Since October 2024, the AMM protocol Raydium has led in trading volume among DEXs across all blockchains, according to analytics service Messari.
In October, @RaydiumProtocol emerged as the leading DEX by trading volume across all chains.
This trend accelerated in November, with Raydium processing $124.6 billion in monthly volume, surpassing Uniswap’s $90.5 billion by 30%. pic.twitter.com/fpmyaye7YC
— Messari (@MessariCrypto) December 10, 2024
In November, Raydium processed $124.6 billion, exceeding the trading volume of the previous leader, Uniswap, by 30%.
According to Dune Analytics, Raydium accounts for about 49% of the total trading volume in Solana. Since its launch, the protocol has processed $488.27 billion.
Autumn proved successful for the entire DEX niche within the Solana ecosystem. By mid-November, the total monthly turnover of protocols exceeded $109.8 billion, surpassing the previous record of $59.8 billion set in March 2023.
Since the beginning of November, the total value locked in Solana has risen by nearly $4 billion, reaching $9.08 billion.
The increase in trading volume on Raydium coincided with positive market dynamics for meme coins, one of the most popular asset classes on the platform. By the end of November 2024, the GMCI Meme index, tracked by The Block, reached a new high of 537.99 points.
At the end of October, Raydium developers released an update with changes to the operation of liquidity pools.
Earlier in December, Solana co-founder Anatoly Yakovenko expressed gratitude to meme coins for aiding in stress-testing the network.