According to a report released by Messari, October was the first month for Raydium to become the DEX with the highest transaction volume among all chains. In November, this trend accelerated further, with Raydium's monthly DEX transaction volume exceeding Uniswap by about 30% ($124.6 billion vs. $90.5 billion).
The platform’s success can be largely attributed to its dominance in the Solana ecosystem. In November 2024, Raydium consistently accounted for over 60% of daily DEX trading volume on Solana.
Memecoin transactions have become an important driver of Raydium’s transaction volume, accounting for 65% in November, a record high.
Raydium’s growth also reflects a broader trend of Solana surpassing Ethereum in daily DEX volume. In November, Solana accounted for nearly 50% of all chains’ monthly DEX volume, 175% higher than Ethereum’s share of about 18%.
The report states that Raydium’s launch of V3 in March 2024 was a key catalyst for its leading position in Solana and globally in November.