Crypto Liquidity Is Moving - Here's Where the Money Is Going

Crypto liquidity is becoming more fragmented across networks, with different ecosystems specializing in different kinds of activity, according to an on-chain analysis by Shubham Vishwakarma. While Ethereum and Tron still hold the largest stablecoin reserves, Solana leads spot DEX activity and Hyperliquid dominates on-chain perpetual trading. The report highlights that a larger stablecoin base doesn’t automatically mean higher trading volume: Solana generates more DEX volume than Ethereum despite a smaller stablecoin supply. It also notes Ethereum remains the biggest stablecoin liquidity hub with $147.5 billion tracked supply versus $94.2 billion for Tron and $16.0 billion for Solana.