Deep Dive: Solana DeFi - July 2025

Deep Dive: Solana DeFi - July 2025

Deep Dive: Solana  DeFi - July 2025



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Syndica Deep Dive: Solana DeFi - July 2025

Solana led spot DEX volume for 10 consecutive months. It captured 41% of July’s spot DEX volume across all L1s and L2s combined.

Solana’s cumulative 2025 DEX volume is up 20% vs 2024. Year-to-date, cumulative Solana DEX volume stands at $1.2T.

Aggregator competition on Solana has intensified. After virtually no rivals a year ago, Jupiter now faces OKX and DFlow at ~10% and ~5% market share in July.  Titan Aggregator remains in beta and will further intensify the race.

DFlow set a record $2.9B in June, up 164% MoM. The aggregator is taking off despite being live for only four months.

Memecoin launchpad competition surged even though the market didn’t grow. Monthly launchpad volume held steady at ~$5–6B, but leadership shifted from Pump.fun to LaunchLab in July. Pump.fun’s share fell from 97% (Apr) to 31% (Jul).

Following 5 monthly declines, Solana perps rose 80% MoM. July closed at $41B, the second-highest month of 2025. Jupiter Perps still leads, with Drift closing the gap.

Zero-fee BTC/ETH lifted Drift’s volume 4x in July. The protocol's monthly volume rose from $4.5B to $19.6B. Volume growth was led by the zero-fee pairs: ETH ~6x, BTC ~5x.

Perps LP tokens have posted solid gains. Since March, Flash Trade’s FLP.1 leads with a 37% gain, while Jupiter’s JLP and Adrena’s ALP are up 27% and 15%, respectively.

Stablecoins held near ~$12B throughout 2025. USDC and USDT still dominate, but the non-USDC/USDT slice in the “Others” bucket grew steadily.

Solana’s stablecoin mix is diversifying. Excluding USDC and USDT, other stables now total ~$1B for the first time. PYUSD, USDG, FDUSD and yield-bearing USDY represent that ~$1B, a meaningful share that didn't exist a year ago.

Kamino’s xBTC growth program delivered. OKX launched xBTC on Solana in May; Kamino incentives began June 20. Supply increased 20x, from 25 to 508 by mid-August.

LST TVL hit a record 52.7M SOL, 12.7% of staked SOL. Liquid staking keeps setting new highs, but the growth rate in recent months has slowed versus a year ago.

xStock brings 24/7 onchain equities to Solana. TSLAx and CRCLx drove >50% of volume, more than the other 59 tickers combined.

xStock trading aligns with TradFi hours. xWeekday activity outpaces weekends by about 3:1, easing when markets close and prices pause.