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.
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