Authored by: jpn memelord
Compiled by: Deep Tide TechFlow
Recent discussions highlight Solana's trading volume surpassing all EVM chains. This analysis dives into liquidity pool quality across top blockchains to determine whether this trend is fleeting or a genuine disruption. Join me as we unpack the findings.
Methodology Overview
The approach mirrors criteria for stock inclusion in major indices:
- Established Trading History
- High Liquidity
- Sustained Trading Volume
Key Methodological Steps:
- Data collection: 30-day trading volume for liquidity pools on Ethereum, Solana, BSC, Arbitrum, and Base.
- Weight adjustments for newer pools to prioritize established history.
- TVL-weighted rankings using the formula:
Ln(TVL)/Ln(MAX(TVL)) * TVL_weight.
Top 20 "New Premium" Pools
Highlights:
- Ethereum, Solana, Arbitrum, and Base each claim a top-4 spot with their native token/USDC pools.
- Ethereum dominates, occupying half of the top positions, driven by high TVL and consistent volume.
Notable Pools:
- AerodromeFi’s Slipstream WETH-USDC (Highest volume)
- Uniswap v3 WETH-USDC on Ethereum (Highest TVL)
👉 Explore real-time Dune analytics
Chain-by-Chain Insights
Pool Distribution:
- Ethereum: 10
- Base: 5
- Arbitrum/BSC: 2 each
- Solana: 1 (due to low TVL despite high volume)
Top 25 Pools by TVL:
| Chain | TVL |
|-----------|-----------|
| Ethereum | $1.04B |
| Base | $310M |
| BNB | $194M |
| Solana | $181M |
| Arbitrum | $155M |
Observations:
- Base emerges as a dark horse, with Aerodrome driving 4 of its top 5 pools.
- Solana’s volume stems largely from low-liquidity pools (e.g., Pump Fun), not deep markets.
Top 20 Traded Assets
- Stablecoins: USDC, USDT, DAI, pyUSD
- Blue-Chip Tokens: ETH, BNB, SOL, cbBTC, WBTC, wsETH
- Other: AERO (Only non-stable/top-5 crypto)
Conclusion
- Ethereum remains DeFi’s leader, but Base shows unexpected competitiveness.
- Solana’s hype relies on shallow liquidity—insufficient for institutional interest.
Future Research Directions:
- Automate TVL metrics.
- Assess capital efficiency (e.g., CL pools).
- Incorporate fee-tier analysis.
FAQ
1. Why does Ethereum dominate despite Solana’s volume?
Ethereum’s deep liquidity pools attract sustained institutional activity, whereas Solana’s volume often comes from speculative, low-TV L pools.
2. Is Base a serious contender?
Yes. Aerodrome’s dominance on Base demonstrates strong capital efficiency and growing adoption.
3. What’s Solana’s biggest hurdle?
TVL depth. High volume ≠ high liquidity—a critical gap for long-term viability.
4. How reliable is this ranking?
It combines TVL, volume, and longevity, but excludes newer innovations (e.g., concentrated liquidity).