Recently in the crypto world, a phenomenon has become increasingly evident—high-performance chains are draining the lifeblood from centralized exchanges.

SOL's performance is the most explosive. According to Jupiter data, by 2025, Solana's on-chain spot trading volume has surged to $1.6 trillion, ranking just behind BNB and directly surpassing major platforms like Coinbase, Bybit, and Bitget. Three years ago, SOL's trading volume was virtually negligible; now it accounts for 12% of the total global trading volume—this growth rate is truly astonishing.

Why is this happening? Simply put, funds are seeking more efficient venues. Solana happens to fit perfectly: fast transaction speeds, low fees, and an on-chain experience that rivals traditional CEXs. Some are boldly speculating—could it be that real market activity is migrating from centralized exchanges to the blockchain? While Binance remains stable, its market dominance is being diluted, and the entire ecosystem is becoming increasingly decentralized.

There’s also an accelerator behind this trend: stablecoins. On-chain spot trading requires liquidity as fuel. Although ETH remains the main battleground for stablecoins, Solana's stablecoin supply has been exploding since early 2024, TRX is also grabbing market share, and other emerging high-performance chains are eyeing the space. The result is a virtuous cycle—liquidity attracts trading volume, and trading volume, in turn, stabilizes liquidity, making Solana the biggest beneficiary.

The price has also taken off. SOL recently stabilized above $130, and this momentum seems to be continuing.