Solana's first-day trading volume on Monad approaches top platforms, and on-chain liquidity has experienced a qualitative change

On February 11th, the first day of its launch, Monad quietly demonstrated “platform-level” trading capabilities on the Solana network. According to Sunrise DeFi writer shaddwfax’s statistics, the on-chain trading volume of MON on Solana, when compared to traditional crypto trading platforms, would place it among the top five globally on that day, second only to a few leading platforms. This performance quickly prompted the market to reevaluate Solana’s high-throughput public chain and its capacity to support DeFi liquidity.

Data shows that MON’s initial trading volume on Solana was approximately $97 million, which was not accumulated slowly but rapidly increased within a short period. Within 24 hours of launch, its trading volume exceeded that of early Hyperliquid MON trades by over 122%, making Solana the core battleground for this round of price discovery. More notably, within just 48 hours, the network completed over $400 million in related transactions, with nearly 360,000 total trades, demonstrating large-scale participation of real users and real funds.

Unlike traditional platforms, all of this was achieved without relying on custodians, matching engines, or manual market making, but entirely built on decentralized infrastructure. Its high concurrency processing, low-latency confirmations, and predictable fees allowed Solana to remain stable even in highly volatile environments, proving that on-chain markets have the performance capabilities to compete directly with centralized systems.

This launch of MON also reinforces Solana’s positioning as a primary network for high-liquidity token launches. An increasing number of projects and developers are seeking public chains capable of handling sudden liquidity surges and high-frequency trading demands, and Solana’s performance provides a strong example for this choice.

As real assets, derivatives, and innovative DeFi models continue to emerge, on-chain trading volume is expected to keep expanding. The MON case demonstrates that decentralized markets are no longer just proof of concept but are moving toward “substitutable infrastructure.” Solana is proving with data that it plays a crucial role in the next phase of the crypto financial ecosystem.