SoFi bets on Solana, but DEX volumes hit 2024 low of $55.5 billion!

SoFi’s move to launch enterprise banking on Solana [SOL] happened at an interesting time for the network. While it proves institutional confidence in Solana’s infrastructure, DEX volumes have dropped to a multi-year low of $55.5 billion.

Here’s the rundown.

SoFi unveils enterprise banking platform with Solana-based 24/7 settlement support

SoFi Technologies has launched Big Business Banking. This enterprise-focused platform brings TradFi to crypto under its nationally chartered bank structure.

Source: Solana/X

The offering is designed to let institutions hold deposits, move funds, and settle transactions around the clock through both fiat and digital assets. Solana is expected to serve as one of the underlying blockchain networks.

Source: Businesswire

According to the company, the platform will also support mint-and-burn functionality for SoFiUSD, allowing instant, regulated conversion between fiat and on-chain assets. Initial participants include major market names such as Cumberland, BitGo, Wintermute, Galaxy, Jupiter, and Mastercard.

DEX volume slips to $55.5 billion

This is happening alongside a slowdown in Solana’s on-chain trading activity. Over the last 30 days, DEX volume has fallen to $55.5 billion – Its lowest level since September 2024.

Network fees have dropped by 42% over the same period too.

Source: X

What makes this notable is that Solana still remains the largest chain by DEX volume, comfortably ahead of Ethereum’s [ETH] $40.9 billion and Binance Smart Chain [BNB] $31.3 billion. However, the pace has slowed down from February highs.

So, there’s not enough retail flow on-chain.

Source: X

On the contrary, Ethereum’s DEX market share has gone from 33% in January to 42% in March, because of its Layer-2 ecosystem. This makes SoFi’s Solana-linked launch look like a long-term bet.

Solana’s weak pace persists…

Source: TradingView

… and the price reflects the thinning demand. On the daily chart, SOL slipped below the $80-mark, with the RSI proving weak momentum.

Meanwhile, the MACD flipped bearish, with its positioning indicative of downside pressure.

Source: Coinalyze

Finally, Aggregated Open Interest was range-bound around $2.2 billion, with no aggressive buildup of new positions. Funding rates have only recently turned slightly positive after an extended negative stretch too.

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Final Summary

• SoFi launched enterprise banking on Solana with 24/7 fiat and stablecoin settlement.
• At the same time, Solana DEX volumes fell to $55.5 billion, their lowest level since September 2024.

Source: https://ambcrypto.com/sofi-bets-on-solana-but-dex-volumes-hit-2024-low-of-55-5-billion/