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The weekly trading volume of Solana's ecological DEX has risen to 168% of the Ethereum main network, driven by a surge in Raydium's market share

The weekly trading volume of Solana's ecological DEX has risen to 168% of the Ethereum main network, driven by a surge in Raydium's market share

Bitget2024/10/31 03:05

According to reports, the weekly trading volume of Solana's ecological DEX has reached 168% of the mainnet DEX trading volume on Ethereum, setting a new historical high. Compared with the beginning of the year, this marks a significant shift. At that time, the trading volume of Solana's ecological DEX was only 48.85% of Ethereum.

In October, Raydium, Solana's largest DEX, had a transaction volume reaching $22.3 billion while Uniswap on Ethereum processed $38 billion in transactions. Raydium's market share significantly expanded from 7.6% in January to 18.4% in October while Uniswap continues to maintain its dominant position in Ethereum’s ecosystem for DEXs . On Solana platform ,the rise of pump.fun tokens is a major driver pushing up DEX transaction volumes as it promotes high-frequency trades for new tokens.The nature of trade activity varies across different chains.Raydium primarily includes trades involving new tokens whereas Uniswap tends to see more established token pair trades.

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