Raydium Surpasses Uniswap in Monthly Trading Volumes for Second Consecutive Month

Raydium, a decentralized exchange (DEX) built on the Solana network, has outpaced Uniswap in monthly trading volumes for the second consecutive month, according to a Dec. 10 report from Messari.

In November, Raydium surpassed Uniswap by approximately 30%, reaching around $30 billion in volume, following a smaller victory in October with a 10% lead.

This performance is primarily attributed to Raydium’s strong foothold within the Solana ecosystem, where it captures over 60% of the daily DEX volume. The DEX has gained significant traction, especially due to the popularity of memecoins, which accounted for a record 65% of its monthly volume in November.

Memecoin trading, fueled by venture capital and growing interest, has contributed to the rising market cap of these assets, now valued at around $130 billion. Solana, emerging as a key player in memecoin trading, hosts platforms like Pump.fun, which mint and launch memecoins, many of which are traded on Raydium.

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This surge in memecoin activity has helped boost Solana’s total value locked (TVL), which has seen significant growth this year, although it still trails behind Ethereum.

Raydium’s focus on Solana contrasts with Uniswap, which operates across 18 different blockchain networks. The growth of Solana’s DeFi ecosystem is driven by its technical advantages, such as high transaction throughput and low costs, attracting users seeking a more efficient DeFi experience. Meanwhile, Uniswap has expanded its reach with the launch of its layer-2 network, Unichain, in October.

Alexander Zdravkov