Uniswap has upended Solana’s Raydium in terms of trading volume, regaining its advantage as a major Dex. Uniswap currently has a market share of 65% of all DEXS.
Uniswap has regained its position as a major DEX with its significant market share. At the beginning of 2025, Raydium held a 65% share of DEX activity. Since the first quarter, Uniswap has regained its impact and is now inverting Raydium, with a market share of 65%.
This recovery comes from a low of $1,400 to $2,700, following the recent rise in Ethereum (ETH) prices. UNISWAP is mainly used for hyperfluid pairs of WETH, USDC, and WBTC, and is easily reached in large quantities with valuable assets.
At the same time, Raidium must compete with many small tokens. The replacement volume has fallen around $185 millionan activity led by currently trending memes. Even the increase in bot usage in Solana did not improve Raidium performance as most activities chose the best route through Jupiter and traffic moved to other markets.
Despite the growth of the Solana Ecosystem, Raydium lost some of its market share. The Solana Dex has become more competitive and fragmented, leading to a spill from Raydium. The more targeted meme activity meant that Solana Dex didn’t see that many retail deals.
Raydium vs. Uniswap: Market stocks have been turning over since the beginning of the year.
Raydium started its yearly market share with around 65%, while UNISWAP now has a market share of around 65% based on daily trading volume. pic.twitter.com/ro196nf8ji
– Token Terminal 📊 (@tokenterminal) May 16, 2025
Uniswap’s advantage was also reflected in the fee levels. On past days, Uniswap was one of the top 10 rate producers at $3.39 million, while Raydium was behind $1.38 million from its peak at over $13 million during the busiest time of Solana trading.
Raydium is currently down to 37% of Solana’s Dex volume, exceeding 60% since its recent peak. Dex has lost its share of Pumpswap, Orca and Meteora.
The lack of new influx from Pump.Fun means that Raydium is not guaranteed to previous volumes. The new token creation platform also diverts traffic. The influx of USDC at Solana has boosted the Orca and Meteora pair. The Solana Ecosystem holds the highest level of activity across all chains, but this is not enough to lead Raydium to its previous peak performance.
Uniswap expands its impact on multiple chains
Uniswap has influenced alternative chains on its side, such as BNB Smart Chain and its native Unishain. The multi-chain strategy has led more users to exchange, transforming them into one of the busiest smart contracts across multiple networks.
The UNISWAP V3 protocol earns over $830 million every day, exceeding centralized exchange. DEX also expanded its available liquidity from its $3.4 billion minimum, rising to more than $4.9 billion in May.
After UNI recovered above $6.27, UNISWAP increased its locked value since its April low. |Source: Defi Llama
Unichain is also supporting recruitment, adding to over 26 chains with Uniswap versions. The native Dex chain has seen $743.2 million inflows over the past three months and has held a locked total $673.9M.
Native Unitokens have been trading near the highest level for the past three months, rising to $6.27. The tokens have recovered from the recent local low of $4.80, trading with the highest volume in the last three months. Recent increase in demand for Ethereum trading could boost UNISWAP and lead UNI to another breakout close to the $10 range.
