Numbers Reveal the State of Trading Bots: Solana Remains the Main Battlefield, Newcomers Overtake Veterans Amid Multi-Scenario Competition
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Numbers Reveal the State of Trading Bots: Solana Remains the Main Battlefield, Newcomers Overtake Veterans Amid Multi-Scenario Competition
As market sentiment gradually cools down and the on-chain ecosystem enters a cooling phase, trading bots have experienced a sharp decline in trading volume and revenue, forcing them into a new period of adaptation and transformation.
Navigating Web3 tides with focused insightsAuthor: Nancy, PANews
As more participants shift from off-chain to on-chain environments, trading has entered a higher-dimensional phase of strategic competition. Trading bots, leveraging their ability to swiftly snipe new tokens, automate trades, and execute high-frequency arbitrage, have become essential tools for traders—particularly during the peak of MEME coin mania. However, as market sentiment cools and the on-chain ecosystem enters a downturn, trading bots are experiencing a sharp decline in both transaction volume and revenue, forcing them into a new phase of adaptation and transformation. Meanwhile, the bot landscape is becoming increasingly competitive ("involutionary"). Simple high-speed purchase strategies are gradually losing effectiveness, giving way to more sophisticated feature expansions, flexible trading strategies, and higher security standards.
Solana Remains the Main Battlefield Amid Market Contraction; Axiom Overtakes Established Leaders
The scale of the trading bot market fluctuates with the overall热度 of the on-chain ecosystem. Over the past two months, despite severe volatility, Solana has quickly rebounded, demonstrating strong resilience and recovery capacity. Amid this upheaval, the competitive landscape of Solana’s trading bot market is rapidly reshaping—market share among top players is shrinking while emerging forces are rising swiftly, sparking a quiet battle for market dominance.
According to Dune data, Solana-based trading bots saw significant fluctuations in market share over the past two months, plunging from a peak of 91.8% to a low of 18.2%. As of April 10, the share has recovered to 85.1%, reestablishing Solana's absolute dominance in the trading bot market. However, during the dip, Base and BSC temporarily surpassed Solana in trading bot transaction volume share. Particularly in late March, BSC surged to 70.7% while Solana dropped to just 18.2%.
In terms of user base, Dune data shows that as of April 10, the number of trading bot users on Solana far exceeds those on BSC and Ethereum, totaling over 202,000 users—accounting for 83% of the total—highlighting its dominant user advantage.
On a granular level, Solana-based trading bots have experienced a notable decline in transaction volume. Dune data indicates that over the past two months, their trading volume dropped from nearly $1.06 billion to approximately $96 million—a staggering 90.7% decrease. Daily revenue also fell by about 88.9%, dropping to $922,000.
Changing levels of on-chain participation are accelerating shifts in the trading bot market landscape—established players are slowing down, while new entrants are rapidly gaining ground.
Dune data reveals that among 17 Solana-based trading bots over the past two months, the top three by transaction volume were: Photon at $3.96 billion (first), BullX at $3.59 billion (second), and Trojan at $2.82 billion (third). However, the market share of these leading bots has notably contracted. Over the same period, Photon’s share declined from 31.8% to 20.4%—a drop of about 35.85%; BullX fell from 27.5% to 11.3%; and Trojan, previously third, further dropped to 5.4%.
Notably, the emerging bot Axiom has demonstrated strong growth momentum, increasing its market share from an initial 3.5% to 42.2% within just two months, rising to first place by April 9. In terms of momentum, Axiom’s dominance within the Solana ecosystem is expanding rapidly. On April 9, Axiom accounted for nearly 42.2% of daily trading volume and approximately 44.2% of daily revenue.
From Trading Features to User Experience: Trading Bots Evolve Across Multiple Scenarios
With the widespread adoption of “sniping” strategies, trading bots have become crucial tools for traders seeking early advantages and market opportunities. Yet, amid intensifying competition and growing complexity in the on-chain ecosystem, traders now demand not only speed but also precise market insights and enhanced asset security.
PANews analyzed the latest developments among five leading trading bots in the Solana ecosystem—Axiom, Photon, BullX, Trojan, and GMGN—and found that these platforms are enhancing their offerings through multi-dimensional feature upgrades, full-scenario coverage, and strengthened security measures to meet diverse trader demands for speed, insight, and safety.
Axiom
Axiom, incubated by Y Combinator, has rapidly expanded its market presence in the past month. Key features include: (1) Automation tools: one-click sniping enables quick participation in new token launches; copy-trading allows users to automatically follow experienced traders’ strategies; advanced strategy settings support dynamic take-profit/stop-loss, conditional orders, and other complex logic executed automatically by the platform; (2) Analytics tools: professional trading indicators track whale wallets, fund flows, and smart money movements; InsightX bubble charts visually display token popularity, trading volume, and community activity; integration with X provides real-time capture of project updates, KOL opinions, and market sentiment; (3) Diversified financial tools: integration with HyperLiquid perpetual contracts and Marginfi yield products caters to different risk profiles; (4) Asset security: non-custodial wallets, Coinbase integration enabling up to $500 weekly KYC-free purchases, and MEV protection mechanisms effectively reduce frontrunning and sandwich attacks; (5) Multi-tiered reward system: users can earn SOL rewards and Axiom points based on trading volume, referrals, or task completion.
However, compared to competitors, Axiom still faces limitations such as lack of multilingual support, Solana-only compatibility, and no mobile app support.
Photon
In recent months, Photon has focused on updating and optimizing trading functions, including launching SNAP, which allows customizable trade settings (wallet tracking, X feed monitoring, notifications); multi-wallet functionality enabling fund distribution across multiple wallets and simultaneous buy/sell operations for any token; and plans to launch a BNB Beta version along with USDC trading pairs on Solana.
BullX
In February, BullX announced a major update introducing several new features: the fastest migration sniping tool, faster order execution and chart performance, a Twitter (now X) tracker, enhanced Hyper Vision (tracking historical X usernames, developer migration behavior, and bot gas consumption), and various UX improvements. BullX has also strengthened security by banning third-party extensions.
Trojan
Several months ago, Trojan launched its core feature, TrojanSniper, allowing users to customize sniper parameters such as snipe amount, slippage, and fees according to individual risk preferences and trading strategies. It introduced filters (e.g., minimum/maximum liquidity, pool supply ratio, developer holdings, supported platforms) and MEV protection mechanisms. Additionally, TrojanSniper includes whitelist/blacklist capabilities, enabling users to filter specific tokens or developer addresses to exclude unwanted targets. Other enhancements include alerts for developer sell-offs and a 70% improvement in broadcast speed.
GMGN
Over the past few months, GMGN has rolled out a series of functional upgrades: adding TRON chain withdrawal support while discontinuing Telegram bot withdrawals, requiring all transactions to be processed via the web platform. To enhance security, it implemented mandatory Google 2FA (two-factor authentication) and whitelisted address restrictions, ensuring transfers only occur to pre-approved addresses—significantly reducing security risks. On the trading front, GMGN launched multi-wallet management on Solana, enabling seamless control of multiple wallets through a single interface. It added analytics features such as holder trend analysis, insider holding trends, and blue-chip index trend tracking to help users better understand market dynamics. For decision-making support, GMGN introduced wallet grouping, instant copy-trading, a monitoring plaza featuring smart money and KOL trading activity, and chart-marked KOL avatars. It also temporarily offered a Twitter scraper tool capable of automatically identifying token contracts by monitoring tweets, replies, bio changes, and retweets, enabling rapid trading. To further improve speed and stability, GMGN completed global distributed deployment in March via AWS infrastructure, Solana validator nodes, and self-built RPC transaction nodes.
In addition, GMGN has expanded its platform through the launch of a mobile app, expansion to BNB Chain, and a friend referral rewards program.
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