Solana DEX Trades Include $117.7 Billion in Circular or Botlike Activity

A rules-based review classified 58.4% of $201.4 billion in indexed Solana DEX trades as circular or botlike activity. Executable liquidity for independent traders remains unmeasured, according to the report. The findings highlight the significant share of automated or self-trading activity on Solana's decentralized exchanges, raising questions about genuine trading volume.