Solana keeps establishing itself as a powerhouse in the decentralized financing (DeFi) arena, with the total decentralized exchange (DEX) trading volume on the network going past an enormous $800 billion in 2025. That number is not just a statement of Solana’s growing superiority in the blockchain world but also an indication of the user activity that has been generated by several key protocols on the network. Those protocols have shown themselves capable of bringing in nearly all the traders this side of Centralized Exchanges (CEXes). Two platforms stand out at the center of this upturn: Raydium and Fluxbeam. These two DEXs have emerged as the platform leaders of the Solana ecosystem and have captured a significant majority of the network’s user activity over the last 30 days. With an influence that’s impossible to ignore, these two platforms boast a combined total of more than 239 million users across Solana’s DeFi stack. BREAKING: Total DEX volume on @Solana has surpassed $800B in 2025. pic.twitter.com/d8bKQLbFom — SolanaFloor (@SolanaFloor) May 7, 2025 Raydium and Fluxbeam Lead the Way Recent user analytics show that Raydium commands a 35% share of active users on Solana’s decentralized exchanges. This figure is current for the past 30 days. Seemingly, all observables point to Raydium being number 1 in that wildly booming Solana DeFi (decentralized finance) sector. Raydium, at its core, is a robust AMM (Automated Market Maker). And from that vantage, it’s an interesting, fast, and efficient liquidity hub for Solana. With Raydium, traders can execute orders fast, with minimal slippage. Integrating with the broader Serum order book system and some other observables point to its lack of presence in a few sectors as some steps in the roadmap to overcome a challenge it seems to face in the area of user experience. Top Solana entities by user share (30D): – Raydium – 35% – Fluxbeam – 28% – Solana – 21% – https://t.co/KMhKpro0u7 – 13% – Jupiter – 2.7% 239M total users. Memes, DEXs, and infra — each playing their part. But Raydium and Fluxbeam are clearly driving the crowd. pic.twitter.com/AifXs11CX1 — Nansen (@nansen_ai) May 6, 2025 Following closely behind is Fluxbeam, which has swiftly surged to a 28% share of Solana’s DEX user base in 2025. Its ascent can mainly be credited to an interface that is as good as any in the space; fee structures that are competitive to the point of being almost dynamic; and community growth strategies that are as aggressive as they are well thought out. Fluxbeam is becoming quite the alternative to more established players—it represents something fresh, accessible, and even a bit fun, which is not how most DEXes like to think of themselves. At the same time, the base infrastructure of Solana has a 21% share of users. While it is not a decentralized exchange itself, the core functionalities of the Solana blockchain provide a seamless platform for decentralized trading. Solana is known for its high throughput and low transaction costs, and these attributes have made the network a suitable environment for building and using DEXes. Pump.fun is a platform riding Solana’s meme coin and social token wave, but it certainly is not a silly platform or a ridiculous project. The way that Pump.fun onboards new users to the decentralized finance (DeFi) world is no joke, either. The platform’s active user base—comprising likely very new crypto users—interacts with the platform in a fashion that resembles how users of popular consumer apps interact with their app. Half of Pump.fun’s active users are under the age of 34, and 39% identify as women. Completing the roster is Jupiter, a potent DEX aggregator, which presently commands 2.7% of Solana’s DEX user base. Its sliver of market share seems somewhat paltry, but in fact, it’s hardly a small player. This is because Jupiter handles a critical part of the swapping infrastructure on Solana. Memecoins, DEXs, and Infrastructure: The Trio Powering Solana’s Boom Solana’s massive volume figures and user base in 2025 stem from something more than just state-of-the-art trading platforms. Instead, I see them as the brewing outcome of three converging forces: memes, decentralized exchanges, and infrastructure. Viral marketing and gamified user experiences attract vast numbers of audiences to memecoin platforms like Pump.fun. These fresh users next flow through to decentralized exchanges such as Raydium and Fluxbeam to perform the usual operations of a token economy—buying, selling, and swapping tokens. And underpinning all of this is the Solana blockchain itself, with its scalability and low fees, making such wildly successful growth possible without any sort of clogging in the network. This ecosystem collaboration enables Solana’s success even when the rest of the market is experiencing volatility. While other chains deal with slow transaction times and angry users due to congestion and high gas fees, Solana offers a smooth experience. That’s because it’s employing two technologies in synergy: parallel processing and innovative validator incentives. In 2025 so far, DEX volume has already hit $800 billion—and the year isn’t even done yet. Solana is staking out a position not just as a speedy blockchain but as a full-stack, user-friendly DeFi ecosystem. Raydium and Fluxbeam are the two applications attracting the most user attention, and the aspiring social layer of Solana is really just getting started. Memecoins and other social tokens are, in Solana’s case, not so much a silly sideshow as a path toward the burgeoning crypto global economy. Disclosure: This is not trading or investment advice. 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