November’s Remarkable Figures
Solana-native DEX Raydium has surpassed Uniswap in trading volumes for the second consecutive month, as reported by Messari on December 10. With $30 billion in trading volume for November, Raydium outperformed Uniswap by 30%, building on its October victory, where it led by 10%. Syncracy Capital co-founder Ryan Watkins shared this development on the X platform.
Driving Factors: Solana and Memecoins
Raydium’s performance is deeply rooted in its dominance within the Solana ecosystem, controlling over 60% of daily DEX activity. The platform has benefited immensely from the memecoin surge, which accounted for 65% of its trading activity in November. The success of Pump.fun, a popular memecoin trading platform, has also played a pivotal role in boosting Raydium’s volume.
The Future of Decentralized Trading
While Uniswap’s multi-chain presence spans 18 blockchain networks, Solana’s expanding DeFi ecosystem is quickly gaining traction. With its TVL growing fivefold in 2024, Solana’s low fees and high throughput present a compelling case for continued growth. Raydium’s success could mark the beginning of a larger trend in the decentralized exchange space.
