Solana Decentralized Exchange (DEX) Volume Reached a High With Raydium Processing 62% of It

In the dynamic world of decentralised exchanges (DEX), Raydium made a significant splash in June, marking its presence as a leading player in the industry.

Last March, Raydium's volume peaked at over $16 billion, setting a strong foundation for its growth. Fast forward to June, and the platform expanded its market share to an impressive 62.8%, making it the go-to venue to swap tokens on Solana. This growth not only reinforced Raydium's position as a leading DEX within the Solana ecosystem but also contributed to the overall growth of the Solana network.

On June 29, Raydium was the third-largest DEX by daily trading volume, trailing behind Uniswap V3 and PancakeSwap. In weekly and monthly terms, Raydium held the second position, following Uniswap V3, and Orca came in third.

The surge in Raydium's popularity was not limited to the Solana ecosystem. On June 29, the platform also accounted for a 10% market share outside of Solana, establishing itself as a leading DEX across various blockchain networks.

The trading volume on DEXs has been declining for the fourth consecutive month as of June. However, Raydium defied this correction by having its third-best day on record in terms of trading volume in early June, processing about $800 million worth of trades. In absolute terms, June was Raydium's second-best month, with over $13 billion in volume.

The top 10 most traded tokens in the last 24 hours saw a surprising trend, with all of them being meme coins. Out of these, eight were traded on Raydium, and the platform handled eight out of the top 10 most traded meme coins. The meme coins WATER, BILLY, and POPCAT were among the top 10 most traded tokens on Raydium.

Interestingly, two of the top 10 most traded tokens in the last 24 hours were traded on Solana, indicating a growing interest in the Solana network. This is significant as Orca, previously the dominant DEX on Solana, now handles about a fifth of all trades on the chain.

The monthly DEX volume versus CEX volume is at a record high of almost 20%, suggesting a growing preference for decentralised exchanges among cryptocurrency traders. As Raydium continues to dominate the DEX landscape, it will be interesting to see how it shapes the future of decentralised trading.

Solana Decentralized Exchange (DEX) Volume Reached a High With Raydium Processing 62% of It