Solana’s Raydium DEX displaces Uniswap as a leading activity hub
The post Solana’s Raydium DEX displaces Uniswap as a leading activity hub appeared on BitcoinEthereumNews.com.
Solana’s main decentralized exchange, Raydium, has grown in volume in the past months. Recently, Raydium’s activity surpassed Uniswap based on the growing demand for Solana-based assets. Solana’s Raydium exchange surpassed Uniswap in the short term, printing higher 24-hour trading volumes. It remains to be seen if Raydium holds onto its position based on real Solana activity. 🚨 BREAKING: @solana-based @RaydiumProtocol becomes the #1 DEX, surpassing Uniswap V3 (Ethereum) in 24-hour volume. pic.twitter.com/GgJQ2Z0DPd — SolanaFloor (@SolanaFloor) June 14, 2024 Raydium’s volume reaches $822M in 24 hours, still smaller compared to centralized exchanges. Currently, Uniswap V2 carries around $192M in daily trades, while Uniswap V3 carries $633M. Additional smaller versions of Uniswap add to the total, but Raydium concentrates more trading activity in a single DEX. Read: The Complete Guide to Crypto Memes: Understanding Meme Coins Raydium also has unequal days of activity, with usual volumes at around $400M in 24 hours. The biggest driver for Raydium is the on-chain order book, which allows for high-velocity transactions. So far, the Solana network has managed to handle most of the traffic, with a 20-25% transaction failure rate. Raydium aims to limit dishonest tokens Activity on Raydium is mainly two types. One type of projects usually aims for social media engagement and sets up high expectations before a listing. Other types of tokens launch immediate pools with as low as 3-6 SOL. Those tokens rely on automated traders who dive into all new launches with the hope of one token taking off. The occasional hot token or launch also boosts activity. In the case of Raydium, that was Daddy Tate (DADDY), a newly launched asset by the controversial influencer Andrew Tate. Usually, the first generation of meme tokens like SLERF or BOME make up most of the volume on Raydium. But in the past…
Filed under: News - @ June 17, 2024 12:14 pm