Raydium achieves $124.6B in monthly DEX volume
Raydium (CRYPTO:RAY) has surpassed Uniswap (CRYPTO:UNI) to become the leading decentralized exchange (DEX) by trading volume for the second consecutive month, according to a recent report by Messari.
In November 2024, Raydium recorded a monthly volume of $124.6 billion, outpacing Uniswap’s $90.5 billion by approximately 30%.
This achievement follows Raydium's historic rise in October, when it first claimed the top position across all chains.
Raydium's growing dominance is closely linked to Solana's (CRYPTO:SOL) robust performance in the DEX market, where it captured nearly 50% of the total monthly volume in November.
The exchange has consistently increased its share of Solana’s DEX volume throughout the year, capturing over 60% of Solana’s daily DEX activity by November.
A significant factor driving Raydium's volume is the surge in meme coin trading, which has become a dominant force since the US presidential election on November 5, 2024.
Daily trading of meme coins on Raydium averaged nearly $2 billion, marking a threefold increase from the previous month.
Meme coins now account for 65% of Raydium’s total daily trading volume, a substantial rise from just 2% in November 2023.
The collaboration between Raydium and Pump.fun, a popular Solana-based meme coin launchpad, has also contributed to this growth by providing additional liquidity and trading opportunities.
Raydium's success is further supported by Solana's expanding ecosystem, which has emerged as a formidable competitor to Ethereum in the DEX space.
Following impactful airdrops in December 2023, Solana's network activity surged, allowing it to exceed Ethereum’s weekly DEX volumes by threefold in Q3 2024.
At the time of reporting, the Raydium price was $5.49.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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