Birdeye's H1 2026 Solana Report: 54% DEX Share, 6x Tokenized Equity Growth, and a Perps Lead Over Hyperliquid

Birdeye published its H1 2026 Solana report on June 25, framing the first six months of this year as the network's "Third Leap." The report covers four verticals: spot DEX volume, tokenized equities, perpetual futures, and stablecoins. Across all four, the picture is a network that spent H2 2025 building infrastructure and is now running on it.

Solana Took 54% of Global Spot DEX Volume in H1 2026

Per Birdeye's H1 2026 report, Solana averaged $425 billion per month in spot DEX volume across the first half of this year, capturing 54% of global decentralized exchange spot trading. Galaxy Research measured Solana's DEX market share at 41% for Q1 2026 alone, with $284.5 billion in total Q1 volume; the H1 average incorporates a stronger Q2.

The volume is concentrated in a handful of venues. Raydium RAY$0.632+9.8% and Jupiter JUP$0.228+5.5% together drive the majority of Solana DEX flow; Raydium alone recorded over $500 million in xStocks AAPLx$279.77+1.2% volume in the week ending June 24. Tokenized equities and stablecoins account for a growing share of what was historically a memecoin-dominated volume profile.

Solana Compass tracks daily DEX volume across all on-chain venues. The chart below shows the recent trend as measured by our own analytics — a live view is available on the DeFi dashboard.

Tokenized Equity Trading Grew 6x From H2 2025

Tokenized stock trading on Solana grew sixfold from H2 2025 to H1 2026, per Birdeye's report. The math from independent data is consistent: CryptoBriefing's tracker shows $4.9 billion in cumulative Solana tokenized stock volume for H1, against roughly $775 million in H2 2025.

June 2026 was the category's breakout month. Tokenized equity trading hit $2 billion in June alone, according to Birdeye's report, driven by three major launches on Sunrise and Backpack's infrastructure. SPCX launched June 12, Micron (MU) on June 22, and SanDisk (SNDK) on June 24. By June 23, tokenized assets had surpassed memecoins as a percentage of Solana's daily DEX spot volume for the first time, reaching 17% versus memecoins' 12%. The next day, daily tokenized equity volume hit $644 million, the sector's all-time high for any blockchain at the time.

Solana holds approximately 95% of global tokenized equity volume by the week ending June 21, per prior Compass coverage. Kraken's xStocks platform is the primary infrastructure behind that concentration, with redemption pathways via ACATS and DTCC identified as the differentiator drawing capital away from competing tokenized-equity venues on other chains.

Solana Perps Volume Growing Faster Than Hyperliquid Year-Over-Year

Solana's perpetual futures venues grew +57.1% year-over-year in H1 2026, per Birdeye's report. Hyperliquid grew +6.4% YoY over the same period.

Hyperliquid holds the larger absolute position, controlling an estimated 66-73% of decentralized perpetuals flow and running roughly $50 billion in weekly volume. Absolute share and growth rate are different measures, though: at +57.1% versus +6.4%, Solana's perps ecosystem is expanding at nearly nine times Hyperliquid's pace by Birdeye's methodology.

Drift Protocol DRIFT$0.016+3.6% and Jupiter Perps are the primary Solana venues behind that figure. Neither approaches Hyperliquid's scale individually, but the aggregate trajectory is moving toward a more contested market than the current market share breakdown reflects.

Stablecoin Supply Up 154% Since January 2025

Solana's stablecoin supply has grown 154% since January 2025, per Birdeye's H1 2026 report. DefiLlama's stablecoins page shows $14.75 billion in total stablecoin supply on Solana as of June 25, with USDC accounting for just over 50% of that figure. Solana Compass data shows 7.54 million USDC holders on Solana as of June 26.

Solana has held the #1 position for USDC transaction count for seven consecutive weeks, logging 22.7 million USDC transactions in the most recent measured week, or 31.8% of all global USDC transactions. The supply growth reflects more than trading demand: salary payments in stablecoins hit $1.6 billion in the same period (the second-highest figure on record), with retail peer-to-peer flows at $803 million.

The stablecoin foundation matters to the other three metrics. Deep on-chain dollar liquidity is what allows tokenized equities to trade at tight spreads, perpetual futures to maintain adequate margin collateral, and DEX volumes to remain stable when crypto-native token demand fluctuates. Birdeye's report frames the 154% supply growth as infrastructure, not just a headline figure.

Why Birdeye Calls H1 2026 Solana's "Third Leap"

Birdeye uses "Third Leap" to describe H1 2026 as a third major inflection in Solana's trajectory (the first two being network inception and the post-FTX recovery period). The distinction from prior growth cycles is that all four verticals expanded at the same time rather than sequentially.

Spot DEX volume, tokenized equities, perpetuals, and stablecoin supply all grew in the same six-month window. The compounding aspect is structural: a trader buying tokenized SpaceX shares on Jupiter generates DEX volume and draws on stablecoin liquidity; stablecoin supply growth also funds perpetual positions on Drift. Each vertical reinforces the others.

Whether Solana holds 54% DEX share through H2 is an open question; the Q2 spike may partly reflect the tokenized equity listing catalyst from June. The perps trajectory is more durable as a signal: at +57.1% YoY growth versus Hyperliquid's +6.4%, a shift in market share becomes plausible over a multi-quarter horizon even starting from a large absolute gap.