Solana's decentralized exchange (DEX) ecosystem has experienced notable growth and diversification in May 2025. On May 12, Solana DEX volume reached $9.8 billion, accounting for nearly 50% of all cross-chain activity. The platform's native token, SOL, surged 19% toward $200, supported by a total value locked (TVL) approaching $11 billion. Recent developments include the launch of the DOOD token by Doodles and PumpSwap's revenue-sharing model, which allocates 50% of earnings to creators. New entrants like SolFiAMM, developed by Ellipsis Labs, have begun capturing significant market share in Solana's on-chain trading volume, previously dominated by established players. Additionally, an updated Solana DEX Activity dashboard now provides expanded data coverage, including Bitcoin trading on Solana, foreign exchange trading, memecoin launches, and other decentralized exchange metrics. Key figures such as Anatoly Yakovenko and Max Resnick have outlined plans for a NASDAQ-on-Solana initiative, while on-chain SOL short liquidations have surpassed those on centralized exchanges, indicating a shift toward decentralized finance (DeFi) as a new norm.