Fidelity: Solana Took 15% of US Exchange Trade Count
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Solana averaged about 15% of the weekly trade count on major US exchanges during 2026, up from 0.3% in 2022, according to a Fidelity Digital Assets report covered by Crypto Briefing. The note, published November 6, 2026, also said the network briefly surpassed the New York Stock Exchange in weekly trade executions.
The research, titled “Solana’s Competitive Advantage in On-Chain Trading” and written by Max Wadington, was promoted by Solana’s official account on November 8, crypto.news reported. The figure measures how many trades were executed, not how much money changed hands.
Key facts
- Solana’s weekly trades reached approximately 95.9 million in 2026, while traditional exchanges averaged about 656.8 million trades per week, per Fidelity.
- Monthly tokenized asset volume on Solana rose from about $0.1 billion in June 2025 to nearly $5 billion by September 2026.
- Solana-based perpetual futures platforms processed more than $590 billion in notional volume in the 12 months before the report.
- Blockworks data cited by Fidelity put Solana network revenue at $1.43 billion for 2024 and $1.40 billion for 2025, crypto.news reported.
- crypto.news reported that SOL traded near $89.59 on November 8, down 19.24% over the previous month.
What Fidelity measured, and what it did not
The comparison stacks decentralized spot exchange trades on Solana against activity from traditional venues that handle different instruments under different rules. Much of Solana’s traffic involves cryptocurrencies, while US stock exchanges trade regulated securities, with a large share of equity volume running off-exchange; Fidelity cited Nasdaq research that about half of US equity trading volume happened away from exchanges in 2025. The 15% figure therefore does not mean Solana handled 15% of the American securities market.
crypto.news noted that the two reports differ in framing: Crypto Briefing led with the share-of-trade-count figure and Fidelity’s cyclicality warning, while crypto.news emphasised the NYSE comparison alongside network upgrades. Both outlets drew on the same November 6 note.
Network changes behind the numbers
Fidelity pointed to faster, more predictable block production as a reason professional traders can build around Solana. According to crypto.news, slot times had stabilised near 400 milliseconds, with a longer-term target of roughly 200 milliseconds. The network raised its maximum block capacity from 60 million to 100 million compute units, a 66% increase.
Solana’s Alpenglow consensus upgrade was activated on mainnet on October 21, targeting finality near 150 milliseconds. An independent measurement on October 23 recorded median finality around 404 milliseconds, above the target, crypto.news reported.
Fidelity also flagged growth in tokenized equities, Treasury products, commodities and private credit. crypto.news reported that Securitize confirmed in October that 12 tokenized stocks, including products referencing Apple, Nvidia and Tesla, were available on Solana for eligible investors.
Why it matters
Trade counts say something different from dollar volume: they show how often participants are willing to transact on a chain at all. For market makers and arbitrage traders, that frequency matters, and Fidelity ties Solana’s revenue partly to priority fees and payments for transaction ordering, including Jito tips. But revenue slipped from $1.43 billion in 2024 to $1.40 billion in 2025 even as trade counts climbed, a sign that low fees attract activity without necessarily enlarging the network’s take. Fidelity warned that trading demand falls when markets quiet down.
What to watch
Finality times are the concrete test: whether Solana’s observed performance closes in on the roughly 150-millisecond Alpenglow target. Monthly tokenized asset volume and perpetual futures activity will show whether the demand Fidelity measured holds through weaker market conditions.
Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.
Sources: Crypto Briefing, crypto.news
