Raydium overtakes Uniswap in monthly DEX volume after memecoin-heavy January

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The Block2025/02/01 16:00

By:The Block

Quick Take Solana-based decentralized exchange Raydium overtook Uniswap for the first time in January, processing more volume over the month than any other DEX, according to The Block’s data. Raydium surged in January largely thanks to memecoin traders, and processed 27% of all DEX volume.

Raydium overtakes Uniswap in monthly DEX volume after memecoin-heavy January image 0

Solana-based decentralized exchange Raydium claimed a 27% share of all DEX volume in January, overtaking longtime leader Uniswap, the most prominent DEX in the Ethereum ecosystem.

Raydium grew its market share from 18.8% in December to 27.1% in January, according to The Block's data. Uniswap's market share fell from 34.5% in December to 22% in January, as members of Ethereum's community expressed displeasure with the Ethereum Foundation's apparent struggles to further grow and develop the ecosystem.

PancakeSwap processed 17% of DEX volume in January, with Solana-based exchanges Orca and Meteora taking fourth and fifth place, respectively.

In raw terms, volume surged in January, likely helped by trades of President Trump's official memecoin, which quickly became one of the top cryptocurrencies by market capitalization soon after launch .

Solana's DEX volume far outpaced that of Ethereum in January; the blockchain network processed 5 times as many transactions as Ethereum in one week in January, according to The Block's data. (The metric does not account for volume on Ethereum's Layer 2 networks.) Solana first overtook Ethereum in this metric in October , driven by Raydium's surge.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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The crypto market has dipped in response to President Trump’s plan to enact steep tariffs on imported goods from Canada, Mexico, and China beginning on Tuesday.Canada and Mexico have ordered retaliatory tariffs in response, while China promised “corresponding countermeasures” and said it would file a lawsuit with the WTO.Memecoins were particularly hard-hit by the downturn, with many top coins seeing double-digit percentage drops. Trump’s memecoin has fallen nearly 30% over the past week.

The Block•2025/02/02 17:11