As an analyst with a decade of experience in the crypto space, I must admit that I’ve seen my fair share of surprises, but Raydium’s rise to prominence over Uniswap is one for the history books. Having witnessed the early days of Ethereum and its dominance, it’s fascinating to see a new player like Raydium, built on Solana, making waves in the decentralized exchange landscape.
Raydium, a decentralized trading platform constructed on the Solana blockchain, has outpaced Uniswap in terms of monthly trading volume for two months running.
According to the latest report, Raydium, which operates on Solana, overtook Uniswap, the usually leading decentralized exchange (DEX), in terms of monthly trading volumes in November. This surge was approximately 30%, equivalent to around $30 billion. This comes after a closer win in October, where Raydium’s trading volume was about 10% more than Uniswap’s, as suggested by Ryan Watkins, co-founder of Syncracy Capital, in a recent post.
Based on findings from Messari’s study, it appears that Raydium’s achievements are primarily due to its strong presence within the Solana system. Notably, this Decentralized Exchange (DEX) consistently accounts for over 60% of daily trading volume on the layer 1 blockchain network.
The report highlights that memecoin trading significantly contributed to Raydium’s prosperity, accounting for an unprecedented 65% of its overall trading activity during the month of November.
The combined worth of meme-based cryptocurrencies, fueled by investments from venture capitalists and political buzz, currently stands at approximately $130 billion, as reported by CoinGecko.
As a researcher in 2024, I found myself drawn to Solana, a bustling hub for cryptocurrency trading. The surge in its prominence was largely due to the rising tide of popularity surrounding Pump.fun, a platform that fostered the creation and readiness of memecoins for trading.
A significant number of memecoins generated on Pump.fun have been traded on Raydium. According to DefiLlama’s data, Pump.fun now ranks fifth in terms of earnings within the Web3 sector, with over $100 million earned in fees during the past 30 days. Its earnings come close to those of major players like Circle, the company behind USD Coin (USDC), and the Solana network.
In October, the creators of Pump.fun signaled their intention to unveil a fresh token and introduce an advanced trading platform dubbed “Pump Advance.” Unlike Raydium, which functions exclusively on the Solana network, Uniswap is accessible across 18 distinct blockchain platforms as reported by DefiLlama.
As a data analyst, I’ve observed that the Total Value Locked (TVL) on the Solana network has significantly expanded, approximately quintupling since 2024. However, it’s essential to note that Ethereum still leads substantially with a TVL exceeding $70 billion.
As a researcher, I’ve observed that Solana’s expansion is partially due to its technological edge, offering swifter transaction rates and reduced costs. This appeal seems to stem from users drawn towards a speedier and economical decentralized finance (DeFi) journey, as suggested by the report.
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2024-12-11 01:09