According to Messari, Solana-origin Raydium surpassed Uniswap in decentralized exchange trading volumes in October and November.
The decentralized exchange (DEX) Raydium has surpassed Uniswap in monthly volumes for the second consecutive month, according to a Messari report from December 10.
In November, Solana-native Raydium beat Uniswap, generally the most popular DEX, in monthly volumes by approximately 30%, or around $30 billion, according to a Messari report.
This followed a closer win in October when Raydium surpassed Uniswap by approximately 10%, according to a November 17 post by Ryan Watkins, co-founder of Syncracy Capital, on platform X.
The 'success of Raydium is largely attributed to its dominance within the Solana ecosystem,' said the Messari report, adding that the DEX consistently captures over 60% of the daily DEX volume on the layer 1 blockchain network.
In particular, '[m]emecoin trading has become a substantial driver of volume for Raydium, with memecoins accounting for a historic high of 65% of Raydium's monthly volume in November,' the report added.
Memecoin Frenzy
Fueled by venture capital funding and political speculation, memecoins now have a market capitalization of approximately $130 billion, according to CoinGecko.
In 2024, Solana emerged as a hub for memecoin trading, largely due to the growing popularity of Pump.fun, a platform for minting memecoins and generating liquidity for trading.
Many memecoins from Pump.fun eventually trade on Raydium.
According to DefiLlama, Pump.fun is the fifth Web3 protocol with the highest revenue from fees, reaching over $100 million in fee revenue over the last 30 days.
Pump.fun's revenue ranks just below giants like Circle, issuer of USD Coin (USDC), and the Solana network.
In October, the team behind Pump.fun announced plans for a future token launch and a newly updated trading terminal called 'Pump Advance.'
Raydium operates exclusively on Solana, while Uniswap maintains an expansive presence on about 18 blockchain networks, according to DefiLlama.
The total value locked (TVL) in Solana has increased approximately fivefold in 2024. It still lags behind leader Ethereum, which manages over $70 billion in TVL, according to DefiLlama.
The 'growth of Solana is partly due to its technical advantages, including high throughput and low transaction costs, which have attracted users seeking a faster and cheaper DeFi experience,' indicated the Messari report.
On October 10, Uniswap launched its own application-specific layer 2 blockchain network, Unichain.
