Solana 15 percent trade share of the executions measured against major US exchanges in 2026 marks a significant expansion in the blockchain’s trading activity, according to a Fidelity Digital Assets report published on November 6, 2026. The research found that Solana briefly surpassed the New York Stock Exchange in weekly trade count, highlighting a rapid increase in decentralized exchange activity and a growing role for on-chain markets.
Solana 15 percent trade share: What the Fidelity comparison measures
Fidelity’s study placed trades executed on Solana’s decentralized spot exchanges alongside activity at Nasdaq, NYSE, NYSE Arca, BATS and NYSE American. Solana averaged 95,918,412 trades a week in 2026 through September 23, while the five US exchanges combined averaged 656,811,793 trades a week. The resulting Solana 15 percent trade share is based on frequency, not the value of assets changing hands.
The distinction matters. A small cryptocurrency transaction counted once in the research has the same weight as a much larger block trade in the exchange data. Traditional venues also trade regulated securities under different rules, while Solana activity is concentrated in cryptocurrencies and other digital assets. Fidelity therefore did not claim that Solana had captured 15 percent of the entire American securities market.
There is also a broader limitation. Fidelity cited Nasdaq research indicating that approximately 50 percent of US equity trading volume occurred away from exchanges in 2025. Alternative trading systems and other off-exchange venues handle substantial securities activity, so the comparison cannot be read as a complete measure of where US equities trade.
Growth from a 2022 starting point
Solana’s trade count has expanded sharply from its early baseline. In 2022, the network averaged 944,032 trades a week, equal to 0.30 percent of the combined exchange count. Weekly trades then grew about 100 times, while the five exchanges grew about 1.76 times over the same period.
That growth gives the 2026 milestone additional context. Solana was not merely moving at a comparable pace with established venues. Its measured activity expanded much faster from a relatively small base. Fidelity senior digital assets research analyst Max Wadington described Solana as an increasingly competitive trading venue while emphasizing that its activity differs from that of traditional stock exchanges.
Fidelity’s conclusion was measured. The research team said Solana’s scale alone did not guarantee long-term success, but that it warranted serious consideration as an emerging piece of financial market infrastructure. Solana repeated that description in an announcement on November 8.
Tokenized assets widen the market
Part of Solana’s expansion comes from financial products that extend beyond ordinary cryptocurrency spot trading. Solana said monthly tokenized asset trading had reached nearly 5 billion dollars, up from under 100 million dollars. Fidelity’s research covered tokenized equities, Treasury products, commodities and private credit instruments.
In October, Securitize confirmed that 12 tokenized stocks were available on Solana for eligible investors. The listed products referenced companies including Apple, Nvidia and Tesla. Solana Compass reported that tokenized trading rose from about 0.1 billion dollars in June 2025 to nearly 5 billion dollars in September 2026, with equities accounting for most of the volume from spring 2026.
Fidelity described tokenization as an early-stage market with potential to bring more financial assets into the same settlement and trading environment as digital assets. It also warned that regulatory requirements, transfer restrictions and privacy considerations continue to constrain adoption across many asset classes. Those constraints mean rising transaction counts do not automatically translate into unrestricted access for every investor.
Perpetual futures add another source of demand
Solana-based perpetual futures platforms also processed more than 590 billion dollars in notional volume over twelve months, according to Fidelity. These contracts allow traders to take leveraged positions without owning the underlying asset. Their growth created an additional arena for competition over transaction ordering, inclusion and execution.
Fidelity saw tokenized assets and perpetual futures as ways for Solana users to express a broader range of market views within one shared ecosystem. The report also noted that proprietary automated market makers were taking a growing share of decentralized exchange activity by providing their own prices and liquidity instead of relying entirely on conventional pools.
Professional trading requirements remain central to the analysis. Fidelity identified reliable execution, transaction inclusion and low fees as important considerations for market makers. More predictable block production can help trading applications plan shorter processing intervals, while additional block capacity can accommodate more activity within individual blocks.
Network upgrades target execution speed
Fidelity reported that Solana’s slot times had stabilized near 400 milliseconds, with developers working toward a target of approximately 200 milliseconds. Solana also raised its maximum block capacity from 60 million to 100 million compute units, a 66 percent increase. Compute units measure processing resources consumed by transactions.
The research also examined Alpenglow, Solana’s upgraded consensus system. Crypto.news reported that it went live on October 21 and targets transaction finality near 150 milliseconds. An independent October 23 measurement recorded median finality around 404 milliseconds, above that target.
These upgrades matter because market makers often compete on execution quality as well as price. Priority fees and Jito tips can help traders secure earlier transaction inclusion when profitable arbitrage or liquidation opportunities appear. The network’s capacity and timing improvements are therefore relevant to its ability to serve professional and high-frequency users, although observed performance and development targets remain distinct measures.
Revenue depends on competitive trading
Greater activity has not produced a corresponding rise in network revenue. Solana generated 1,430.7 million dollars of network revenue in 2024 and 1,404.8 million dollars in 2025. For 2026, Fidelity’s table showed 215.2 million dollars through September 22, equal to 288.7 million dollars on an annualized basis and about 79 percent below 2025.
Base fees moved from 31.9 million dollars in 2025 to 23.2 million dollars annualized for 2026. Priority fees and Jito tips together represented about 92 percent of the 2025 total, showing how heavily network economics depend on traders competing for valuable transaction placement. During weaker crypto markets, fewer profitable trading opportunities can reduce demand for priority execution and related fees.
Fidelity warned that Solana’s future revenue is exposed to the cyclicality of on-chain trading and to competitive dynamics. It also described decentralized trading as one of the most competitive sectors across digital assets. The result is a network with rapidly expanding trade counts but revenue that remains sensitive to market conditions and the availability of profitable strategies.
SOL and fund flows show a mixed market picture
The report arrived while SOL remained under market pressure. SOL traded near 89.59 dollars on November 8, down 0.36 percent over 24 hours and 19.24 percent over the previous month. Solana’s market capitalization stood around 52.95 billion dollars, with daily trading volume near 870.4 million dollars.
US spot funds recorded approximately 24.82 million dollars in combined net outflows on October 27 and 28. These fund flows provide a separate signal from on-chain execution. Strong growth in trade frequency can coexist with weaker token prices and investor withdrawals when broader cryptocurrency sentiment is unfavorable.
The core signal from Fidelity is therefore not that Solana has become equivalent to the NYSE. It is that a blockchain with faster trade-count growth, tokenized securities and a large perpetual futures market deserves consideration as an on-chain trading venue. Solana 15 percent trade share demonstrates meaningful execution activity, while the caveats over trade size, off-exchange equities, fees and revenue cyclicality explain why the figure should not be treated as overall market dominance.