What this number counts, and what it leaves out
This is the dollar volume of trades where one side is a liquid staking token, as routed by DEX aggregators. Aggregators carry about 57.7% of Solana's DEX volume, so every figure here is a floor rather than the whole market. The source does not separate a swap on an AMM from a route through the staking pool itself, so this is not a measure of secondary-market depth alone. What it does measure is the flow: how much value moves in and out of these tokens on a normal day.
The float held. The trading did not.
The trading fell by roughly 4.3 times while the pool behind it did not move. Their share of everything aggregators route fell with it, from 3.48% to 0.58%, and aggregator volume overall fell nowhere near as far. So this is not the market cooling evenly: it is these tokens specifically going quiet, and the quiet arrived while the SOL inside them stayed put.
Why this matters if you hold one
The argument for a liquid staking token over native stake is the exit: you do not wait for an epoch, you sell. That argument is only as good as the depth on the other side of the trade, and depth is what has thinned. It does not make these tokens unsafe, and it does not touch the yield they earn. It does mean the difference between the price you see and the price you get grows with the size of your position — and that a large holder now has less reason to treat the token as interchangeable with the SOL behind it.
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FAQ
Does this mean my liquid staking token is unsafe?
No. This measures how much of it changes hands, not whether it is backed. The SOL behind the token is still staked and still earning; nothing here says otherwise. Thin trading affects the price you get when you sell in size, not the existence of the collateral.
Can I still exit without waiting an epoch?
Yes, by selling — that is what these tokens are for. What changes is the cost of that sale. With less volume on the other side, a large order moves the price further, and the discount you accept is the price of not waiting.
Is this the whole market?
No. It counts volume routed through DEX aggregators, which carry a little over half of Solana's DEX volume. Trades placed directly on a venue are not in here, so treat every figure as a floor. The trend is still meaningful because the aggregator share itself has held steady for two years.
Where does this data come from?
Two on-chain series, one row per day: the dollar volume aggregators routed in pairs involving a liquid staking token, and the total volume they routed. The float they are measured against comes from our own liquid staking series, converted at the SOL price implied by the same day's average transaction fee.