Originally published on: December 10, 2024
In exciting news, decentralized exchange (DEX) Raydium has outperformed Uniswap for the second consecutive month in terms of monthly trading volumes, as revealed in a recent report by Messari. The report highlighted that Raydium, native to the Solana ecosystem, surged ahead of the leading DEX Uniswap by nearly 30% in November, representing approximately $30 billion in trading volume.
This latest victory follows a similar trend from the previous month, where Raydium edged out Uniswap by around 10%, according to insights shared by Ryan Watkins, co-founder of Syncracy Capital, on the X platform in mid-November.
What sets Raydium apart is its robust presence within the Solana network, capturing over 60% of the daily DEX volume. One key driver of this success is the significant role memecoins play in Raydium’s trading volume. Memecoins accounted for a record-breaking 65% of Raydium’s trading volume in November, underscoring the platform’s stronghold in the emerging memecoin trading landscape.
Pump.fun, a prominent platform for minting memecoins and facilitating trading liquidity, has notably propelled Solana as a hub for memecoin trading. Many memecoins created on Pump.fun find their way to Raydium, driving further growth and activity on the platform.
According to DefiLlama, Pump.fun ranks as the fifth-highest-earning Web3 protocol by revenue, generating over $100 million in fee revenues in the past month alone. The platform’s success positions it just below established giants like Circle and the Solana network.
While Raydium thrives within the Solana ecosystem, Uniswap stands as a behemoth across 18 blockchain networks. Despite this, Solana has witnessed remarkable growth, with its total value locked (TVL) skyrocketing fivefold in 2024. This surge is attributed to Solana’s technical superiority, offering high throughput and low transaction costs, attracting users seeking a more efficient DeFi experience.
As the competition intensifies between Raydium and Uniswap, the spotlight remains on decentralized exchanges shaping the future of digital asset trading. With Raydium’s continued dominance and Solana’s rapid ascent, the stage is set for an exciting evolution in the DEX landscape.
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