Solana's decentralized exchange (DEX) volume has surpassed $18.6 billion over the past 100 days, despite a significant decline in memecoin activity. Memecoin's share on DEXs has fallen from 34.8% to below 9.1%, with its volume steady at approximately $1.7 billion. Meanwhile, activity has shifted towards tokenized assets, which have increased by 240% since August, and Bitcoin, which now holds over a 4.5% share. Perpetual contracts have also seen a surge, with weekly volumes reaching $12.1 billion. Medium-sized trades, ranging from $1,000 to $10,000, now constitute 37% of the activity, while smaller trades under $1,000 have decreased. The number of new memecoin launches has halved, leading to a cooling in Launchpad activity and a significant drop in trading bot revenues. Despite these shifts, Solana's DEX ecosystem remains robust, adapting to changing risk preferences in the market.