Solana DEX Surpasses Uniswap in Trading Volume — What Caused It?
2 min readIn recent days, the cryptocurrency market has been caught off guard by a movement that few predicted.
Raydium, a DEX built on the Solana network, has surpassed Uniswap in daily spot trading volume.
This has sparked debate in the industry, especially considering the long dominance of Uniswap, known for operating on multiple networks such as Ethereum, Arbitrum, Optimism and Polygon.
The craze for these speculative cryptocurrencies on the Solana network has led to a massive influx of traders to Raydium, resulting in a staggering $1.165 million in daily trading volume. As a result, it has surpassed Uniswap’s $1.135 million, according to data from CoinMarketCap.
Meme coins, which are primarily used for speculation, have captured the interest of a large number of traders, and it is difficult to ignore the impact this has had on the market.
Surprisingly, in the last 24 hours, all fifty of the most traded cryptocurrencies on Raydium are meme coins.
Raydium now holds 21% of the market share of all DEXs
When it comes to meme coins on the Solana network, one name has recently gained prominence: Goatseus Maximus.
This cryptocurrency, inspired by Roman bonds, quickly gained a large share of the market, accounting for 16.53% of the total trading volume on the Raydium platform.
However, other tokens are not far behind in this movement. Coins such as Moo Deng, BOOK OF MEME, Woman Yelling At Cat, Gigachad, and Kumala Herris continue to attract attention and contribute significantly to the significant increase in trading volume on Raydium.
As a result, Raydium currently holds 21% of the entire market share among decentralized exchanges, ahead of giants such as Uniswap v3, based on Ethereum, and Orca, also on the Solana network.
Part of Solana’s success lies in its efficiency, with its low transaction fees and speed of execution. Above all, this makes traders flock to it, even for operations that might otherwise be “minor.”
Interestingly, cryptocurrencies that used to dominate the space, such as stablecoin USDT and Raydium’s native token RAY, are nowhere to be seen. They rank only 82nd and 84th respectively in the trading volume rankings.
