- SOL DEX trading volume declined 24.96%, Raydium fell 47.65%, and Orca was down 28.52%.
- Raydium’s trading volume hit $8.792B while Orca reached $4.065B showing weekly declines.
- Meteora rose 18.54% in volume, topping $7.73B, while traders moved market liquidity
Solana’s decentralized exchange has experienced a downturn, with declines in trading volume across platforms. According to data from DeFiLlama, as of February 17, Solana’s total DEX trading volume in the past day stood at $2.435 billion, marking a downward trend. Over the past seven days, total volume reached $26.006 billion, reflecting a 24.96% weekly decline. The reduction represents the lowest trading levels since mid-December 2024, raising concerns about the efficacy of the DeFi economy to shareholders.
Source: DefiLlama
Raydium and Orca Suffer Steep Weekly Declines
The largest DEX by trading volume on Solana has seen a 47.65% decline in weekly trading volume. The platform recorded $792.52 million in daily volume and $8.792 billion over the previous seven days. Despite having the highest Total Value Locked at $1.627 billion, the drop in trading capacity suggests a reduction in liquidity inflows.
Source: DefiLlama
Orca, another Solana DEX, saw its seven-day trading volume fall by 28.52%. In the past 24 hours, volume stood at $451.83 million, while the weekly total reached $4.065B. Unlike Raydium, Orca’s TVL remains lower at $296.39 million, but its Volume/TVL ratio of 1.52 indicates a higher proportion of active trading relative to locked liquidity.
Meteora Gains Momentum Amid Market Weakness
While Raydium and Orca struggled, Meteora emerged as a standout performer, registering an 18.54% increase in weekly trading volume. The platform recorded $658.09 million in 24-hour trading volume, while its seven-day total climbed to $7.73 billion. Unlike its competitors, Its TVL stands at $1.009 billion, resulting in a Volume/TVL ratio of 0.65, indicating a more stable reserve utilization than other DEXs.
Related: SEC Officially Acknowledges 21Shares’ Spot Solana ETF Filing
Is Solana’s DEX Economy at Risk of Further Decline?
The drop in volume across Solana’s DEX platforms highlights investor perceptions and dynamics. After a rise in late 2024 and early 2025, the latest downturn suggests a cooling phase in the market. While Raydium and Orca witness steep drops, Meteora shows development, pushing shareholders to analyze whether the next step would be a spike or a correction.
