Raydium – the leading DEX on Solana – has just experienced a tumultuous quarter with the average daily trading volume falling sharply by 69.2%, from $3.6 billion in Q1 to $1.1 billion in Q2.

Not only Raydium, the entire Solana DEXs also witnessed a significant decline. According to data from DefiLlama ( has been adjusted to eliminate wash trading ), the average daily trading volume across all Solana DEXs fell by 56.4%, from $6.9 billion to $3.0 billion.

This decline is not merely due to technical factors, but reflects significant changes in on-chain cash flow:
• Liquidity is gradually shifting to Ethereum L2 such as Arbitrum, Base, and Optimism.
• The flow of stablecoin into Solana has fallen significantly.
• Yield farming has become saturated, and the incentives are no longer as attractive as before.
• After the wave of memecoins and NFTs, the ecosystem lacks a new narrative strong enough to retain users.

The positive point is that Solana still retains a significant advantage in processing speed and user experience. However, if it wants to regain cash flow and its position in the global DEX market, Solana needs a new narrative push in Q4 – which could come from DeFi 2.0, real-world assets, or a more groundbreaking incentive model.