Solana’s DEXs briefly cleared 208M trades in one week this Sep, more than the NYSE’s 189M. @DigitalAssets puts $SOL at ~15% of all exchange trades through 2026, up from 0.30% in 2022. Here’s where the comparison breaks. The first layer is $PUMP: > Printed ~118M of those 208M trades, about 57% > By dollar volume the slice is far smaller → around 1/5 of Solana’s ~$46B in DEX volume The second layer is memecoins as a whole, which trade well beyond @Pumpfun on $MET, $RAY and the rest: > Made up around 30% of Solana’s DEX volume in Q3 > 31.5% of Solana’s tokenised equity volume between Sep 1 and Oct 11 came from meme-stock So mapping any of this 1:1 onto US exchange activity breaks down once you look at dollars - Solana’s DEX volume is still below 1% of either the NYSE or Nasdaq Tokenised assets are what I expect to close that gap, since they would put the same instruments at comparable ticket sizes onto Solana’s rails.