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Raydium surpasses Uniswap and leads DEX volume in November
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Solana continues to present higher numbers than Ethereum. And this time the growth is in Solana decentralized exchanges (DEX)which continue to gain market share compared to their competitors.
In October, Solana’s DEX Raydium made history by becoming the number one DEX by volume across all blockchains. According to data from Messari, Raydium has surpassed Uniswap in monthly DEX volumes by a whopping 30%.
In the last balance corresponding to the month of November, Raydium’s volume reached US$ 124.6 billion. In contrast, Uniswap, which always leads the DeFi sector, recorded US$90.5 billion.
This change in the DEX market, however, started from October. That month, Raydium reached a total volume of US$51.1 billionagainst US$45.3 billion from its rival. It is worth noting that at the beginning of the year Uniswap’s dominance was absolute and its volume was six times greater than that of Solana’s DEX.
Raydium leaves Uniswap behind
In addition to surpassing Uniswap, Raydium has steadily increased its share of DEX volume within Solana. Since March 6, Raydium has consistently surpassed Orca, its closest competitor, in daily volumes.
Q3 2024 was an important milestone for Raydium as it took the lead in daily DEX volume for the first time since 2022. In December 2023, DEX accounted for around 20% of Solana’s volume, but this share was already 52% in March 2024.
In November, Raydium already captured more than 60% of Solana’s daily volumeaccording to Messari’s analysis. Orca, which had more than 50% of the total volume, saw its share fall to 22.3% in November
The explosive growth in memecoin trading has become one of the main drivers of Raydium’s volume. Following the United States elections on November 5, daily memecoin trading volume reached $2 billion.
This figure is three times higher than the average of the previous month and has already accounts for 65% of total daily trading volume from Raydium. To give you an idea of growth, memecoins represented 2% of total DEX volume in November 2023.
The increase in volume and Raydium’s success is intrinsically linked to the rapid expansion of the Solana ecosystem, which has emerged as a significant competitor to Ethereum. After a series of impactful airdrops in December 2023, Solana quickly began to challenge Ethereum’s dominance.
Raydium surpasses Uniswap and leads DEX volume in November
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Raydium surpasses Uniswap and leads DEX volume in November
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Raydium surpasses Uniswap and leads DEX volume in November
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Raydium surpasses Uniswap and leads DEX volume in November
