Solana-native decentralized exchange (DEX) Raydium has surpassed Uniswap in monthly trading volumes for October and November, reports Messari on Dec. 10. In November, Raydium led Uniswap by approximately 30%, equating to around $30 billion in trading volume, following a 10% edge in October.
Raydium’s dominance stems from its strong presence within the Solana ecosystem, consistently capturing over 60% of daily DEX volume on the blockchain. A key driver is the booming memecoin market, which accounted for 65% of Raydium’s November volume.
Platforms like Pump.fun have accelerated memecoin popularity on Solana, with many tokens trading on Raydium. Pump.fun ranks as the fifth highest-earning Web3 protocol, generating over $100 million in fees recently. While Raydium operates exclusively on Solana, Uniswap spans 18 blockchains.
Solana’s total value locked (TVL) has quintupled in 2024, supported by high throughput and low transaction fees, although Ethereum remains the leader with over $70 billion TVL. Despite Uniswap launching its layer-2 network Unichain on Oct. 10, Raydium maintains its competitive edge in Solana’s expanding DeFi landscape.