Solana has pulled ahead decisively in spot trading volume for foreign tokens, tokens native to other blockchains, turning itself into a cross-chain liquidity magnet that now accounts for nearly 40% of total DEX activity on the platform.
The clearest illustration came when Monad’s MON token launched. Within its first 24 hours of trading, Solana handled roughly $28 million in MON spot volume. Hyperliquid managed about $24 million.
By the end of MON’s first week, Solana had accumulated approximately $213 million in cumulative trading volume for the token. Hyperliquid’s total sat at around $105 million. That’s a 2-to-1 ratio.
Why foreign tokens are flocking to Solana
Solana’s sub-second finality and negligible transaction fees make it attractive for retail traders who don’t want to hemorrhage value on gas costs. Prop AMMs, automated market makers operated by professional trading firms, have flooded the network with liquidity for spot pairs, making it easier to execute large trades without significant slippage.
