Axiom and Photon Trade Volumes on Solana: A
Published 7/26/2025, 7:27:33 AM
This report synthesizes available information regarding the trade volumes of Axiom, Photon, and their notable competitors on the Solana blockchain, with a focus on data from recent months. Direct access to comprehensive, real-time Dune Analytics dashboards for detailed historical data was not possible through general web searches, but significant insights have been gleaned from various news articles and reports.
Latest Numbers and Market Positioning
Axiom:
- Daily Trade Volume (Peak): Axiom's daily trading volume has surged, reaching a peak of $101 million. (FXStreet, April 15, 2025)
- Lifetime Fees: As of May 25, 2025, Axiom has generated $100 million in fees over its operational lifetime. (Coinglass)
- User Share: Axiom currently accounts for 30% of the ecosystem’s trading users on Solana. (FXStreet, April 15, 2025)
Photon:
- User Share: Photon is a strong competitor, holding 24% of the ecosystem’s trading users on Solana. (FXStreet, April 15, 2025)
- Growth: Reports indicate Photon-Sol has experienced substantial growth in both users and trading volume. (Reddit, February 6, 2025)
Competitors and Their Performance
Several other platforms contribute significantly to the Solana memecoin trading volume:
- Bullx: This platform also commands 24% of the trading users on Solana, similar to Photon. (FXStreet, April 15, 2025)
- Trojan (formerly Unibot on Solana): While not exclusively focused on memecoins, Trojan is a leading Telegram trading bot. It has recorded single-day trading volumes of up to $198 million and daily transaction fees of $1.81 million. This highlights its significant presence and suggests substantial underlying trade volume. (Gate.io, December 23, 2024)
- Pump.fun: A major memecoin launchpad and trading platform on Solana.
- Volume Fluctuation: Pump.fun's trading volume experienced a notable 63% drop from $119 billion in January 2025 to $44 billion in February 2025. (TradingView, March 4, 2025)
- Recent Revenue: Its revenue over the 30 days prior to March 4, 2025, was nearly $74 million. (TradingView)
- Peak Activity: At its peak, Pump.fun saw nearly 300,000 daily active wallets and over 50,000 memecoins launched daily. (The Defiant, June 3, 2025)
- Competition: More recently, Tron’s Sunpump has surpassed Pump.fun in daily revenue and transaction volume, indicating shifting dynamics in the broader memecoin launchpad space. (Cryptodnes, August 24, 2024)
What's Been Happening in the Last 3 Months (Approx. April - July 2025)
The last three months have seen continued high activity in Solana's memecoin and trading bot ecosystem.
- Axiom achieved a significant daily volume milestone in April 2025 and continued to accumulate substantial lifetime fees through May 2025, solidifying its position.
- Photon has maintained its competitive user share and growth trajectory.
- The broader Solana DEX volume exceeded $500 billion in the three months leading up to April 23, 2025, indicating a robust overall trading environment for platforms like Axiom and Photon. (Yahoo Finance, April 23, 2025)
- However, platforms like Pump.fun experienced significant volume contractions in early 2025, suggesting that the landscape can be volatile, and individual platform performance may fluctuate rapidly.
Percentage of Volume of Axiom Compared to Competitors
Based on the available user share data from April 2025:
- Axiom accounts for 30% of the ecosystem's trading users.
- Photon and Bullx each account for 24% of the trading users.
If we extrapolate user share to approximate volume share (which is a simplification as user share doesn't perfectly equate to volume share due to varying trade sizes and frequencies per user), Axiom's volume would be roughly proportional to its 30% user share.
Approximate Volume Share Comparison (Based on User Share):
- Axiom: ~30%
- Photon: ~24%
- Bullx: ~24%
For a more precise volume percentage, we would require actual reported trade volumes for all platforms over the same period. The peak daily volume of Axiom at $101 million demonstrates its significant individual trading activity. Trojan's reported $198 million single-day volume indicates it can also command substantial liquidity. The fluctuations seen in Pump.fun's volume (from $119 billion to $44 billion month-over-month) highlight the dynamic nature of this market and the challenges in providing a static percentage for volume comparison without real-time, aggregated data from a single source like a unified Dune dashboard.
Key Insights and Suggested Actions
- Axiom is a significant player: Axiom has established itself as a major force in Solana's trading bot landscape, achieving high daily volumes and substantial lifetime fees.
- Intense Competition: The market is highly competitive, with Photon and Bullx having comparable user bases, and other bots like Trojan commanding impressive individual trade volumes.
- Market Volatility: The rapid shifts in volume for platforms like Pump.fun underscore the volatile nature of the memecoin trading market on Solana.
Suggested Actions:
- Deep Dive into Dune Analytics: For precise, real-time, and historical trade volume data, it is recommended to directly access and analyze relevant public dashboards on Dune Analytics. This would allow for a more accurate calculation of market share and detailed trend analysis over the specified three-month period. Queries on Dune can be complex, and finding the exact dashboards tracking these specific platforms and metrics might require more in-depth investigation within the Dune platform itself.
- Monitor Solana Ecosystem Reports: Regularly review reports from crypto analytics firms and news outlets specializing in the Solana ecosystem for aggregated data and competitive analysis of trading platforms and bots.