Solana-Based DEX Raydium Posts Record-Breaking $35B Trading Volume in May

Raydium, the leading decentralized exchange (DEX) on the Solana blockchain, has reported a staggering $35 billion in trading volume for the month of May, marking an all-time high for the platform. This achievement comes amid a surge in activity on Solana, fueled by the explosive growth of meme coins and a thriving ecosystem of decentralized applications.

Since the beginning of 2024, Raydium has witnessed the creation of over 275,000 new liquidity pools, bringing the total number to over half a million. This influx of liquidity has propelled Raydium's market share to approximately 50% of all trading volume on Solana, with daily average volumes exceeding $1 billion. Raydium has taken the number one spot across all chains in DEX volume on multiple occasions in the first half of 2024.

Raydium's success is not only reflected in its trading volume but also in its user base. The last week of May saw an all-time high of over 1.3 million new users, with a total of 1.95 million active users interacting with the platform. This makes Raydium's programs the most actively used across the entire Solana ecosystem.

Solana Flips Ethereum in Daily DEX Volume for 5 Consecutive Days

The recent surge in activity on Solana has not gone unnoticed, with the blockchain surpassing Ethereum in daily DEX volume for five consecutive days this week. This milestone highlights Solana's growing dominance as a hub for on-chain activity, driven by its high-speed, low-cost infrastructure and thriving ecosystem of decentralized applications.