Solana DEX Raydium Processes All-time High Daily Volume

Following another week of memecoin madness, this time led by the AI agent meta, Solana decentralized exchange (DEX) Raydium had its highest volume day ever.

Raydium processed a record $1.8 billion of transactions on Oct. 23, 10% more than its previous all-time high of $1.65 billion in Dec. 2023 and a 1000% increase over its most recent low of $153 million on Sept. 14.

Raydium volume is now up 24% over the last week and is just 11% shy of flipping Uniswap for cumulative weekly volume.

The volume growth is largely driven by the success of the Solana memecoin space, with a majority of its most successful tokens launched via memecoin launchpad Pump.Fun. When tokens fill the Pump.Fun native bonding curve, the liquidity is then burnt to Raydium, making it the default DEX for Pump.Fun tokens in their early stages.

As a result, the RAY token has also surged, up 86% in the last 30 days, according to CoinGecko.

Daniel Cheung of Syncracy Capital said, “Protocol just did a record $16.2bn of weekly volume here -- for context, Uniswap was doing ~$20bn of weekly volume at the peak of DeFi summer last cycle. Volumes likely only further accelerate from here as Solana continues to gain traction over the AI + AI agent Meta and Bitcoin on the verge of new highs.”