Raydium (RAY), a decentralized exchange (DEX) on Solana has exceeded Uniswap‘s monthly DEX volume for two months in a row. This saw Raydium emerge as the top DEX by volume across all chains for the first time in October. In November, Raydium overtook Uniswap in monthly DEX volume by around 30% ($124.6 billion vs. $90.5 billion), accelerating this trend.
This is according to a report by Messari which analyzed the volume on the biggest DEXs on Solana and Ethereum.
Raydium’s dominance in the Solana ecosystem has contributed largely to the platform’s success. Over 60% of the daily DEX volume on Solana was held by Raydium in November. With meme coins making up an all-time high of 65% of Raydium’s monthly volume in November, meme coin trading was a significant contributor to Raydium’s volume.
Additionally, RAY’s growth is consistent with the larger trend of Solana’s daily DEX volume outpacing Ethereum’s. With a monthly DEX volume share of around 50% across all chains in November, Solana outperformed Ethereum by 175%.
The March 2024 debut of Raydium’s v3 was a major factor in the company’s ascent to the top volume share on Solana. Along with a liquidity page that unified all Raydium liquidity pools in one location, this new interface added charts for every pair of traded tokens, support for precise swap amounts, and a new portfolio page where users could see and manage liquidity positions.
Raydium saw daily meme coin trading volume of about $2 billion for the rest of November after the U.S. presidential election, which was nearly three times the average for the month before the election. Furthermore, the volume of meme coins as a percentage of Raydium’s total daily volume moved from 2% in November 2023 to 65% in November 2024. This underscored the growing significance of meme coin trading to Raydium’s overall volume.
The platform’s cooperation with Pump.fun, a Solana meme coin launchpad accelerated this trend. A regular AMM pool on Raydium receives an additional $12,000 when Pump.fun tokens reach a market capitalization of $69,000, resulting in a steady stream of new liquidity and trading opportunities.
Traders have been drawn to Raydium because of its speedy and affordable transaction processing, particularly those who trade frequently or deal with smaller transaction sizes that would be unfeasible on Ethereum because of gas prices.
With the continued rise of meme coins, Raydium will aim to maintain its position as the top DEX by monthly volume across all chains in the final month of the year.
