If you're diving into the world of meme tokens, understanding where the action happens is key. Decentralized exchanges (DEXes) are the go-to spots for trading these viral assets, and a recent chart from DeFiLlama highlights just how concentrated the volume is on a few major Layer 1 blockchains.

DeFiLlama, a popular platform for tracking decentralized finance metrics, shared this insightful stacked bar chart on X (formerly Twitter), showing the market share of DEX trading volume across various protocols from September 2024 to September 2025. According to their post: "DEX Volume market share by Layer 1. Ethereum, Solana and BSC have accounted for at least 87% every month for the past year." You can check out the original tweet here.

Breaking Down the Chart

The chart uses colors to represent different blockchains: pink for Solana, blue for Ethereum, green for BSC (Binance Smart Chain), and others like teal for Sui, orange for Polygon, purple for Aptos, lime for Tron, and yellow for off-chain activity. Each bar represents a month, stacking up the percentages to 100%.

What stands out? Ethereum, Solana, and BSC consistently dominate. For instance:

• In early months like September 2024, Solana (pink) takes a huge chunk at the bottom, often over 40%, with Ethereum (blue) and BSC (green) filling much of the rest.
• As we move into 2025, the shares shift slightly—Solana sometimes dips while Ethereum gains—but the trio never drops below 87% combined.
• Newer players like Sui and Aptos show up in smaller slices, but they're nowhere near challenging the top dogs.

This data underscores the stability in DeFi trading hubs. DEXes are platforms where users swap tokens peer-to-peer without intermediaries, and volume here reflects real user activity, including the frenzy around meme coins.

Why This Matters for Meme Tokens

Meme tokens thrive on hype, liquidity, and low fees—qualities that these top chains deliver in spades. Solana, for example, has become a meme haven thanks to tools like Pump.fun, where anyone can launch a token quickly and cheaply. Its high speed and low costs keep the volume pumping, as seen in the chart's prominent pink sections.

Ethereum, the OG blockchain, offers robust security and a massive ecosystem, making it ideal for blue-chip memes or those integrated with NFTs. BSC, often overlooked, provides a budget-friendly alternative with fast transactions, attracting traders in emerging markets.

If you're a blockchain practitioner hunting for the next big meme, stick to these chains for better liquidity. Low volume on smaller networks like Polygon or Aptos means higher slippage (worse trade prices) and less buzz. DeFiLlama's stats remind us: follow the volume for the best opportunities.

Looking Ahead

With the crypto market evolving, will this dominance hold? Emerging Layer 2 solutions or chain upgrades could shake things up, but for now, Ethereum, Solana, and BSC are the meme trading trifecta. Keep an eye on DeFiLlama for updates—they're a goldmine for data-driven insights.

At Meme Insider, we're all about equipping you with the knowledge to navigate this wild space. Whether you're analyzing charts or spotting trends, understanding DEX dynamics can supercharge your strategy. What are your thoughts on this concentration—bullish for stability or risky for centralization? Drop a comment below!