Memecoin revival drives Solana DEX Raydium past Tether in fees

Insights DeFiSolana

Solana DEX Raydium sees $30 billion weekly trading, dwarfs Uniswap volumes.

Solana-based decentralized exchange (DEX) Raydium has outperformed stablecoin giant Tether in daily fee generation.

According to data from DeFiLlama, Raydium generated over $15 million in fees in the last 24 hours, surpassing Tether’s $13 million during the same period.

Top 5 Crypto Platforms by Fees and Revenue (Source: DeFiLlama)

Over the past week, Raydium’s fee revenue reached an impressive $81.2 million, positioning it as the second-highest earner in the DeFi ecosystem. Tether retained the top spot in weekly fee generation.

Market observers attribute this growth to the resurgence of the memecoin trend, which has fueled increased trading volumes on the Solana-based platform. Notably, Raydium’s volume has outshined Uniswap, the leading DEX operating across nearly 20 networks, including Ethereum and layer-2 solutions like Base and Arbitrum.

Top 2 DEX by Volume (Source: DeFiLlama)

During the week, Raydium handled a staggering $30 billion in trading volume, far exceeding Uniswap’s $19 billion.

This milestone illustrates the rising popularity of Solana-based platforms as traders seek high-speed and low-cost alternatives.