on Binance and Bybit still anchoring the CEX side. Venue mix now tilts more on chain, so the balance between on?chain aggregators and top CEX books is the key driver of near?term liquidity and slippage.