Raydium is, at least temporarily, the most in-demand exchange in the world.
This DEX absorbs only 21% of the market share of all decentralized exchanges.
Raydium, a Solana decentralized exchange (DEX), is surpassing Uniswap, considered the world’s largest DEX, in net daily spot trading volume. To be precise, said Raydium volume, on Solana alone, exceeds the total trading volume on Uniswap V2 and V3, according to data from CoinMarketCap. The person responsible for this emergence would be the memecoin fever on the Solana network.
According to the information made available by CoinMarketCap, the trade carried out on Raydium during the last twenty-four hours is equivalent to USD 1,165 million. Adding the trade of all the networks where Uniswap operates (Ethereum, Arbitrum, Optimism and Polygon), Uniswap had USD 1,135 million.
At the time of writing, Raydium absorbs 21% of the market share of all decentralized exchanges. Its immediate pursuers are Uniswap v3 on Ethereum and Orca, another Solana DEX.
Memecoin trading on Raydium has a lot to do with it
Other statistics show that Raydium’s rise over Uniswap in trading volume is due to the already popular memecoin trading on Solana. So much is due to this fact that in the first fifty cryptocurrencies with the highest trading volume on Raydium, There is not one that is not a memecoin.
A memecoin called Goatseus Maximus, in imitation of the Roman titles invested with important positions in the empire, alone absorbs 16.53% of the entire volume on Raydium. At the time of writing, this may be the most popular memecoin at the moment.
They are followed by coins such as cat in a dogs world, Moo Deng, BOOK OF MEME, Woman Yelling At Cat, Gigachad or Kumala Herris, without distinguishing in order of importance.
The coins of “more serious” projects They begin to appear on the second page that lists cryptocurrencies in Solana according to its trading volume, lower compared to that of memes.
Raydium’s own cryptocurrency (RAY) appears in 82nd place, logical considering that it is not necessary to pay commissions when using the DEX. Commissions at Raydium are paid with Solana (SOL).
The USDT stablecoin appears in 84th place in the same ranking. Before the 100th spot, SolCex (SOLCEX) and Liquid Solana Derivatives (LSD) also appear as two other non-memer coins.
