Raydium overtakes Uniswap in monthly DEX volume after memecoin-heavy January

Raydium’s share rose to 27.1% in January as Uniswap fell to 22%, while Solana DEX volume outpaced Ethereum’s amid memecoin trading

Ecosystems•February 2, 2025, 5:38PM EST
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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. 
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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. 

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PancakeSwap processed 17% of DEX volume in January, with Solana-based exchanges Orca and Meteora taking fourth and fifth place, respectively.  

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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. 

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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.