DeFi
Solana DEX Raydium topples Uniswap in terms of weekly fees
Millions of spam transactions on Solana boost Raydium’s revenue.
Raydium, the leading decentralized exchange (DEX) on Solana, narrowly toppled Uniswap in terms of weekly fees and processed more than 10x more transactions than Ethereum’s largest DEX.
Over the past week, Raydium’s fees have outpaced Uniswap’s by 15%, with the DEX raising $12.86 million. During the same period, Raydium processed over 57 million transactions, compared to 4.47 million for Uniswap v2 and v3 according to Dapp Radar.
Despite the huge gap in transaction counts, Uniswap’s total volume remains higher than Raydium’s. Uniswap’s weekly volume was nearly $12 billion, while Raydium’s was less than 50% of that at $5.39 billion according to DeFiLlama.
The stark difference in volume and number of transactions between Uniswap and Raydium is indicative of the large number of low-value spam transactions taking place on the Solana-based DEX.
Raydium’s transaction count began to increase significantly in early June, alongside Pump.Fun total transactions. The liquidity of all tokens that fill the Pump.Fun bonding curve is etched on Raydium, making Raydium the go-to DEX for Pump.Fun tokens.