Matt Kreiser, analista de pesquisa da Messari, relatou que o Raydium eclipsou o Uniswap para se tornar o principal DEX em volume de negociação em todas as cadeias por dois meses consecutivos. Raydium (~$ 125 bilhões) superou o Uniswap (~$ 91 bilhões) em volume mensal de DEX em quase 30%.
O sucesso do Raydium começou em outubro, em grande parte atribuído à captura consistente pela plataforma de mais de 60% do volume diário de DEX de Solana . O crescimento do Raydium refletiu a tendência mais ampla de Solana de superar o volume diário de DEX da Ethereum . A participação de 50% da Solana no volume mensal de DEX em todas as cadeias foi quase 175% maior do que a participação de 18% da Ethereum em novembro. O lançamento do Raydium V3 em março e a negociação de memecoin em novembro catalisaram a ascensão do DEX à liderança em volume na Solana .
Em outubro, @RaydiumProtocol emergiu como o DEX líder em volume de negociação em todas as cadeias.
Esta tendência acelerou em novembro, com o Raydium processando US$ 124,6 bilhões em volume mensal, superando os US$ 90,5 bilhões do Uniswap em 30%. pic.twitter.com/fpmyaye7YC
— Messari (@MessariCrypto) 10 de dezembro 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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