The Solana DEX landscape has shifted multiple times over the past three years. Meteora grew from approximately 1% in 2023 to a peak of around 42% in 2026, while Pumpfun, which surged during the meme coin boom (reaching a peak of 80%), has since fallen back to around 40%. Meanwhile, former leaders like Orca and Raydium have dropped below 2%, and Lifinity has disappeared altogether. This appears to be typical cyclical behavior: hype-driven liquidity (meme coins) surges rapidly, then rotates back to more sustainable infrastructure. Pumpfun is also considering expansion beyond Solana (Base, BSC, ETH), adding further pressure to the native market. In short, dominance is no longer secure. Liquidity moves quickly but ultimately flows back to protocols capable of surviving multiple cycles.