dXt=μ(Xt) dt+σ(Xt) dWtdX_t=\mu(X_t)\,dt+\sigma(X_t)\,dW_tdXt​=μ(Xt​)dt+σ(Xt​)dWt​Vt+12σ2S2VSS+rS VS−rV=0V_t+\tfrac12\sigma^2 S^2 V_{SS}+rS\,V_S-rV=0Vt​+21​σ2S2VSS​+rSVS​−rV=0ρV=sup⁡a{f+b Vx+12σ2Vxx}\rho V=\sup_{a}\{f+b\,V_x+\tfrac12\sigma^2 V_{xx}\}ρV=asup​{f+bVx​+21​σ2Vxx​}−ut−ν Δu+H(x,∇u)=f(x,m)-u_t-\nu\,\Delta u+H(x,\nabla u)=f(x,m)−ut​−νΔu+H(x,∇u)=f(x,m)xy=kxy=kxy=kIL(r)=2r1+r−1\mathrm{IL}(r)=\frac{2\sqrt{r}}{1+r}-1IL(r)=1+r2r​​−1CVaRα=11−α∫α1VaRβ dβ\mathrm{CVaR}_\alpha=\frac{1}{1-\alpha}\int_\alpha^1 \mathrm{VaR}_\beta\,d\betaCVaRα​=1−α1​∫α1​VaRβ​dβx˙i=xi[(Ax)i−x⊤Ax]\dot{x}_i=x_i\big[(Ax)_i-x^\top Ax\big]x˙i​=xi​[(Ax)i​−x⊤Ax]C=E[e−rT(ST−K)+]C=\mathbb{E}\big[e^{-rT}(S_T-K)^+\big]C=E[e−rT(ST​−K)+]df=(ft+μfx+12σ2fxx)dt+σfx dWtdf=\big(f_t+\mu f_x+\tfrac12\sigma^2 f_{xx}\big)dt+\sigma f_x\,dW_tdf=(ft​+μfx​+21​σ2fxx​)dt+σfx​dWt​∂tm−∇ ⁣⋅(m ∇pH)=ν Δm\partial_t m-\nabla\!\cdot(m\,\nabla_p H)=\nu\,\Delta m∂t​m−∇⋅(m∇p​H)=νΔmΔ=∂V∂S,Γ=∂2V∂S2\Delta=\frac{\partial V}{\partial S},\quad \Gamma=\frac{\partial^2 V}{\partial S^2}Δ=∂S∂V​,Γ=∂S2∂2V​λ(δ)=A e−κδ\lambda(\delta)=A\,e^{-\kappa\delta}λ(δ)=Ae−κδd1=ln⁡(S/K)+(r+12σ2)TσTd_{1}=\frac{\ln(S/K)+(r+\tfrac12\sigma^2)T}{\sigma\sqrt{T}}d1​=σT​ln(S/K)+(r+21​σ2)T​u(x)=sup⁡τ E[e−rτg(Xτ)]u(x)=\sup_{\tau}\,\mathbb{E}\big[e^{-r\tau}g(X_\tau)\big]u(x)=τsup​E[e−rτg(Xτ​)]κ=γ σ2/η\kappa=\sqrt{\gamma\,\sigma^2/\eta}κ=γσ2/η​E[dWt2]=dt\mathbb{E}[dW_t^2]=dtE[dWt2​]=dtJ(π)=E[∑tγtrt]J(\pi)=\mathbb{E}\big[\textstyle\sum_t \gamma^t r_t\big]J(π)=E[∑t​γtrt​]dXt=μ(Xt) dt+σ(Xt) dWtdX_t=\mu(X_t)\,dt+\sigma(X_t)\,dW_tdXt​=μ(Xt​)dt+σ(Xt​)dWt​Vt+12σ2S2VSS+rS VS−rV=0V_t+\tfrac12\sigma^2 S^2 V_{SS}+rS\,V_S-rV=0Vt​+21​σ2S2VSS​+rSVS​−rV=0ρV=sup⁡a{f+b Vx+12σ2Vxx}\rho V=\sup_{a}\{f+b\,V_x+\tfrac12\sigma^2 V_{xx}\}ρV=asup​{f+bVx​+21​σ2Vxx​}−ut−ν Δu+H(x,∇u)=f(x,m)-u_t-\nu\,\Delta u+H(x,\nabla u)=f(x,m)−ut​−νΔu+H(x,∇u)=f(x,m)xy=kxy=kxy=kIL(r)=2r1+r−1\mathrm{IL}(r)=\frac{2\sqrt{r}}{1+r}-1IL(r)=1+r2r​​−1CVaRα=11−α∫α1VaRβ dβ\mathrm{CVaR}_\alpha=\frac{1}{1-\alpha}\int_\alpha^1 \mathrm{VaR}_\beta\,d\betaCVaRα​=1−α1​∫α1​VaRβ​dβx˙i=xi[(Ax)i−x⊤Ax]\dot{x}_i=x_i\big[(Ax)_i-x^\top Ax\big]x˙i​=xi​[(Ax)i​−x⊤Ax]C=E[e−rT(ST−K)+]C=\mathbb{E}\big[e^{-rT}(S_T-K)^+\big]C=E[e−rT(ST​−K)+]df=(ft+μfx+12σ2fxx)dt+σfx dWtdf=\big(f_t+\mu f_x+\tfrac12\sigma^2 f_{xx}\big)dt+\sigma f_x\,dW_tdf=(ft​+μfx​+21​σ2fxx​)dt+σfx​dWt​∂tm−∇ ⁣⋅(m ∇pH)=ν Δm\partial_t m-\nabla\!\cdot(m\,\nabla_p H)=\nu\,\Delta m∂t​m−∇⋅(m∇p​H)=νΔmΔ=∂V∂S,Γ=∂2V∂S2\Delta=\frac{\partial V}{\partial S},\quad \Gamma=\frac{\partial^2 V}{\partial S^2}Δ=∂S∂V​,Γ=∂S2∂2V​λ(δ)=A e−κδ\lambda(\delta)=A\,e^{-\kappa\delta}λ(δ)=Ae−κδd1=ln⁡(S/K)+(r+12σ2)TσTd_{1}=\frac{\ln(S/K)+(r+\tfrac12\sigma^2)T}{\sigma\sqrt{T}}d1​=σT​ln(S/K)+(r+21​σ2)T​u(x)=sup⁡τ E[e−rτg(Xτ)]u(x)=\sup_{\tau}\,\mathbb{E}\big[e^{-r\tau}g(X_\tau)\big]u(x)=τsup​E[e−rτg(Xτ​)]κ=γ σ2/η\kappa=\sqrt{\gamma\,\sigma^2/\eta}κ=γσ2/η​E[dWt2]=dt\mathbb{E}[dW_t^2]=dtE[dWt2​]=dtJ(π)=E[∑tγtrt]J(\pi)=\mathbb{E}\big[\textstyle\sum_t \gamma^t r_t\big]J(π)=E[∑t​γtrt​]dXt=μ(Xt) dt+σ(Xt) dWtdX_t=\mu(X_t)\,dt+\sigma(X_t)\,dW_tdXt​=μ(Xt​)dt+σ(Xt​)dWt​Vt+12σ2S2VSS+rS VS−rV=0V_t+\tfrac12\sigma^2 S^2 V_{SS}+rS\,V_S-rV=0Vt​+21​σ2S2VSS​+rSVS​−rV=0ρV=sup⁡a{f+b Vx+12σ2Vxx}\rho V=\sup_{a}\{f+b\,V_x+\tfrac12\sigma^2 V_{xx}\}ρV=asup​{f+bVx​+21​σ2Vxx​}−ut−ν Δu+H(x,∇u)=f(x,m)-u_t-\nu\,\Delta u+H(x,\nabla u)=f(x,m)−ut​−νΔu+H(x,∇u)=f(x,m)xy=kxy=kxy=kIL(r)=2r1+r−1\mathrm{IL}(r)=\frac{2\sqrt{r}}{1+r}-1IL(r)=1+r2r​​−1CVaRα=11−α∫α1VaRβ dβ\mathrm{CVaR}_\alpha=\frac{1}{1-\alpha}\int_\alpha^1 \mathrm{VaR}_\beta\,d\betaCVaRα​=1−α1​∫α1​VaRβ​dβx˙i=xi[(Ax)i−x⊤Ax]\dot{x}_i=x_i\big[(Ax)_i-x^\top Ax\big]x˙i​=xi​[(Ax)i​−x⊤Ax]C=E[e−rT(ST−K)+]C=\mathbb{E}\big[e^{-rT}(S_T-K)^+\big]C=E[e−rT(ST​−K)+]df=(ft+μfx+12σ2fxx)dt+σfx dWtdf=\big(f_t+\mu f_x+\tfrac12\sigma^2 f_{xx}\big)dt+\sigma f_x\,dW_tdf=(ft​+μfx​+21​σ2fxx​)dt+σfx​dWt​∂tm−∇ ⁣⋅(m ∇pH)=ν Δm\partial_t m-\nabla\!\cdot(m\,\nabla_p H)=\nu\,\Delta m∂t​m−∇⋅(m∇p​H)=νΔmΔ=∂V∂S,Γ=∂2V∂S2\Delta=\frac{\partial V}{\partial S},\quad \Gamma=\frac{\partial^2 V}{\partial S^2}Δ=∂S∂V​,Γ=∂S2∂2V​λ(δ)=A e−κδ\lambda(\delta)=A\,e^{-\kappa\delta}λ(δ)=Ae−κδd1=ln⁡(S/K)+(r+12σ2)TσTd_{1}=\frac{\ln(S/K)+(r+\tfrac12\sigma^2)T}{\sigma\sqrt{T}}d1​=σT​ln(S/K)+(r+21​σ2)T​u(x)=sup⁡τ E[e−rτg(Xτ)]u(x)=\sup_{\tau}\,\mathbb{E}\big[e^{-r\tau}g(X_\tau)\big]u(x)=τsup​E[e−rτg(Xτ​)]κ=γ σ2/η\kappa=\sqrt{\gamma\,\sigma^2/\eta}κ=γσ2/η​E[dWt2]=dt\mathbb{E}[dW_t^2]=dtE[dWt2​]=dtJ(π)=E[∑tγtrt]J(\pi)=\mathbb{E}\big[\textstyle\sum_t \gamma^t r_t\big]J(π)=E[∑t​γtrt​]
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DeFi in October 2026: Solana, Ethereum and Base

Where volume, liquidity and stablecoins moved across three chains last month, with six months of history.

Agustin Munoz Gonzalez·Nov 4, 2026·8 min read

Every month we pull the same set of numbers for Solana, Ethereum and Base and put them side by side. October was a month where DEX volume across all chains fell 20.9%, Solana lost share for the fourth month in a row, and Ethereum's monthly gain came from the three days after the Binance hot wallet drain on Oct 29. Without those days, Ethereum also traded less than in September.

Each chart below is one image with the finding in its headline. We also looked into the numbers that did not add up, like flash loan round trips inflating some Ethereum pairs and a self-referential market on Morpho, and we left them out where they were not real activity. Definitions and sources are at the end.

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+ − Read the slides as text
  1. DeFi in October 2026, POL Research title slide: Solana DEX volume 55.3B USD, down 26.4%; Ethereum 41.7B USD, up 11.9%; Base 30.1B USD, up 9.3%; Ethereum 6.07B USD on the Oct 29 Binance hack day.
  2. Part I: Trading, section cover.
  3. Trading at a glance: Solana DEX volume 55.3B USD, down 26.4%; Ethereum 41.7B USD, up 11.9%; Base 30.1B USD, up 9.3%; Solana PropAMM share 37.7%; Base perps 22.8B USD, up 298%. Summary tiles, October vs September.
  4. Solana DEX volume fell 26.4% in October to 55.3B USD while Ethereum rose 11.9% to 41.7B USD and Base 9.3% to 30.1B USD; stacked bars by protocol, May to October 2026.
  5. Without the Oct 29 hack day, Ethereum DEX volume fell: the Oct 1 to 28 daily average of 1.07B USD was down 13.6% vs September, against 6.07B USD on Oct 29; daily line chart for Solana, Ethereum and Base.
  6. Ethereum and Base gained share as all chain DEX volume fell 20.9%: Ethereum rose from 13.6% to 19.2% and Base from 10.0% to 13.9%, Solana at 25.5%; line chart of DEX volume share by chain, May to October.
  7. PropAMM share of October DEX volume: Solana 37.7%, Base 8.1%, Ethereum 7.6%, or 6.8% without PMMs; stacked area charts of volume share by exchange type per chain, May to October.
  8. HumidiFi volume fell 78.1% in October, from 3.89B to 0.850B USD, while Solana PropAMM share rose from 34.2% to 37.7%; stacked bars of PropAMM volume by protocol with share line for each chain, May to October.
  9. Stablecoin pairs were 52.1% of Solana volume, 74.1% of Ethereum and 28.6% of Base; stable to stable pairs were 50.3% on Ethereum; stacked area charts of volume share by pair category per chain, May to October.
  10. Aggregators routed 48.5% of Solana DEX volume, 49.1% of Ethereum and 13.7% of Base in October, 26.8B USD on Solana and 20.5B USD on Ethereum; stacked bars by aggregator with routed share line, May to October.
  11. Solana perps volume rose 2.1% in October while spot fell 26.4%, lifting the perps/spot ratio from 0.559 to 0.774; Base perps rose 298% to 22.8B USD, 89.9% Avantis; stacked bars by venue with ratio line per chain.
  12. Part II: Lending & Borrowing, section cover.
  13. Lending & Borrowing at a glance: lending TVL fell on all three chains, Ethereum 26.4B USD down 19.1%, Base 4.90B down 3.7%, Solana 2.41B down 14.8%, while Base borrowed rose 5.9% to 2.67B USD. Summary tiles, October vs September.
  14. Lending TVL fell on all three chains in October: Ethereum down 19.1% to 26.4B USD, or 12.1% without Maple, Solana down 14.8% to 2.41B and Base down 3.7% to 4.90B; stacked bars by protocol, May to October.
  15. Base borrowing rose 5.9% in October to 2.67B USD from 2.53B while its lending TVL fell 3.7%, and utilization went from 33.2% to 35.3%; stacked bars of borrowed funds by protocol with utilization line per chain, May to October.
  16. Jupiter Lend passed Kamino in borrowed funds at the end of October, 931M vs 826M USD, while Kamino still leads on TVL by 301M USD; line charts of leader vs second per chain, May to October.
  17. Part III: Tokenized Assets, section cover.
  18. Tokenized Assets at a glance: RWA excluding stablecoins fell 12.8% on Ethereum to 9.58B USD and 8.2% on Solana to 1.89B USD; Base tokenized stock DEX volume was 2.55B USD, 67.6 times AUM. Summary tiles, October vs September.
  19. Ethereum RWA without gold and commodities fell 16.9% in October, from 5.51B to 4.58B USD; gold and commodity tokens are 5.00B USD; stacked bars of RWA excluding stablecoins by issuer per chain, May to October.
  20. xStocks are 93.4% of Solana tokenized stocks at the end of October, 523M of 560M USD, up 5.1%; Ethereum fell 8.2% to 809M USD; stacked bars of tokenized equity AUM by issuer per chain with top 10 ticker tables.
  21. Base tokenized stocks traded 67.6 times their AUM in October, 2.55B USD of DEX volume on 37.7M USD of AUM; automated senders were 95.3% of volume; stacked bars of tokenized equity DEX volume by venue per chain.
  22. Part IV: Stablecoins & Staking, section cover.
  23. Stablecoins & Staking at a glance: stablecoin supply fell on all three chains, Ethereum 142B USD down 2.7%, Solana 15.4B down 4.5%, Base 5.14B down 0.3%; Solana USDC is 2.85 times USDT. Summary tiles, October vs September.
  24. Ethereum stablecoin supply fell 18.4B USD from May to October, from 160.37B to 141.94B USD, with USDT down from 81.3B to 70.9B USD; stacked bars of supply by ticker per chain with month over month change tables.
  25. Solana USDC was 2.85 times USDT at the end of October, 6.95B vs 2.43B USD, up from a July low of 2.07; line charts of the USDC to USDT ratio for Solana, Ethereum and Base, May to October.
  26. Ethereum stablecoin supply fell 3.92B USD in October, with USDT down 2.59B and USDC down 1.66B USD; Solana fell 734M USD; bar charts of monthly net stablecoin flow per chain, May to October.
  27. Counted in tokens, Ethereum LSTs fell 0.2% to 17.1M ETH and Solana LSTs rose 3.3% to 66.2M SOL; stacked bars of LST and LRT TVL by protocol in USD and native units per chain, May to October.
  28. LSTs held 15.3% of staked SOL at the end of October, 66.2M of 434M SOL, up from 13.3% in July; on Ethereum the estimated share is 37.9%; line charts of LST penetration, May to October.
  29. Part V: Token Launches, section cover.
  30. Token Launches at a glance: Solana launches rose 28.4% to 1.65M, Base launches fell 17.4% to 21.0K, and 2.3% of pump.fun tokens created through Oct 28 graduated vs 3.4% in September. Summary tiles.
  31. Solana launched 1.65M tokens in October, up 28.4%, and pump.fun created 89.7%, or 1.48M; Base launches fell 17.4% to 21.0K; stacked bars of launches by launchpad for Solana and Base, May to October.
  32. 2.3% of pump.fun tokens created in October graduated, 30.3K of 1.31M, against 3.4% in September; Meteora DBC graduated 72.2%; horizontal bar funnel of created, graduated or traded, and 10K USD volume by launchpad.
  33. pump.fun created 99.6% of its October tokens on Token-2022, and 96.5% of all Solana tokens created in October used it; line chart of Solana mints per month by token standard, Token-2022 vs SPL, May to October.
  34. Part VI: What Happened in October, section cover.
  35. What Happened in October at a glance: Solana USDT supply fell 0.41B and Ethereum USDT 1.10B USD from Oct 28 to 30, and Ethereum DEX volume hit 6.07B USD on Oct 29, the Binance hack day. Summary tiles.
  36. Binance hack: Ethereum DEX volume reached 6.07B USD on Oct 29, with TRM reporting about 6.36B USD stolen and 2.7B frozen; table of ten October 2026 events by date and chain, whether each shows in the data, and sources.

Sources and method

Data

  • Pulled on Nov 4, 2026. Monthly window from May to October 2026.
  • DefiLlama: DEX volume, aggregator volume, lending TVL and borrowed, liquid staking TVL and stablecoin supply.
  • pamm.wtf: PropAMM volume on Ethereum.
  • Dune: pair categories, perps (Jupiter Perps, GMTrade, Avantis, SynFutures), tokenized stock volume, RWA mint and burn, token launches and the Oct 29 breakdown.
  • Public APIs: Avantis, Pacifica and Synthetix for perps.
  • Public RPC: RWA and bridged token supply, priced with DefiLlama.
  • Events: the source linked in each row of the October table.

Conventions

  • DEX volume uses DefiLlama's "Dexs" category. Bonding curves are outside the DEX total and appear in token launches.
  • Volume and launches are sums over the calendar month. TVL, borrowed, supply and AUM are month end values.
  • Lending TVL excludes borrowed funds.
  • Ethereum means Ethereum L1 only.

Exchange types

  • Each protocol has one type, with the same rules on all three chains.
  • PropAMM is the dashboard list of 11 protocols on Solana, the pamm.wtf list on Ethereum and our own list on Base. Oracle guided PMMs (DODO, Swaap, Obric) count inside PropAMM.
  • Stableswap is its own type. AMMs built on lending protocols (Fluid DEX, Jupiter Lend DEX) count as CLMM. Hanji counts as an orderbook.

Exclusions

  • Ethereum pair categories leave out synthetic flash loan round trips (3.1B USD in October).
  • Base pair categories leave out trades over 25M USD and show bot round trips (XDP) as their own category.
  • Morpho figures leave out HERMES and the other collaterals Morpho marks as broken assets.

Limits

  • RWA and tokenized stock totals cover only the tokens we track, so they are a floor.
  • Ethereum PropAMM volume from May to July is a floor, because pamm.wtf starts on May 13.
  • Solana perps leave out Flash Trade, Adrena, Bullet/Zeta and Drift. Ethereum L1 perps are Synthetix only.
  • Token lists for pair categories differ by chain, so the categories are not directly comparable across chains.
  • Third party figures are named as such, for example TRM for the Binance hack.
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