Raydium’s influence across the Solana ecosystem and beyond it is expanding. At the end of June, the decentralized exchange (DEX) accounted for a record volume share of 62.8% on Solana, according to data shared via Dune.
Orca, which previously dominated DEX volume on Solana, currently handles about a fifth of all trades on the chain.
One month earlier, we reported that Raydium was expanding its market share to a record 53%. The DEX has consolidated its position by winning another 10% of the Solana ecosystem, becoming the go-to venue to swap tokens.
Raydium has also become a leading DEX outside the Solana ecosystem. On June 29, it was the third-largest DEX by daily trading volume with a 10% market share, after Uniswap V3 and PancakeSwap. However, in weekly and monthly terms, Raydium has become the second-largest DEX after Uniswap V3, followed by Orca.
In absolute terms, DEX trading volume has been declining for the fourth consecutive month as of June, but Raydium is defying this correction. At the beginning of June, the Solana DEX had its third-best day on record in terms of trading volume, processing about $800 million worth of trades, according to data from DefiLlama.
Meanwhile, June is Raydium’s second-best month, with over $13 billion in volume. Last March, the DEX crossed the $16 billion mark.
Interestingly, DEXs are increasingly preferred by traders. The Block shows that monthly DEX volume versus CEX volume is at a record high of almost 20%.
The increasing activity on Raydium is also driven by meme coins, which continue to make waves across Solana and Ethereum ecosystems. DEXScreener data shows that out of the top 10 most traded tokens during the last 24 hours, eight of them are traded on Raydium and two on Solana. All of them are meme coins, including WATER, BILLY, and POPCAT.
Stay on top of things:
Subscribe to our newsletter using this link – we won’t spam!
