Solana's user retention hit a fresh milestone this week, with over 1.7 million daily returning users — the highest count since February 2024. The network also crushed Ethereum in two key trading metrics over the past seven days: perpetual swaps and DEX aggregator volume. Solana's lead in perpetual trading hit 89%, while its DEX aggregator activity ran 115% ahead of Ethereum's, per on-chain data.
User retention back to pre-slowdown levels
The 1.7 million returning daily users figure marks a recovery from the lull earlier this year. Solana's user base isn't just growing — it's sticking around. The returning-user number passed its previous 2026 peaks and now rivals the sustained engagement the network saw during the first quarter of last year. That's a signal that the apps and infrastructure built on Solana are holding attention beyond a single transaction.
Volume gap widens
Over the past week, Solana processed $19.0 billion in perpetual trading volume against Ethereum's $10.1 billion. On the DEX aggregator front, Solana saw $10.2 billion versus Ethereum's $4.8 billion. In both cases, Solana more than doubled its rival's volume. The aggregate 115% edge on aggregators is particularly striking — it suggests Solana is drawing the kind of active, price-sensitive traders who hop between liquidity sources for the best rates. Perpetual volume, meanwhile, points to sustained leveraged activity, often tied to short-term positioning.
Price action stays modest
SOL is trading at $65, up 2% in the last 24 hours. But its 24-hour trading volume dropped more than 3%. The price gain hasn't yet attracted fresh capital — at least not in the short term. The divergence between network usage and spot volume is worth watching. If returning users and high swap activity keep climbing, the price lag could narrow. Or it could mean that much of the trading is happening without a net influx of new buyers. Either way, Solana's on-chain activity is telling a stronger story than its 24-hour volume numbers suggest right now.
