Solana recorded about $7.2 billion in weekly spot trading volume, moving ahead of Coinbase at roughly $6.4 billion and Kraken at about $4.4 billion. The comparison puts Solana alongside major centralized exchanges rather than only other blockchains, showing how trading activity is shifting across the digital asset market.
Weekly data places Solana above two major exchanges
The figures were circulated in a social media update, and the market quickly focused on the fact that Solana had overtaken both Coinbase and Kraken for the period. For years, centralized exchanges controlled most crypto trading activity because traders relied on them for liquidity. The latest numbers point to a different pattern.
According to the article, the chart tracks weekly trading activity from mid-2024 onward and shows Solana maintaining substantial volume through that stretch. Activity often stayed close to the levels seen on large exchanges. That changes the frame of reference: Solana is now being measured against established trading venues, not just blockchain peers.
Decentralized liquidity keeps pulling trading on-chain
The report links this rise to growing decentralized liquidity across multiple ecosystems. Traders are increasingly accessing liquidity through blockchain-based venues and using automated liquidity systems to complete transactions without traditional exchange infrastructure. That setup reduces dependence on centralized intermediaries and turns blockchain networks themselves into places where trading happens directly.
In that context, Solana is now processing activity that had long been associated with exchanges. The volume is competitive on a weekly basis, which suggests on-chain participation is expanding in a measurable way rather than showing up only in network usage metrics.
Binance remains far ahead as market structure shifts
Even with Solana moving past Coinbase and Kraken, Binance remained the largest venue on the chart. Its latest weekly volume reached about $34.4 billion, well above every other competitor in the comparison. Centralized exchanges still hold a major role in crypto liquidity.
Even so, Solana’s advance stands out. The article points to fast transaction processing as support for higher throughput, while lower transaction costs continue to encourage on-chain participation. Trading in digital assets is spreading across more than one market structure now, with centralized exchanges still dominant but blockchain-based venues taking a larger share of activity.