Solana Passed the NYSE on Trade Count for the First Time

Solana Passed the NYSE on Trade Count for the First Time

In the week of 14 to 20 September, decentralised exchanges on Solana executed 208 million trades against 189 million on the New York Stock Exchange. It is the first time a blockchain has beaten a major traditional exchange on the number of trades.

The unit here is trade count, not money, and the picture changes completely once value is added. The NYSE averaged about $80.8 billion of trading a day in July, close to $400 billion a week. Solana's decentralised exchanges handled about $76.3 billion over the past 30 days, under $20 billion a week. That works out at roughly $2,100 for an average NYSE trade and about $90 for an average Solana one. Similar counts, a twentyfold gap in size.

Beating the NYSE is also not the same as beating US equities. Nasdaq still runs about 47 million weekly trades ahead of Solana, and American share trading is spread across other exchanges and off-exchange venues too. The NYSE is one piece of it.

Source: Blockworks Research and the New York Stock Exchange (Image: @KobeissiLetter)