Crypto World
Solana DEXs match CEX pricing as on-chain liquidity structure evolves
Solana DEXs now offer CEX-like pricing despite a 90% volume drop since 2024, as prop AMMs, wrapped SOL markets, and new staked-SOL liquidity tools reshape on-chain trading.
Summary
- Solana DEXs achieve market depth that often matches or beats Binance and OKX pricing, with spreads shifting as arbitrage rotates across venues.
- Prop AMMs and wrapped SOL on Ethereum, Base, and BNB Chain improve price discovery but still face thinner liquidity and higher cross-chain costs.
- Treasury wallets hold over 20 million SOL, about half staked, while Jupiter’s native-staked SOL tool unlocks liquidity without exiting staking.
Solana’s on-chain trading infrastructure has demonstrated competitive pricing compared to centralized exchanges, according to recent market data.
Decentralized exchanges on the Solana network have achieved market depth sufficient to match or exceed prices quoted on major centralized platforms including Binance and OKX, according to trading data. The price differential between decentralized and centralized venues remains variable as arbitrage opportunities shift between platforms.
Proprietary automated market makers (Prop AMM) have contributed to improved price discovery on Solana’s decentralized exchanges, according to market observers. These specialized liquidity pools operate at specific price ranges, providing trading efficiency. Prop AMM exchanges have increased activity over the past month, offsetting declines in overall decentralized exchange volume.
Wrapped Solana tokens on Ethereum, Base, and BNB Chain trade at different price ranges compared to native Solana, according to market data. These markets face liquidity constraints and higher transaction costs related to trading and cross-chain bridging.
Trading volumes on Solana decentralized exchanges have declined approximately 90% since October 2024, according to network data.
Treasury entities currently hold over 20 million Solana tokens, with holdings remaining stable in recent months, according to blockchain data. Approximately 50% of treasury holdings are staked, the data showed.
Jupiter, a Solana-based platform, recently launched a tool enabling natively staked Solana to function as liquid tokens. The tool allows Solana validators to access liquidity while maintaining staking positions and earning block rewards and fees, according to the company’s announcement.
Solana has historically experienced extended periods of price decline followed by accumulation phases, according to market records. The token currently trades above previous baseline levels, though concerns regarding large holder liquidations persist, market participants noted.