Solana's DEX activity has shifted in a big way over the past year.
What used to be dominated by memecoins, which powered over half the total volume, now sits at just around 7 percent. Instead, stablecoin swaps have taken over, making up nearly 80 percent of the flow combined.
This paints a much more mature picture for the ecosystem. It shows real utility and capital efficiency taking root beyond the hype cycles.