Messari's report pointed out that Solana's largest DEX, Raydium, has seen its monthly trading volume exceed Uniswap for two consecutive months, with November trading volume reaching $124.6 billion, which is 30% higher than Uniswap. This is attributed to the popularity of meme coins, which accounted for 65% of Raydium's November trading volume, setting a historical high.
The largest decentralized exchange in the Solana ecosystem, Raydium, was listed on Binance for contracts yesterday (10th) (spot trading was previously online). This morning, the well-known crypto research institution Messari released a report stating that Raydium's monthly trading volume has surpassed Uniswap for two consecutive months. Multiple positive news has driven the strong performance of its token RAY.
Raydium's November trading volume surpassed Uniswap by 30%
According to a report by Messari, Raydium became the leading DEX in terms of on-chain trading volume in October, a trend that accelerated in November, with Raydium's monthly trading volume reaching $124.6 billion, 30% higher than Uniswap's $90.5 billion.
As of the third quarter of this year, it successfully captured a major share of Solana's daily decentralized exchange (DEX) trading volume, and in November, it accounted for over 60% of Solana's daily trading volume.
Messari stated that Raydium's impressive performance is thanks to the popularity of meme coins, which accounted for 65% of Raydium's November trading volume, setting a historical high.
Messari added that Raydium's success is directly related to the growth of the entire Solana ecosystem. In November, Solana accounted for about 50% of the total on-chain DEX trading volume, which is 2.7 times Ethereum's 18% share.
In addition, Raydium's V3 upgrade brought significant growth, enhancing portfolio and liquidity management capabilities, integrating price oracles and Token-2022 support, and fully leveraging Solana's high speed and low cost advantages to optimize user experience. These improvements further strengthened Raydium's trading experience and capital efficiency, solidifying its position as a leading DEX.
RAY rose by 10% in a single day
As a result, the RAY price has seen an increase. CoinGecko data shows that RAY surged to $4.97 in the last 24 hours, a rise of 10%, and it has increased by more than 500% over the past year.
Is Ethereum beyond saving?
This phenomenon raises the question of whether Ethereum is lagging behind Solana in the recent market recovery. DeFiLlama data shows that Solana's trading volume has surpassed Ethereum's in July, October, and November this year, and is gradually being approached by its own Layer2 Base chain. The data shows that in November, Solana's trading volume was close to $130 billion, while Ethereum reached $70.6 billion, and Base was $45.76 billion.
In addition, Artemis data indicated that Ethereum had the largest net outflow of funds among mainstream public chains in the past month, with a net outflow of $1.2 billion. In contrast, Base, Solana, and Arbitrum were the three public chains with the highest net inflows, amounting to $1 billion, $368 million, and $227 million, respectively.
Further observation of where Ethereum's funds are flowing reveals that the top three are precisely Base, Arbitrum, and Solana.
Therefore, we can conclude that Ethereum is currently facing external threats (from Solana) as well as internal challenges (from its own L2) in terms of capital competition. This situation is likely to worsen after Uniswap launches its own Ethereum L2 'Unichain', as Uniswap accounts for as much as 78.58% of Ethereum's trading volume.
This could lead to Ethereum validators potentially losing about $400 million to $500 million in revenue each year, seriously threatening Ethereum's narrative as a deflationary currency, and further prompting people to question the sustainability of Ethereum's scaling strategy, the robustness of its economic model, and the decentralization ideals that support the blockchain ecosystem.
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