SOL-chain DEXs recorded $2.278 billion in trading volume over 24 hours, down 6.54% from the previous day. Meanwhile, the amount locked in DeFi protocols rose from $5.851 billion on October 19 to $6.032 billion, a 3.09% increase in three days. Trading is slowing, but the money hasn’t left—instead, it’s settling into pools.
This is somewhat unusual. Normally, when trading cools down, TVL falls too, as funds either move to another chain or leave altogether. This time it’s the opposite: turnover is down while the amount of capital held on-chain is up, suggesting that money from selling is staying on the chain rather than moving elsewhere.
On-chain fees support this view. Fees over 24 hours came to $732,100, down 8.44% from the previous day, but only 0.74% below the average for the past seven days. The slowdown is just a pullback from the previous day’s high baseline, not a trend of sustained contraction.
The DEX landscape is also changing. BisonFi took the top spot with $341 million, accounting for 14.97% of the total. PumpSwap fell 26.09%, Orca fell 16.26%, and Raydium fell 10.01%. Meme coins and established AMMs are both losing ground, but the overall market is still growing.
The $2.278 billion in trading volume is actually 19.82% higher than the seven-day average of $1.901 billion. It only looks like a sharp drop because the previous day’s baseline was so high. Cumulative volume over the past seven days is up 7.52%—turnover is down, but the money hasn’t left.
This is somewhat unusual. Normally, when trading cools down, TVL falls too, as funds either move to another chain or leave altogether. This time it’s the opposite: turnover is down while the amount of capital held on-chain is up, suggesting that money from selling is staying on the chain rather than moving elsewhere.
On-chain fees support this view. Fees over 24 hours came to $732,100, down 8.44% from the previous day, but only 0.74% below the average for the past seven days. The slowdown is just a pullback from the previous day’s high baseline, not a trend of sustained contraction.
The DEX landscape is also changing. BisonFi took the top spot with $341 million, accounting for 14.97% of the total. PumpSwap fell 26.09%, Orca fell 16.26%, and Raydium fell 10.01%. Meme coins and established AMMs are both losing ground, but the overall market is still growing.
The $2.278 billion in trading volume is actually 19.82% higher than the seven-day average of $1.901 billion. It only looks like a sharp drop because the previous day’s baseline was so high. Cumulative volume over the past seven days is up 7.52%—turnover is down, but the money hasn’t left.