Solana’s spot DEX volume fell 45% in Q2, while its DEX market share dropped six percentage points to 30%. Tokenized real-world assets on Solana surpassed $3 billion, with public equities beco
Solana’s second-quarter activity fell across major measures, while tokenized equities and other real-world assets expanded onchain. Galaxy Research reported lower DEX, network, and application fees, alongside growing tokenized value. Meanwhile, Solana added regulated equity trading, lending, prediction markets, and new infrastructure during Q2 2026.
Solana processed $111 billion in perpetuals volume during Q2, more than double the prior quarter. However, GMTrade supplied about $90 billion, while open interest stayed nearly flat. Excluding GMTrade, perpetuals volume fell 43%.
Drift also remained offline after its April 1 exploit drained $285 million. Meanwhile, Phoenix increased volume 14 times to nearly $700 million. Yet Solana held about 1% of perpetuals volume and open interest, according to Galaxy Research.
Spot DEX volume dropped 45% during Q2, reaching its lowest quarterly level since Q3 2024. Solana still ranked first for DEX volume for seven straight quarters. However, its market share fell six percentage points to 30%.
Meanwhile, Solana’s real-world assets crossed $3 billion in June. Public equities became the largest RWA category, overtaking private credit. However, only about 9% of tokenized RWA value worked in DeFi as trading liquidity or loan collateral.
Jupiter Lend and Kamino held about 83% of tokenized-stock collateral. Galaxy’s GLXY also became collateral on Kamino after Superstate tokenized the Nasdaq-listed shares.
In May, Securitize, Jump Trading, and Jupiter launched an onchain regulated equity trading stack. Backpack Securities and Sunrise added broker-dealer ownership and tokenization in June.
Solana’s network fees fell about 44% quarter over quarter. Application fees also declined 31% to $552 million, while Pump generated $212 million. Notably, Solana still led all chains in application fee share for 10 consecutive quarters.
Meanwhile, Agave upgrades continued ahead of Alpenglow. Agave 4.2 includes a phased reduction in slot times from 400 milliseconds toward 200 milliseconds. On July 30, SIMD-0286 raised block capacity from 60 million to 100 million compute units.
Solana’s stablecoin supply increased 1.9% to $15.6 billion during Q2. USDC’s share fell below 47%, while USDT, USD1, USDG, and PYUSD gained share.
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