Raydium broke DEX’s order and displaced Uniswap from its high place. In current days, Raydium has additionally risen because the busiest decentralized change, powered by meme tokens.
Raydium broke out because the main DEX, leaving Uniswap in second place. The rating got here after report weeks of meme token exercise, each for brand new Pump.enjoyable inflows and established ones Solana meme tokens.
Raydium rose to the highest based mostly on 30-day cumulative person quantity, based mostly on CryptoDiffer information and strategies. Throughout different reporting durations, Raydium might lag or advance, with previous efficiency not indicative of future outcomes.
Within the final 30 days, Raydium has introduced in 90 million energetic wallets, whereas Uniswap has introduced in 13.9 million. Raydium handles greater than 60% of all Solana exercise on DEX, even surpassing multi-chain exchanges and the beforehand in style PancakeSwap on BNB Chain.
The Raydium development follows a shift from Ethereum to Solana-based exercise. Solana turned probably the most visited DEX platform after rising its market share in September and October. Following the enlargement of meme token exercise, Solana claims between 43% and 48% of all DEX exercise when it comes to day by day guests.
Solana began to supplant Ethereum as probably the most energetic DEX platform. | Supply: Dune Analytics
Raydium additionally continues to report near-record day by day costs, with a progress development in October. The DEX generates $3.14 million in charges, of which greater than $200,000 is retained in income. The Raydium DEX can also be holding $1.4 billion in worth, down from a current peak above $1.7 billion.
The Raydium DEX additionally lags behind when it comes to buying and selling volumes, whereas Uniswap V3 nonetheless leads. Moreover, Raydium lags perpetual swap DEX and high-liquidity pairs Aerodrome. The explanation for that is that Raydium is the primary hub for meme token exercise, the place small transactions with dangerous tokens are the rule.
On sure days, even Orca has larger buying and selling quantity stats, as they’re extra sustainable and supply barely extra established belongings.
Raydium retains a brand new inflow of meme tokens
One of many causes for the inflow of customers is that Raydium retained extra new meme tokens in October. The DEX was bringing in additional than 1,500 new meme objects each week in early October, although the inflow may quickly decelerate.
The Raydium DEX is now feeling the consequences of AI-generated tokens and the brand new hype for current belongings resembling WIF and POPCAT.
Many of the quantity on Raydium is authenticthough the Jupiter DEX aggregator additionally performs a job in capturing a number of the trades. The recognition of Jupiter DEX and its group are additionally a supply of site visitors and liquidity for Raydium.
The elevated exercise in 2024 took the RAY token worth to a one-year peak above $3. Over the previous month, RAY expanded from the $1.66 vary to a peak of $3.49 earlier than rebounding to $3.02. Nonetheless, RAY stays under its 2021 peak by over $14.50.
The exercise on Raydium additionally interprets into buying and selling exercise for its native token. RAY is energetic on Binance and responds rapidly to constructive information. RAY’s open curiosity rose from lower than $2 million to $5.69 million prior to now week. The discuss of a meme supercycle additional strengthens RAY and displays the success of your entire Solana meme house.
The DEX panorama is shifting to new chains
Decentralized buying and selling is already a serious a part of the meme world, as extra quantity shifts to a brand new number of markets.
One of many notable shifts is the upper exercise on ston_fi and DeDust, the 2 most energetic exchanges on Toncoin. Ston_fi had greater than 430,000 customers final month, whereas DeDust registered 171,000 customers.
Each markets supply Toncoin’s meme tokens and tap-to-earn tokens, benefiting from the rising provide of USDT and extra curiosity in bot-driven buying and selling. Toncoin solely not too long ago entered the highest 15 of DEX and had a distinct segment presence earlier than that.
Regardless of this, Solana stays the most important progress driver for DEX exercise, whereas different chains have a distinct segment presence and solely copies of the preferred tokens.