Raydium overtakes Uniswap to claim first place in monthly volume DEX: Messari

In October, Raydium made history by becoming the number one DEX by volume across all chains, a milestone it quickly built upon in November.

According to Messari’s latest report, Raydium surpassed Uniswap in monthly DEX volumes by a staggering 30%, pulling in $124.6 billion compared to Uniswap’s $90.5 billion.

Raydium leaves Uniswap behind

Raydium has steadily increased its share of Solana’s DEX volume this year. Since March 6, Raydium has consistently outperformed Orca, its closest competitor, in daily volumes.

The third quarter of 2024 was a key milestone for Raydium, as it took the daily DEX volume lead for the first time since 2022, marking its second consecutive quarter at the top. By November 2024, Raydium was capturing more than 60% of Solana’s daily DEX volume, according to Messari’s analysis.

The explosive growth of meme coin trading has become a key driver of Raydium’s volume, especially after the US presidential election on November 5, 2024. In the following weeks, daily meme coin trading at Raydium it averaged nearly $2 billion, three times more than the previous one. average of the month

This increase in meme coin activity now accounts for 65% of Raydium’s total daily trading volume, a significant increase from 2% in November 2023.

The synergy between Raydium and Pump.fun, the popular Solana-based meme coin launch platform, has played a crucial role. As Pump.fun tokens reach a market cap of $69,000, Raydium’s automated market maker (AMM) pools receive additional liquidity, providing ongoing trading opportunities and increasing volume.

Raydium boosted by Solana’s growing market share

Raydium’s increased volume and success is intrinsically tied to the rapid expansion of the Solana ecosystem, which has become a major competitor to Ethereum in the DEX space.

After a series of impressive air releases in December 2023, Solana quickly began to challenge Ethereum’s dominance in weekly DEX volumes. Messari’s report noted that the influx of liquidity resulting from these air jumps dramatically increased the activity of Solana’s network.

In the third quarter of 2024, Solana’s share of weekly DEX volume surpassed Ethereum’s triple, marking a turning point in the decentralized exchange hierarchy. This momentum continued through October 2024, with Solana consistently outperforming Ethereum in daily DEX volume. By November 2024, Solana had captured nearly 50% of DEX’s monthly volume, 175% more than Ethereum’s 18%. The migration of users to Solana has led to increased volumes for platforms like Raydium.

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