Solana leads DEX volume with $20B amid DeFi resurgence

Orca: Orca is a decentralized exchange on Solana specializing in passive automated market maker liquidity. The news identifies Orca among the traditional AMMs reclaiming volume share as memecoins dominate trading. Stonk: Stonk is a Solana-based memecoin launchpad that incubates new tokens and competes in the network's launchpad ecosystem. The news highlights its growing influence through revenue generation and its position as the strongest recent challenger to pump.fun since LetsBonk in 2025. Solana: Solana is a high-performance blockchain network focused on scalable decentralized applications and onchain trading. In the reported news, Solana has reestablished leadership across spot DEX volume and liquidity flows amid a broader DeFi resurgence driven by memecoins. Meteora: Meteora is a Solana decentralized exchange focused on passive liquidity provision for long-tail assets. It appears in the news as one of the AMMs gaining ground alongside Raydium and Orca during the memecoin-driven volume surge. Raydium: Raydium is an established decentralized exchange protocol on Solana that supports liquidity provision and token trading. It is positioned in the news as a primary beneficiary of memecoin activity, serving as the main venue for assets launched via Stonk. adam_tehc: adam_tehc is a data curator who analyzes onchain metrics using Dune Analytics. The news credits adam_tehc with providing insights on shifts in fomo social trading activity routing to Solana. DEX Leadership: Solana has reestablished the leading position among blockchains for spot DEX trading volume following a brief period of competition from other networks. AMM Market Shift: Passive automated market makers are regaining dominance on Solana DEXes as memecoin trading favors their structure over prop AMMs. Launchpad Competition: Stonk has become pump.fun's strongest competitor among Solana launchpads by incubating notable memecoins and generating significant revenue.