According to Odaily, Raydium has emerged as the leading decentralized exchange (DEX) in terms of on-chain trading volume for the first time in October, as reported by Messari. This trend accelerated in November, with Raydium's monthly DEX trading volume surpassing Uniswap by approximately 30%, reaching $124.6 billion compared to Uniswap's $90.5 billion. The platform's success is largely attributed to its dominance within the Solana ecosystem. As of November 2024, Raydium consistently accounted for over 60% of daily DEX trading volume on Solana.
Memecoin trading has become a significant driver of Raydium's trading volume, contributing to 65% of its total in November, marking a record high. This growth in Raydium's trading volume also reflects a broader trend where Solana's daily DEX trading volume has surpassed that of Ethereum. In November, Solana accounted for nearly 50% of the monthly DEX trading volume across all chains, significantly higher than Ethereum's approximately 18% share, representing a 175% increase.
The report highlights that the launch of Raydium V3 in March 2024 was a key catalyst for its leading position on Solana and globally in November. This development has played a crucial role in enhancing Raydium's capabilities and attracting more users to the platform, further solidifying its status as a major player in the DEX market.
