Uniswap flips Raydium on total trading volume

Source Cryptopolitan

Uniswap recovered its primacy as the leading DEX, flipping Solana’s Raydium in terms of trading volume. Uniswap now carries 65% market share of all DEXs. 

Uniswap recovered its position as the leading DEX with a significant market share. At the start of 2025, Raydium held a 65% share of DEX activity. After the first quarter, Uniswap regained its influence and is now standing at 65% market share, flipping Raydium. 

The recovery follows the recent increase in Ethereum (ETH) price from lows of $1,400 up to $2,700. Uniswap is mostly used for WETH, USDC, and WBTC high-liquidity pairs, easily reaching significant volumes with valuable assets. 

At the same time, Raydium has to compete with a multitude of smaller tokens. The exchange volumes fell to around $185M, with activity led by currently trending memes. Even the increased bot usage on Solana failed to boost Raydium performance, as most activity chose the best routing through Jupiter, and traffic moved to other markets.

Despite the growth of the Solana ecosystem, Raydium lost some of its market share. Solana DEX became more competitive and fragmented, leading to outflows from Raydium. More targeted meme activity also meant that Solana DEX did not see as much retail trading.

The dominance of Uniswap was also reflected by fee levels. In the past day, Uniswap was among the top 10 fee producers with $3.39M, while Raydium lagged to $1.38M, down from peaks above $13M during the busiest periods of Solana trading. 

Raydium is now down to 37% of DEX volume on Solana, from a recent peak above 60%. The DEX is losing share to PumpSwap, as well as Orca and Meteora. 

The lack of new inflows from Pump.fun means Raydium is not guaranteed the previous volumes. New token creation platforms also divert traffic. The inflow of USDC on Solana is boosting pairs on Orca and Meteora. The Solana ecosystem retains the highest levels of activity on all chains, but this is not enough to bring Raydium to its previous peak performance. 

Uniswap grows its influence on multiple chains

Uniswap, on its side, grew its influence on alternative chains, including BNB Smart Chain and its native Unichain. The multi-chain strategy led more users to the exchange, turning it into one of the busiest smart contracts on multiple networks. 

The Uniswap V3 protocol carries over $830M in daily volumes, surpassing even centralized exchanges. The DEX also expanded its available liquidity from a low of $3.4B, rising to over $4.9B in May. 

 

Uniswap flips Raydium on total trading volume
Uniswap increased its value locked since the lows in April, after UNI recovered above $6.27. | Source: DeFi Llama

Unichain is also helping the adoption, adding to over 26 chains with Uniswap versions. The native DEX chain saw $743.2M inflows in the past three months, retaining a total value locked of $673.9M.

The native UNI token trades near the highest level for the past three months, rising to $6.27. The token rallied from its recent local lows of $4.80, while trading with the highest volumes in the past three months. The recent rising demand for Ethereum trading may boost Uniswap, leading UNI to another breakout closer to the $10 range.

Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold price advances to $3,335 area; lacks bullish conviction amid reduced Fed rate cut betsGold price (XAU/USD) edges higher during the Asian session on Wednesday and reverses a part of the overnight downfall to a multi-day low, though it lacks follow-through buying.
Author  FXStreet
Yesterday 05: 48
Gold price (XAU/USD) edges higher during the Asian session on Wednesday and reverses a part of the overnight downfall to a multi-day low, though it lacks follow-through buying.
placeholder
Trump steps in to save Crypto Bills from GOP rebelsTrump reportedly brokered a deal with conservative House Republicans to revive long-awaited crypto bills that had faced a surprise setback recently.
Author  Cryptopolitan
20 hours ago
Trump reportedly brokered a deal with conservative House Republicans to revive long-awaited crypto bills that had faced a surprise setback recently.
placeholder
Baidu's Stocks Surge in US and Hong Kong as Apollo Go Teams Up with Uber for Global ExpansionChinese search engine giant Baidu announced a multi-year partnership with ride-hailing titan Uber.
Author  TradingKey
20 hours ago
Chinese search engine giant Baidu announced a multi-year partnership with ride-hailing titan Uber.
placeholder
Bitcoin ETF Inflows For 2025 Now Outpace 2024, Data ShowsUS Bitcoin spot exchange-traded funds (ETFs) have seen more inflows this year so far compared to the same point in 2024, according to data.
Author  Bitcoinist
20 hours ago
US Bitcoin spot exchange-traded funds (ETFs) have seen more inflows this year so far compared to the same point in 2024, according to data.
placeholder
U.S. House failed again to vote on key crypto bills, despite Trump’s promiseThe House just blew another chance to move forward on crypto legislation.
Author  Cryptopolitan
4 hours ago
The House just blew another chance to move forward on crypto legislation.
goTop
quote