According to a report published by Messari, October was the first month that Raydium became the top DEX in terms of volume across all chains. In November, this trend accelerated further, with Raydium's monthly DEX volume exceeding Uniswap by about 30% ($124.6 billion vs. $90.5 billion).
The platform's success is largely due to its dominance in the Solana ecosystem. In November 2024, Raydium continued to account for more than 60% of daily DEX volume on Solana.
Memecoin transactions have become an important driver of Raydium's volume, accounting for 65% in November, a record high.
Raydium's growth also reflects the broader trend of Solana's daily DEX volume exceeding Ethereum. In November, Solana accounted for nearly 50% of the monthly DEX volume across all chains, 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 November lead in Solana and globally.