The DEX platform on Solana, Raydium, recorded over $124 billion in trading volume in January 2025, accounting for 27% of the total DEX volume due to the "meme coin fever" on Solana.
Raydium becomes the leading DEX platform thanks to the "meme coin fever" on Solana
According to data from The Block, the DEX platform on Solana, Raydium, has officially risen to become the leading DEX platform in the crypto market with over $124 billion in trading volume in January 2025.
Statistics on trading volume on various DEXs. Source: The Block (03/02/2025)
This figure has helped Raydium account for up to 27% of the total DEX trading volume, while Uniswap - the largest DEX on Ethereum - only reached 22% with over $100 billion in recorded trading volume.
This is the second time Raydium has surpassed Uniswap, continuing the trend from the end of 2024 when this DEX first rose to the number one position in October and November.
The decline in Uniswap's market share is not only due to the increasing competition between DEX platforms but also reflects the internal issues of the Ethereum network. The limitations of high gas fees and slow transaction speeds have caused Ethereum to gradually lose its appeal.
In addition, the Ethereum Foundation has also been subject to a series of criticisms for continuously selling ETH to cover operating costs, creating significant selling pressure and negatively impacting the price of this token. These factors have led many traders to seek out other blockchains, with Solana emerging as an attractive destination due to its low costs and superior processing speed.
The main driver behind the surge in trading volume on Raydium is the "meme coin fever" on Solana, which erupted strongly after US President Donald Trump chose this blockchain to launch the TRUMP meme coin.
As the leading DEX platform in the Solana ecosystem, Raydium quickly benefited as a flood of capital poured into the platform to trade TRUMP and other meme coins such as Vine, MIRA, and ZachXBT in January 2025.
This strong growth not only helps Raydium firmly consolidate its leading position but also marks a crucial turning point in the race between DEX platforms as Solana is increasingly threatening the position of Ethereum.
According to data from The Block, in the week that the Trump meme coin was launched, Solana had a time when it processed DEX trading volume five times that of Ethereum.
Comparison of trading volume ratios between DEXs on Solana and Ethereum. Source: The Block (03/02/2025)
This has also made Raydium the DEX platform with the highest transaction fee revenue in the past 30 days, with $287.32 million in fees collected. In contrast, Uniswap only ranks third with $171.73 million, far behind another Solana-based DEX, Meteora, which has a total fee revenue of $204.68 million.
Top 5 leading DEX platforms by trading volume. Source: DeFiLlama (03/02/2025)
It can be seen that the blockchain plays a crucial role in the development of DEX platforms. The stronger and more widely adopted a blockchain is, the more opportunities the DEX platforms operating on it have to expand their scale and achieve impressive trading volumes compared to DEXs on other blockchains.
The price of RAY has dropped by more than 19.3% in the past 24 hours, down to $5.04, as the entire crypto market is "on fire" due to the impact of the trade war initiated by President Trump.
RAY price movement in the past 24 hours, screenshot taken on CoinGecko at 01:00 PM on 03/02/2025
Compiled by Coin68
