Deep Dive: Solana DeFi - April 2026

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Syndica Deep Dive: Solana DeFi - April 2026

Part I Solana Trading

Solana held the DEX volume lead for the 19th straight month.

Solana captured 31% of April DEX volume, ahead of Ethereum’s 29%, despite its fourth consecutive monthly share decline.

Solana DEX volume cooled to $54B, down 19% MoM.

DEX volume remained below June 2025’s prior trough for a second consecutive month. Manifest was the biggest DEX gainer at +37% MoM, climbing from $2.62B to $3.60B.

Prop AMM share broke below 50% for the first time since October 2025.

Its share fell from December's 67% peak to 48% in April. Constant Product climbed to 17.8%, while Orderbook rose to 6.4%.

Stablecoin-related swaps now drive 72% of Solana DEX volume.

SOL-stablecoin pairs reached 48%, while stablecoin swaps set a record share for the fourth straight month at 24%. Memecoin share fell from 45% to 18% over the past twelve months.

Solana aggregator volume fell 21% MoM to $34B.

April marked the third straight monthly decline. Jupiter held an 84% share and has stayed above 80% over the past twelve months.

Solana's perps-to-spot ratio compressed to 0.12, near a 12-month low.

Drift's $285M exploit weighed on Solana perps volume in April. Phoenix Perps launched and Bulk neared mainnet, setting up the next perps wave.

Part II Solana Lending & Borrowing

Solana lending TVL fell 15% to $2.3B, the largest monthly contraction of 2026.

The drop mainly came from Kamino and Jupiter Lend, while Loopscale held flat.

Part III Solana Pegged Assets

xStocks became Solana’s top RWA issuer.

BlackRock's BUIDL fell from $534M to $240M on Solana, while xStocks climbed to $367M. Total Solana RWA AUM pulled back from $1.5B to $1.3B.

Solana tokenized equities scaled to $412M, a ~11x jump since July.

Tokenized equities now make up roughly a third of Solana's $1.3B RWA AUM. Nine straight months of growth carried the category to a fresh high.

ANTHROPIC leads PreStocks' pre-IPO bets on Solana.

ANTHROPIC hit $8M, commanding 38% of PreStocks AUM. NEURALINK debuted in April at $1.7M AUM.

Part IV Solana Stablecoin and LSTs

USDT supply on Solana climbed $9.7B to a record $3.8B.

Its growth has been steady, with supply nearly doubling since January 2025. USDC drifted lower over the same period, falling from $9.7B to $8.7B.

USDC's lead over USDT halved on Solana.

USDC was 4.8x the supply of USDT a year ago. In April, it was just 2.3x.

The ratio has held near 2.3x for four straight months.

USDG and USD1 recorded the deepest net outflows in April.

USDG posted $290M in net outflows, while USD1 posted $98M. The two recorded the largest outflows among Solana stablecoins.

bnSOL overtook jitoSOL as Solana's largest LST. bnSOL reached 10.5M SOL, while jitoSOL sat 8.8M SOL below its peak in May 2025. jupSOL was the standout LST gainer, up 15.7% MoM to 5.04M SOL.

Part V Solana Token Launches

Token-2022 crossed 90% of Solana's monthly token issuance for the first time.

Token-2022 minted 1.40M of April's 1.54M new tokens. The original SPL standard fell to 141k mints, its lowest count on record.

Pump.fun launched 96% of Solana's new tokens in April, a fresh all-time high.

Its share has climbed for three straight months. Printr debuted with a 1.4% share, becoming the first new launchpad challenger of 2026.