Radium beat Uniswap once again in monthly DEX volumes
Decentralized exchange (DEX) Radium outperformed Uniswap in monthly volumes for the second month in a row, according to a December 10 Mesa report.
In November, Solana-native Radium beat Uniswap — the most popular DEX overall — by roughly 30%, or roughly $30 billion, in monthly volumes, the report said.
This follows a narrow victory in October when Radium outperformed Uniswap by 10% on the X platform, according to data sent by Ryan Watkins, founder of Syncracy Capital, on November 17.
Radium's “success largely depends on its dominance in the Solana ecosystem,” Messari's report says, adding that DEX consistently accounts for more than 60% of daily DEX volume on the Layer-1 blockchain network.
Especially “[m]Memecoin trading has been the main driver of Raydium volume, with memecoins accounting for a whopping 65% of Radium's monthly volume in November,” the report added.
Source: Masari
Memecoin crazy
Scanned by venture capital funds and political speculators, memecoins now command a market capitalization of nearly $130 billion, according to CoinGecko.
In the year In 2024, Solana emerged as a memecoin trading hub, largely due to the growing popularity of Pump.fun, a platform where memecoins are mined and trading is launched.
Many Pump.fun memecoins will eventually trade in Radium.
According to Defillama, Pump.fun is the fifth highest-grossing Web3 protocol by revenue, recording more than $100 million in payment revenue in the last 30 days.
Pamp.fun's revenue is below giants like Circle, USD Coin's (USDC) issuer, and Solana Network.
In October, the team behind Pamp.fun announced plans for future token releases and a newly updated trading terminal called “Pamp Advance.”
Source: Masari
Radium only works on Solana, while Uniswap maintains a broad presence on some 18 blockchain networks, Defillama said.
Solana's Total Value Locked (TVL) increased by approximately five times by 2024. It is still the most changed primary Ethereum which commands more than $70 billion in TVL, according to Defillama.
“Growth is partly because of that,” Solana said. [its] Technical advantages, including high input and low transaction costs, have attracted users seeking a faster and more cost-effective DeFi experience,” Mesari's report said.
On October 10, Uniswap launched its own application-oriented layer-2 blockchain network, Unichen.
Magazine: ‘Normie degens' enter crypto tokens to reward sports fans
