In October, Raydium made a historic move by becoming the number one decentralized exchange (DEX) by volume, a milestone further solidified in November.
Raydium Leaves Uniswap Behind
Raydium significantly increased its share of Solana's DEX volume, surpassing Orca. In the third quarter of 2024, Raydium took the lead in daily DEX volume for the first time since 2022. By November 2024, the platform captured over 60% of Solana's daily DEX volume.
Raydium Boosted by Solana's Growth
Raydium's volume growth and success are closely linked to the expansion of the Solana ecosystem, which has emerged as a significant competitor to Ethereum. A series of airdrops in December 2023 significantly increased Solana's network activity, leading to a larger share of the DEX market.
Growth in Meme Coin Trading Volume
Explosive growth in meme coin trading has become a key driver of Raydium's volume, particularly after the US presidential election in November 2024. Daily meme coin trading on Raydium averaged nearly $2 billion.
Raydium has managed to take the lead through close integration with Solana and the growth of meme coin trading, setting new directions for the decentralized exchange industry.
