Raydium Surpasses Uniswap to Claim Top Spot in Monthly DEX Volume: Messari

In October, Raydium made historical past by turning into the primary DEX by quantity throughout all chains, a milestone it rapidly constructed on in November.

In accordance with Messari’s newest report, Raydium surged forward of Uniswap in month-to-month DEX volumes by a hanging 30%, reaching $124.6 billion in comparison with Uniswap’s $90.5 billion.

Raydium Leaves Uniswap Behind

Raydium has steadily increased its share of Solana’s DEX quantity this yr. Since March 6, Raydium has constantly outperformed Orca, its closest competitor, in every day volumes.

The third quarter of 2024 was a key milestone for Raydium, because it took the lead in every day DEX quantity for the primary time since 2022, marking its second consecutive quarter on the prime. By November 2024, Raydium was capturing over 60% of Solana’s every day DEX quantity, as per Messari’s evaluation.

The explosive progress in meme coin buying and selling has turn into a key driver of Raydium’s quantity, notably after the US presidential election on November 5, 2024. Within the subsequent weeks, every day meme coin buying and selling on Raydium averaged practically $2 billion – thrice larger than the earlier month’s common.

This surge in meme coin exercise now accounts for 65% of Raydium’s complete every day buying and selling quantity, a major improve from simply 2% in November 2023.

The synergy between Raydium and Pump.fun, the favored Solana-based meme coin launchpad, has performed a vital position. As Pump.enjoyable tokens attain a market cap of $69,000, Raydium’s automated market maker (AMM) swimming pools obtain extra liquidity, offering ongoing buying and selling alternatives and driving additional quantity.

Raydium Boosted by Solana’s Rising Market Share

Raydium’s surge in quantity and success is intrinsically linked to the fast growth of the Solana ecosystem, which has emerged as a major competitor to Ethereum within the DEX area.

Following a collection of impactful airdrops in December 2023, Solana rapidly started difficult Ethereum’s dominance in weekly DEX volumes. Messari’s report famous that the liquidity inflow ensuing from these airdrops dramatically elevated Solana’s community exercise.

In Q3 2024, Solana’s share of weekly DEX quantity exceeded Ethereum’s threefold, marking a turning level within the decentralized trade hierarchy. This momentum continued by way of October 2024, with Solana constantly overtaking Ethereum in every day DEX quantity. By November 2024, Solana had captured practically 50% of month-to-month DEX quantity, 175% greater than Ethereum’s 18%. The migration of customers to Solana has led to elevated volumes for platforms like Raydium.