In January, the monthly trading volume on the decentralized Solana-based exchange Raydium exceeded that of the Ethereum-based Uniswap, which traditionally leads the DEX rankings.
Raydium’s turnover reached $124 billion, accounting for 27.11% of the segment’s total, while Uniswap recorded $100 billion or 21.96%. In December 2024, the figures were 18.8% and 34.5%, respectively.
The surge in activity on Raydium is primarily attributed to the hype surrounding several meme coins, including the TRUMP and MELANIA tokens. Uniswap’s share decreased amid disappointment within parts of the community over actions by the Ethereum Foundation.
According to Messari, the leading Solana exchange became the leader among all DEXs back in October 2024, maintaining its position in November. In December, Uniswap regained the top spot.
January 2025 also marked a record for total trading volume on decentralized platforms, reaching $564.56 billion.
Solana emerged as the leading blockchain with a turnover of $258.74 billion, or 45.83% of the total. The Ethereum ecosystem ranked second with $86.1 billion.
According to DeFi Llama, during a recent major correction, the daily trading volume on decentralized platforms within the Ethereum ecosystem hit a 10-month high of $8.48 billion, with 65.78% attributed to Uniswap. Solana’s total for the same day was $9.56 billion.
In January, the Uniswap Labs team released an update to the Uniswap v4 protocol.