Since October 2024, the AMM protocol Raydium has maintained its position as the leader in trading volume among decentralized exchanges (DEXs) across all blockchains, according to analytics service Messari.

In October, @RaydiumProtocol emerged as the leading DEX by trading volume across all chains.

This trend accelerated in November, with Raydium processing $124.6 billion in monthly volume, surpassing Uniswap's $90.5 billion by 30%. pic.twitter.com/fpmyaye7YC
— Messari (@MessariCrypto) December 10, 2024

In November, Raydium processed $124.6 billion in trades, surpassing the previous leader, Uniswap, by 30%.

According to Dune Analytics, Raydium accounts for approximately 49% of the total trading volume on Solana. Since its launch, the protocol has processed $488.27 billion in trades.

This fall has been a successful period for the DEX niche within the Solana ecosystem. In November alone, the total monthly turnover of protocols exceeded $109.8 billion, breaking the previous all-time high of $59.8 billion recorded in March 2023.

Since the beginning of November, the total value locked (TVL) on Solana has risen by nearly $4 billion, reaching $9.08 billion.

The growth in trading volume on Raydium coincided with the positive market trend for meme coins—one of the platform’s most popular asset classes. By the end of November 2024, the GMCI Meme index, tracked by The Block, reached a new high of 537.99 points.

At the end of October, Raydium’s developers released an update introducing changes to liquidity pools.

In early December, Solana co-founder Anatoly Yakovenko expressed gratitude to meme coins for helping stress-test the network.