Solana hits 15% of major US exchange trade count, Fidelity report finds
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Solana's rise in trade activity highlights its growing role in financial markets, but sustainability depends on market conditions and fee structures.
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A new Fidelity Digital Assets note says Solana briefly topped the NYSE in weekly trade executions, but warns that scale alone won't guarantee success
Mon 9 Nov 2026 · 10:54 EST · 3 min read
In Crypto
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Solana now handles a slice of trading activity that would have sounded absurd a few years ago. According to a new Fidelity Digital Assets report, the blockchain averaged 15% of the weekly trade count on major US exchanges in 2026.
In 2022, that figure was 0.3%.
The research note, titled “Solana’s Competitive Advantage in On-Chain Trading,” was published on November 6, 2026, and authored by Max Wadington. Its most eye-catching claim: in late 2026, Solana briefly surpassed the New York Stock Exchange in weekly trade executions.
The numbers behind the comparison
Fidelity’s headline metric is trade count. Weekly trades on Solana reached approximately 95.9 million in 2026, according to the report.
Traditional exchanges, by comparison, averaged about 656.8 million trades per week.
That progress reflects an approximately 100-times increase in Solana’s weekly trade counts over the period Fidelity studied.
The momentum extends beyond spot trading. Monthly trading volume for tokenized assets on Solana climbed from approximately $0.1 billion in June 2025 to nearly $5 billion by September 2026.
Derivatives are growing too. Solana-based perpetual futures platforms processed over $590 billion in notional volume in the 12 months leading up to the report.
How Solana got here
Fidelity frames Solana as increasingly competing for a place in global financial market infrastructure. The report points to improved network capabilities and persistent fee advantages as factors pulling traders onto the chain.
Fidelity also notes that Solana’s ambitions extend into tokenizing core financial assets, including equities and Treasuries.
Fidelity cautions that scale on its own doesn’t guarantee success for the network. Solana’s income depends on transaction fees and trading volume, which tend to rise and fall with broader market conditions.
Blockworks data cited in the research shows Solana’s network revenue at $1.43 billion for 2024 and $1.40 billion for 2025. Trade counts kept climbing, yet revenue slipped slightly.
What this means for traders and investors
The first thing worth noting is what Fidelity is measuring. The 15% figure refers to share of trade count, not dollar value traded.
The tokenized asset figures may be the more strategically important data point. A jump from roughly $0.1 billion to nearly $5 billion in monthly volume over about 15 months suggests real demand for onchain versions of traditional instruments.
The perpetual futures numbers point the same direction. Over $590 billion in notional volume in a year signals that sophisticated trading strategies are now running on the chain.
Flat-to-slightly-lower revenue between 2024 and 2025 shows that activity growth doesn’t automatically translate into more fees for the network. Low fees attract traders, but they also cap how much each trade contributes.
Fidelity’s caution about cyclicality is also a reminder that trading volume is not a stable foundation. Busy markets produce strong numbers. Quiet markets can erase them.
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Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
