According to The Kobeissi Letter, Solana onchain spot volume reached USD 1.6 trillion in 2025, surpassing all offchain exchanges except Binance, which marks a major shift in venue market share for spot crypto trading, source: The Kobeissi Letter on X Jan 2 2026 citing JupiterExchange. According to The Kobeissi Letter, JupiterExchange data shows Solana onchain volumes rose from 1 percent of total volume in 2022 to 12 percent in 2025, indicating rapid growth in onchain market share, source: The Kobeissi Letter on X Jan 2 2026 citing JupiterExchange. According to The Kobeissi Letter, Solana onchain spot venues surpassed Bybit and other centralized exchanges by 2025 volume, positioning Solana onchain as second only to Binance for spot activity, source: The Kobeissi Letter on X Jan 2 2026 citing JupiterExchange. According to The Kobeissi Letter, this ranking makes Solana onchain a top destination to route spot orders and assess liquidity alongside Binance for trade execution, source: The Kobeissi Letter on X Jan 2 2026 citing JupiterExchange.