Solana’s DEX volume surpasses Ethereum, capturing nearly 50% in November 2024.
Raydium dominates Solana’s DEX market, with over 60% of daily trading volume.
Memecoin surge drives Raydium’s growth, making up 65% of its daily volume.
Solana recently made headlines by hitting a key 50% retracement level, a pattern that many market makers consider a reliable trading indicator. This technical development highlights the consistency of Solana’s price action.
The Solana ecosystem, particularly its decentralized exchange (DEX), Raydium, is growing rapidly. For two consecutive months, Raydium has surpassed Uniswap in monthly trading volume, marking a shift in decentralized finance (DeFi).
Raydium’s Dominance in the DEX Market
Raydium, the largest automated market maker (AMM) DEX on Solana, has played a key role in the Solana network’s rise. Launched in 2021, the platform allows users to create liquidity pools, provide liquidity, and swap tokens.
Users can earn fees through trading activities, while Raydium’s native token, RAY, adds an incentive layer. According to a Messari report, Raydium has become the leader in Solana’s DEX ecosystem in 2024, surpas…
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