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Raydium is catching up with Uniswap spot volumes

Author: Content Editor
Raydium, a decentralized exchange (DEX) on the Solana blockchain, is gaining momentum and catching up to Uniswap in terms of daily and weekly spot volumes. Despite the overall slowdown in the crypto market, Raydium remained resilient and reached $20 billion in weekly spot volumes. Uniswap still holds the top spot with $26 billion in weekly volumes, while PancakeSwap remains the third-largest DEX with $10 billion in weekly trading volumes. Raydium and Uniswap are now closely competing in daily volumes as well, with Raydium achieving a 128% growth in the past 24 hours. Most of Raydium's activity comes from trading meme tokens, with Peanut the Squirrel (PNUT) having the highest trading volume. While Raydium focuses on both older and newly launched tokens, it particularly dominates the booming meme market. In terms of fee production, Raydium ranks high, generating $10.37 million in the past 24 hours. Raydium's native token, RAY, has also experienced a rally but is still below its initial trading high. The Solana DEX ecosystem, including Raydium, has seen explosive growth compared to previous years and continues to be a hub for decentralized token launches. Raydium is also set to expand into the realm of decentralized finance (DeFi) by offering stablecoin options and hosting wrapped Bitcoin (cbBTC) on the Solana blockchain.

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