Which venues drove SOL onchain volumes?

TLDR

Solana (SOL) onchain volumes this week were led by the Jupiter aggregator routing into AMMs like Orca and Raydium, a MON launch spike that put Solana venues near CEX scale, and strong NFT flow on Tensor.

1. MON trading on Solana would have ranked it the fifth largest venue globally for the day per a market report. See the analysis.
2. Routing concentrated through Jupiter, with liquidity provided by AMMs such as Orca and Raydium during the MON event. See the project post.
3. NFT volume remained centered on Tensor, which is being integrated via Coinbases Vector.fun acquisition. See the news update.

Deep Dive

1. MON Launch Spike

Solanas hosting of MON trading created a temporary surge that rivaled top centralized venues.

1. A recent analysis noted that MON volumes on Solana surpassed Hyperliquid spot by about 60% and, stacked against CEXs, would have placed Solana fifth by venue volume that day, only behind Upbit, Coinbase, Bybit and Bithumb. See the analysis.
2. The framing from that report attributes competitiveness to bridge infrastructure and prop AMMs, which helped aggregate liquidity quickly across pairs. See the analysis above.

2. Jupiter Plus AMMs

Jupiter was the primary route for spot flows, with AMMs like Orca and Raydium supplying depth.

1. Meteora publicly highlighted that Jupiter is the best place to trade MON, with Meteora fueling dynamic liquidity for those swaps, confirming routing through Solanas main aggregator. See the project post.
2. A market observer also claimed traders are saving 10100 bps by going direct to Jupiter and Orca versus CEXs during the recent surge. Treat this as a social datapoint, not a formal audit. See the commentary.
3. Beyond a single event, context reports show Solana DEX activity is structurally high, with average spot DEX volumes in prior quarters running in the multi?billion USD per day range. See the market brief.

3. NFTs And Tensor

NFT activity remained centered on Tensor, reinforcing non?DEX drivers of onchain volume.

1. Coinbases plan to integrate Vector.fun from Tensor Labs signals Tensors central role in Solanas NFT market structure, even as fungible token trading dominated headlines. See the news update.
2. Social data has repeatedly framed Tensor as the dominant NFT venue by share, which fits with its strategic integrations, though figures vary and should be treated as directional. See the commentary.

Conclusion

This weeks SOL onchain volumes were concentrated where liquidity and routing were strongest: Jupiter for swaps into Orca and Raydium, plus a MON?driven listing surge that briefly put Solana venues in CEX territory, and steady NFT activity on Tensor. The practical takeaway is to watch event windows, aggregator routes, and leading pools, since that is where depth and price discovery tended to cluster.