Raydium Monthly Volume Surpassed Uniswap for the First Time in January

Raydium, Solana’s largest decentralized exchange (DEX) by total value locked (TVL), claimed the largest share of monthly DEX volume in January, overtaking Ethereum’s Uniswap.

According to data from The Block, Raydium surpassed Uniswap for the first time on a monthly basis with 27.11% of all DEX volume in January. Uniswap accounted for 21.96%, while Pancakeswap processed 17.23%.

The other big players were Solana-based Orca and Meteora, which took the remaining spots in the top five, accounting for 10.5% and 8.72%, respectively.

So far in February, Pancakeswap has overtaken all other DEXs for the first time ever, processing 32% of all DEX volume, with Raydium in second place at 18.6% and Uniswap accounting for just under 16%, the lowest its market share has ever been.

Meteora exhibited significant growth over the last month. The Solana-based liquidity aggregator’s monthly volume grew by over 2000% in January, rising to 8.7% from 0.3% in December. So far, in February, it has maintained a strong position, pushing 9.1% of all DEX volume.