Crypto: Raydium Surpasses Uniswap For The 2nd Consecutive Month In DEX Volumes

In November 2024, Raydium, a decentralized exchange (DEX) native to Solana, surpassed Uniswap in terms of monthly volumes for the second consecutive month, according to a crypto report. This remarkable performance is attributed to Raydium’s dominance within the Solana ecosystem, where it consistently captures over 60% of the daily DEX trading volume.

Crypto: Raydium surpasses Uniswap in DEX

In October, the DEX Raydium had already outperformed Uniswap with a narrower margin, but in November, the gap widened, with Raydium recording about 30% higher volumes, roughly $30 billion more than Uniswap. This trend is largely due to the growing popularity of crypto memes, which represented a record 65% of Raydium’s monthly volume in November.

The success of Raydium is also linked to the technical advantages of Solana, notably its high throughput capacity and low transaction costs, which attract crypto users seeking a faster and more economical DeFi experience. Moreover, Solana has become a hub for trading memecoins, largely thanks to the popularity of Pump.fun. This memecoin minting and liquidity bootstrapping platform has generated over $100 million in revenue from fees over the past 30 days.

What are the consequences for Solana (SOL)?

Solana (SOL) has increased by nearly 2% over the past 24 hours and is currently trading around $217.60. Raydium’s impressive performance could spur growth for SOL. Because, by increasing activity on Solana and attracting more users and crypto transactions, this could strengthen the demand for SOL as the token required for transaction fees and participation. This could lead to an explosion!

In conclusion, the rise of Raydium reflects not only its relative strength compared to other DEXs on Solana but also the increasing overall market share of Solana in DEX volume. With strategic developments and steady growth, the DEX Raydium appears well-positioned to take a leading role in the crypto ecosystem.