Matt Kreiser, analista de investigación de Messari, informó que Raydium había eclipsado a Uniswap para convertirse en el principal DEX por volumen de operaciones en todas las cadenas durante dos meses consecutivos. Raydium (~$125 mil millones) superó a Uniswap (~$91 mil millones) en volumen mensual de DEX en casi un 30%.
El éxito de Raydium comenzó en octubre, atribuido en gran medida a la captura constante por parte de la plataforma de más del 60% del volumen diario de DEX de Solana . El crecimiento de Raydium reflejó la tendencia más amplia de Solana de superar el volumen diario de DEX de Ethereum . La participación del 50% de Solana en el volumen mensual de DEX en todas las cadenas fue casi un 175% más que la participación del 18% de Ethereum en noviembre. El lanzamiento de Raydium V3 en marzo y el comercio de memecoin en noviembre catalizaron el ascenso de DEX a la participación de volumen líder en Solana .
En octubre, @RaydiumProtocol emergió como el DEX líder por volumen de operaciones en todas las cadenas.
Esta tendencia se aceleró en noviembre, cuando Raydium procesó 124.600 millones de dólares en volumen mensual, superando los 90.500 millones de dólares de Uniswap en un 30%. pic.twitter.com/fpmyaye7YC
- Messari (@MessariCrypto) 10 de diciembre de 2024
A report published by Kreiser on December 10th revealed that Raydium flipped Uniswap to become the top DEX in daily and monthly trading volumes for two straight months. The report highlighted that Raydium’s journey to the top of DEX rankings began in October, which was marked by strategic developments and consistent growth.
Raydium became the number one DEX by volume across all chains in October, and the trend was accelerated in November when it outperformed Uniswap by roughly $34.5 billion. Kreiser’s report noted that the shift reflected Raydium’s strength against other Solana DEXs and Solana’s increasing global share of DEX volume, which stood at ~49% as of November.
“A key factor in Raydium’s ascent has been its continuous innovation…Solana’s high throughput and low transaction costs have made it an attractive alternative to Ethereum, which has faced challenges with high gas fees and network congestion.”
Raydium’s share of Solana DEX volume this year grew substantially from March onwards as the platform consistently recorded higher daily volume than its main competitor, Solana Orca. Q3 of 2024 marked Raydium’s first quarter, leading Solana’s daily DEX volume and its second straight quarter, topping the daily DEX volume since 2022. According to Kreiser, this led to a migration of users and liquidity to Solana-based DEXs like Raydium.
Kreiser claimed that the surge in memecoin trading was the most significant recent driver of Raydium’s DEX volume. He added that Raydium’s synergy with Solana’s memecoin launchpad Pump.fun also amplified the platform’s rise to the top. Kreiser disclosed that $12K was added to Raydium’s standard AMM pool when meme tokens on Pump.fun reached a market cap of $69K to create a consistent flow of new liquidity and trading opportunities.
Raydium averaged nearly $2 billion in daily memecoin trading in the month of November following Trump’s re-election. The figure almost tripled the average memecoin trading volume in October before the elections. Memecoin trading volume as a percentage of Raydium’s total daily volume steadily increased from 2% in November 2023 to 65% in November 2024, highlighting the growing importance of memecoin trading on Raydium.
The platform’s March release of its V3 user interface in beta introduced a new portfolio page for users to view and manage liquidity positions. According to Kreiser, the liquidity page consolidated all Raydium’s liquidity pools in one place, supported exact swap amounts, and provided charts for all tradable token pairs. Raydium V3 fully launched in May alongside the revamped CPMM (constant product market maker) pools that supported the Token-2022 token program and included a built-in price oracle. Raydium’s CPMM pools offered uniform liquidity distribution and asset pricing from zero to infinity, just like its legacy standard AMM.
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