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Solana regains leading position in DEX, cooling trading activity

2026-09-14 16:40:12
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Core Points

Solana leads the latest Decentralized Exchange (DEX) trading volume rankings.

The four chains processed approximately US$4.4 billion in transaction volume in 24 hours.

The total is 37% lower than its seven-day average.

Ethereum ranks third in the latest statistical window.

Previous surges in Robinhood Chain have cryptographically native characteristics.

Solana regains top spot, trading activity slows down

Solana has returned to top of the latest DEX trading volume rankings, despite a slowing pace of activity on major networks. Solana, Robinhood Chain, Ethereum and BSC processed approximately $4.4 billion in transaction volume during the latest 24-hour window-which is about 37% lower than their average daily transaction volume in the previous week.

According to the latest DefiLlama data, Solana ranks first with 24-hour DEX transaction volume of US$1.637 billion. Robinhood Chain followed closely with $1.379 billion;Ethereum recorded $721.6 million, and BSC processed $659.41 million.

DEX Trading Volume Ranking (as of September 14, 2026 UTC 07:55)

Solana's lead came after Robinhood Chain briefly occupied the top spot. A September 5 report quoted DefiLlama data showing that Robinhood Chain's daily DEX transaction volume reached US$1.89 billion, higher than Solana and BSC. Since then, Solana has returned to first place, and the total transaction volume of the four major chains has been lower than the recent weekly average.

Ethereum's ranking changes over time frame

In the latest 24-hour window, Ethereum ranked third, leading BSC by approximately $62 million. Longer-term comparisons, however, are less intuitive. In the past seven days, BSC's DEX transaction volume was even higher, at $9.934 billion, compared with Ethereum's at $8.562 billion. But in the 30-day cycle, Ethereum once again led at $39.263 billion, compared with $37.153 billion for BSC.

This gap suggests that daily rankings should not be seen as a permanent indicator of chain demand. The 24-hour results may change quickly due to large stablecoin conversions, trading incentives, token issuance, or a single active venue. Data on the 7th and 30th can provide a more effective reference to determine whether the rankings reflect a brief outbreak or a broader change in activity.

Robinhood Chain's previous surge was driven by crypto trading

Robinhood Chain was designed to support tokenized stocks and other financial products, but its first wave of activity came from crypto trading. In August, the cumulative DEX transaction volume of the chain exceeded US$25 billion. Our previous analysis found that memecoins, stablecoin pairs and other crypto conversions make up the majority of transaction volume, while stock tokens account for a smaller share.

This background limits the inferences that can be drawn from the latest decline in daily trading volume. DefiLlama's linked list summarizes all tracked DEX conversions. stablecoin transactions, miniin transactions, and stock-linked tokens are all counted in the same number, so the data cannot identify which category caused the slowdown in trading for the day.

Robinhood Chain's daily trading volume has fallen from recent highs, while Solana achieved the largest total amount of DEX in the latest window. Claims about demand for memos require more specific evidence, such as active wallet data, issuance activity and the liquidity of individual token pools.

Solana leads a calmer DEX session

A comparison of these four chains also shows two things: Solana handled the most DEX volume in the latest 24 hours, and traders moved funds between these major platforms less than the average day of the previous week. The different positions of Ethereum in the seven-day and 30-day cycles emphasize the rapidly changing nature of daily rankings.

Currently, the data supports a limited conclusion. Trading activity has cooled from recent highs and Solana has regained the lead. To show a more sustained retreat from speculative activity, a sustained sequence of lower volumes needs to be observed, accompanied by weaker wallet participation and thinner liquidity.

This article is for reference only and does not constitute financial or investment advice. DEX transaction volume and token market data are constantly changing.

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