Solana DEX Trader Exodus: Is It Really What It Seems?

Solana’s decentralized exchange (DEX) trader community has experienced a dramatic decline. Daily traders have plummeted from over 8 million in October to less than 1 million currently, according to on-chain data analysis from Dune Analytics. This drop, of about 90%, has sparked debate among cryptocurrency analysts: are users truly abandoning the network or is it the result of automated trading bots being deactivated? Despite the significant reduction in trader numbers, daily DEX trading volume has remained relatively stable at $3 billion to $5 billion. This puzzling disconnect fuels ongoing discussions about the actual activity level of Solana’s users.