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Raydium Dethrones Uniswap as Solana DEX Dominates Crypto Market

Solana Surpasses Ethereum and Arbitrum in DEX Volume as Raydium Claims Top Spot with 23% Market Share

July 8, 2024 by Sheldon

In defiance of the recent crypto market crash, Solana-based decentralized exchange (DEX) Raydium protocol has emerged victorious, surpassing Ethereum's Uniswap to claim the number one position for 24-hour trading volume across all blockchains.

Raydium's market dominance reached an impressive 23%, driven by a surge in trading activity that saw its 24-hour volume exceed $1 billion on July 7th. This remarkable feat occurred amidst a market downturn triggered by continued Bitcoin sell pressure from the German government and Mt. Gox's distribution of Bitcoin to claimants.

This achievement follows a record-breaking month of May for Raydium, with a staggering $35 billion in trading volume. Raydium's market share on Solana exhibited a strong month-over-month increase, climbing from 57% in May to 65% in June, reflecting a growth of 14%.

While most blockchains experienced low activity during the market crash, Solana's DEX ecosystem demonstrated resilience and signs of sustainable growth. Increased meme coin activity and a thriving Solana DeFi landscape contributed to Raydium's exceptional performance.

Furthermore, Solana's overall volume surpassed the combined volume of Ethereum and Arbitrum in the last 24 hours, solidifying its position as the leading chain for DEX volume across all blockchains. Solana captured a significant 38% market share of all on-chain volume, underscoring its growing influence in the decentralized finance space.

Raydium's success extended beyond trading volume. It climbed to the second spot in terms of fees generated across all protocols, amassing $2.5 million in fees within the last 24 hours.

The native token of the Solana network, SOL, also showcased remarkable strength during the market crash, rebounding above pre-crash prices and trading above $140.

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