1/ @solana's DEX landscape has never been this competitive. Here's the market share snapshot from last week (Apr 14 - Apr 20, 2025):
- Raydium: 31%
- Pumpfun (launchpad + AMM): 19%
- Orca: 16%
- Meteora: 12%
- SolFi: 11%
- Others: 11%
Let's dive into the data 🧵

2/ Although Raydium still leads overall volumes, its market share is down 50% from its peak of 63% set at the beginning of 2025.
Raydium's market share hasn't been this low in over a year, back in February 2024.

3/ Pumpfun registered $4.3B in volume last week, setting a new all-time high.
Just weeks after launching the AMM, Pumpfun has become the second-largest DEX by trading volume, holding a 19% market share.
Can it continue to expand its dominance?

4/ Raydium launched LaunchLab last week as a reaction to Pumpfun launching its own AMM.
Yesterday, LaunchLab saw 237 tokens launched, with only 4 graduated tokens.
Meanwhile, Pumpfun saw 27,093 tokens launched, with 401 graduated tokens (100x Raydium's).

5/ Beyond memecoins, Orca and SolFi are battling for the lead with the SOL-USD trading pair.
Orca maintains the lead with a 27% market share, closely followed by SolFi at 26%.
Notably, Orca also leads volumes in Project Tokens (JLP, JTO, etc.) and LST swaps.

6/ To discover more insights about Solana's DEX landscape, check out our public Solana dashboard.
From Twitter
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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