Raydium overtakes Uniswap in monthly DEX volume after memecoin-heavy January
Quick Take Solana-based decentralized exchange Raydium overtook Uniswap for the first time in January, processing more volume over the month than any other DEX, according to The Block’s data. Raydium surged in January largely thanks to memecoin traders, and processed 27% of all DEX volume.
Solana-based decentralized exchange Raydium claimed a 27% share of all DEX volume in January, overtaking longtime leader Uniswap, the most prominent DEX in the Ethereum ecosystem.
Raydium grew its market share from 18.8% in December to 27.1% in January, according to The Block's data. Uniswap's market share fell from 34.5% in December to 22% in January, as members of Ethereum's community expressed displeasure with the Ethereum Foundation's apparent struggles to further grow and develop the ecosystem.
PancakeSwap processed 17% of DEX volume in January, with Solana-based exchanges Orca and Meteora taking fourth and fifth place, respectively.
In raw terms, volume surged in January, likely helped by trades of President Trump's official memecoin, which quickly became one of the top cryptocurrencies by market capitalization soon after launch .
Solana's DEX volume far outpaced that of Ethereum in January; the blockchain network processed 5 times as many transactions as Ethereum in one week in January, according to The Block's data. (The metric does not account for volume on Ethereum's Layer 2 networks.) Solana first overtook Ethereum in this metric in October , driven by Raydium's surge.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Renewed US-Iran tensions spark inflation concerns, Brent oil rises to $95, global bond market faces heavy sell-off, Korean stocks drop 4%
Military clashes between the US and Iran have reignited, causing a sharp rise in oil prices. Growing concerns about inflation and expectations of interest rate hikes are both intensifying. Yields in major markets such as US Treasuries, Japanese bonds, and Australian bonds have all climbed to their highest levels in ten or even several decades. The Korea Composite Stock Price Index extended losses to 4%, with both SK Hynix and Samsung Electronics down more than 4%. Brent crude rose 1% to $95.61 per barrel, diesel prices climbed to their highest level in over four months, and European natural gas prices also reached their highest point since 2023.
FOGO Mainnet Back Online After Hack, 237M Tokens Burned
Cardano anchors over 500,000 Brazilian supply chain records, 6.5 million planned by 2030
24 Hour Crypto Recap: Here’s What Happened in the Market
Crypto prices
More
