2025-02-03
Solana-based decentralized exchange
(DEX) Raydium has surpassed Uniswap in monthly trading volume for the first
time, processing the highest volume among all DEX platforms in January,
according to data from The Block.
Raydium’s market share surged from
18.8% in December to 27.1% in January, largely fueled by a spike in memecoin
trading activity.
In contrast, Uniswap—the dominant
Ethereum-based DEX—saw its market share decline from 34.5% to 22% over the same
period.
The rise of Raydium is part of a
broader trend favoring Solana-based exchanges, which outperformed Ethereum in
January.
Solana’s network processed five times
as many transactions as Ethereum in a single week, although this data does not
include Ethereum’s Layer 2 solutions.
PancakeSwap, a Binance Smart
Chain-based DEX, ranked third in market share with 17% of total DEX volume in
January.
Meanwhile, two other Solana-based
platforms—Orca and Meteora—secured the fourth and fifth spots, indicating
Solana’s increasing dominance in the decentralized cryptocurrency trading.
A key factor behind Raydium’s explosive
growth was the frenzy around memecoins, including the official token associated
with former U.S. President Donald Trump.
The token quickly gained traction and
became one of the top cryptocurrencies by market capitalization soon after its
launch, contributing to the overall volume surge.
Official Trump (TRUMP) currently ranks
30th most valuable crypto by market cap. It has a market cap of $4.1
billion.
