The future of decentralized exchanges might be being built on the Solana blockchain.
What’s happening:
- Solana based decentralized exchange Raydium recently surpassed Uniswap in daily trading volume, representing a potential large scale shift in the future of decentralized exchanges
By the numbers:
- Raydium traded $2.2B USD in total volume across a 24 hour period, compared to $2.1B USD on Uniswap over the same period
- Uniswap operates across 24 different blockchains while Raydium only operates on Solana
- Raydium has been consistently capturing roughly 60% of all of the decentralized exchange trading volume on the Solana blockchain
Why it matters:
- Uniswap has been the most popular decentralized exchange in crypto for quite some time, which is now starting to become challenged by the rapid rise of user adoption on Raydium
Going deeper:
- This is not the first time ever that Raydium has surpassed the trading volume of Uniswap, which has been an emerging theme amidst an explosion of new tokens being listed on the Solana blockchain
- The Solana ecosystem as a whole has been continuing to ramp up, with record breaking user growth and even publicly traded companies beginning to accumulate Solana to hold directly as an asset for the first time
