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Crypto Potato 2024-12-11 18:29:08

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

In October, Raydium made history by becoming the number one DEX by volume across all chains, a milestone it quickly built on in November. According to Messari’s latest report, Raydium surged ahead of Uniswap in monthly DEX volumes by a striking 30%, achieving $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 lead in daily DEX volume for the first time since 2022, marking its second consecutive quarter at the top. By November 2024, Raydium was capturing over 60% of Solana’s daily DEX volume, as per Messari’s analysis. The explosive growth in meme coin trading has become a key driver of Raydium’s volume, particularly after the US presidential election on November 5, 2024. In the subsequent weeks, daily meme coin trading on Raydium averaged nearly $2 billion – three times higher than the previous month’s average. This surge in meme coin activity now accounts for 65% of Raydium’s total daily trading volume, a significant increase from just 2% in November 2023. The synergy between Raydium and Pump.fun , the popular Solana-based meme coin launchpad, 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 driving further volume. Raydium Boosted by Solana’s Growing Market Share Raydium’s surge in volume and success is intrinsically linked to the rapid expansion of the Solana ecosystem, which has emerged as a significant competitor to Ethereum in the DEX space. Following a series of impactful airdrops in December 2023, Solana quickly began challenging Ethereum’s dominance in weekly DEX volumes. Messari’s report noted that the liquidity influx resulting from these airdrops dramatically increased Solana’s network activity. In Q3 2024, Solana’s share of weekly DEX volume exceeded Ethereum’s threefold, marking a turning point in the decentralized exchange hierarchy. This momentum continued through October 2024, with Solana consistently overtaking Ethereum in daily DEX volume. By November 2024, Solana had captured nearly 50% of monthly DEX volume, 175% more than Ethereum’s 18%. The migration of users to Solana has led to increased volumes for platforms like Raydium. The post Raydium Surpasses Uniswap to Claim Top Spot in Monthly DEX Volume: Messari appeared first on CryptoPotato .

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