Solana overtook Ethereum, its Layer 2 networks and Hyperliquid combined in spot decentralized exchange (DEX) volume on October 3, according to Blockworks Research data. The comparison, shared by SolanaFloor on X on October 4, placed Solana at the top of the most recently completed daily session.

JUST IN: @Solana recorded more spot DEX trading volume yesterday than Ethereum mainnet, all Ethereum L2s and Hyperliquid combined. pic.twitter.com/nJPYTt49Fq

— SolanaFloor (@SolanaFloor) October 4, 2026

Blockworks' dedicated dashboard recorded $3.06 billion in previous-day spot DEX volume and $4.51 billion in DEX liquidity. The result stands out because the benchmark combines Ethereum mainnet with its L2s and adds Hyperliquid, creating a wider measure of competing onchain trading activity than a single-chain comparison. Spot DEX volume counts direct token-for-token swaps executed onchain, and Ethereum's Layer 2 networks are scaling environments that settle to Ethereum mainnet, so the benchmark spans multiple execution environments rather than a single venue.

Solana Extends Its Lead Across Spot DEX Markets

The October 3 outcome follows a broader shift in decentralized spot trading over recent months. Research from 21Shares found that Solana handled more than 36% of global spot DEX volume during the first half of 2026. That share was roughly double Ethereum's, even though Solana represented only about 9.5% of the smart-contract blockchain market capitalization measured in the report — a divergence between usage share and valuation share across major smart-contract networks.

DefiLlama data also placed the network among the largest decentralized trading ecosystems. Its recent rankings showed about $78 billion in 30-day Solana DEX volume, compared with roughly $42 billion for Ethereum. Provider totals differ, however, because methods are not identical. Blockworks only counts trades in which both assets appear in its token database, a filter designed to remove artificial activity involving unidentified or thinly traded tokens. As a result, Blockworks totals can sit below raw blockchain volume.

Spot Trading Mix Shifts Toward Stablecoins and Tokenized Assets

The composition of Solana's spot activity has changed as well. According to 21Shares, memecoins accounted for 16% of Solana spot volume in the first half of 2026, down from 40% one year earlier. Stablecoin swaps moved in the opposite direction, rising from 6% to 19% over the same period. The shift indicates that a larger share of trading activity has moved beyond purely speculative tokens.

Tokenized equities have also become part of the network's trading base. Blockworks Research ranked Solana second behind Binance in median weekly spot volume among the venues measured during 2026. Even so, Solana's DEX volume remained below 1% of either Nasdaq or the New York Stock Exchange by dollar value, keeping the scale comparison in perspective.

Trade counts tell a different story. Solana recently processed about 208 million weekly spot DEX trades, above the roughly 189 million NYSE transactions recorded in a separate comparison.

Taken together, the October 3 lead, the higher 30-day volume and the changing asset mix show Solana strengthening its position in onchain spot execution. Ethereum, its L2s and Hyperliquid still remain major competitors, and the data highlights how dollar volume and transaction counts measure different dimensions of market activity across trading venues. On October 3, however, the daily dollar-volume ranking placed Solana ahead of the combined benchmark formed by Ethereum, its L2s and Hyperliquid. Subsequent sessions can be measured against the same benchmark, as Blockworks' dashboard continues to publish previous-day totals for the daily ranking.