Introduction
With the continuous development of the cryptocurrency market, the Solana ecosystem is showing strong growth, especially in the decentralized exchange (DEX) sector, where Raydium has performed exceptionally well. According to the latest report from Messari, Raydium has surpassed Uniswap for two consecutive months, with a trading volume of $124.6 billion in November, 30% higher than Uniswap. Behind this success is not only the popularity of meme coins but also the technological innovation of the Raydium platform and the overall maturity of the Solana ecosystem.
Raydium Breaks Records with the Help of Meme Coins
According to Messari’s data, Raydium not only broke the trading volume record in November but also became the largest DEX in terms of trading volume for two consecutive months. In November, Raydium’s trading volume reached $124.6 billion, accounting for over 60% of the Solana DEX trading volume, demonstrating the strong appeal of the Solana ecosystem.
It is worth noting that the rise of meme coins is a key factor in the surge in Raydium’s trading volume, with these meme coins accounting for 65% of Raydium’s trading volume in November.
In addition, Raydium has further enhanced liquidity management and portfolio functionality through the upgrade to the V3 version, and has fully utilized the high speed and low cost advantages of the Solana network by integrating price oracles and Token-2022 support, providing users with a more efficient trading experience. These technological improvements undoubtedly consolidate Raydium’s leading position in the decentralized trading market.
Solana Overtakes Ethereum, Layer 2 Intensifies Competition
Solana’s strong performance is not only reflected in Raydium’s trading volume but also in the overall trading volume of the Solana network. In July, October, and November 2024, Solana’s trading volume reached nearly $130 billion, while Ethereum’s trading volume was only $70.6 billion. Particularly in the reports of DeFiLlama and Artemis, it was found that Solana attracted a large inflow of funds, while Ethereum faced a net outflow of funds. This phenomenon highlights the rise of Solana as a competitor to Ethereum.
In addition, Ethereum’s Layer 2 solution, Base, has been rapidly developing, putting Ethereum under greater competitive pressure. The rapid growth of Base’s trading volume and its gradual approach to Ethereum further exacerbate the internal and external challenges facing Ethereum. Uniswap’s potential introduction of an Ethereum Layer 2 solution (Unichain) may also intensify market competition for Ethereum, exposing Ethereum validators to a higher risk of capital outflows.
The Future Challenges and Problems Facing Ethereum
In addition to external pressure from public chains like Solana, Ethereum also faces challenges from its own Layer 2 solutions. In particular, Uniswap holds a market share of 78.58% on Ethereum. If Ethereum’s capital outflow problem cannot be effectively resolved, it may result in an annual revenue loss of $400 to $500 million, which will directly affect Ethereum’s deflationary currency mechanism and raise questions about the robustness of its economic model.
However, Bitwise’s 2025 outlook report remains bullish on Ethereum’s future, predicting that with the rapid development of Layer 2 solutions such as Base and Starknet, Ethereum may gain new growth momentum. At the same time, the significant growth of stablecoins and tokenization projects on the Ethereum network also brings positive prospects for its future.
Bitwise Predicts Historical Highs for the Cryptocurrency Giants
In Bitwise’s 2025 market outlook, Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are referred to as the “cryptocurrency giants,” and it is predicted that they will continue to rise and reach historical highs. In 2024, these three major cryptocurrencies outperformed all major asset classes, with Bitcoin rising by 141.72%, Ethereum rising by 75.77%, and Solana rising by 127.71%.
Bitcoin (BTC) & Ethereum (ETH) & Solana (SOL) & Raydium (RAY) Latest Price Trends
Currency Price 24H Change 24H Trading Volume Market Cap 7-day Price Trend
BTC Bitcoin $97,350.11 0.21 % $97.05 billion $1,929.41 billion
ETH Ethereum $3,659.12 -1.87 % $51.13 billion $4,412.4 billion
SOL Solana $218.82 0.85 % $7.64 billion $1,045.6 billion
RAY Raydium $5.00 13.58 % $280 million $14.5 billion
Conclusion
The strong rise of Solana in 2024, especially the breakthrough of Raydium in the decentralized trading market, marks the maturity of the Solana ecosystem. Solana’s trading volume is gradually surpassing Ethereum, and with the influx of funds into Solana and projects like Base, the market landscape is undergoing a significant change. Despite facing external competition and challenges from its own Layer 2 solutions, Ethereum still possesses strong market appeal. Bitwise predicts that in the future, Bitcoin, Ethereum, and Solana will reach historical highs, and investors should closely monitor the performance of these cryptocurrencies and their future development opportunities.