Uniswap recovered its primacy because the main DEX, flipping Solana’s Raydium by way of buying and selling quantity. Uniswap now carries 65% market share of all DEXs.
Uniswap recovered its place because the main DEX with a major market share. Initially of 2025, Raydium held a 65% share of DEX exercise. After the primary quarter, Uniswap regained its affect and is now standing at 65% market share, flipping Raydium.
The restoration follows the current improve in Ethereum (ETH) worth from lows of $1,400 as much as $2,700. Uniswap is usually used for WETH, USDC, and WBTC high-liquidity pairs, simply reaching vital volumes with invaluable property.
On the identical time, Raydium has to compete with a mess of smaller tokens. The alternate volumes fell to round $185M, with exercise led by at the moment trending memes. Even the elevated bot utilization on Solana failed to spice up Raydium efficiency, as most exercise selected the very best routing by way of Jupiter, and site visitors moved to different markets.
Regardless of the expansion of the Solana ecosystem, Raydium misplaced a few of its market share. Solana DEX turned extra aggressive and fragmented, resulting in outflows from Raydium. Extra focused meme exercise additionally meant that Solana DEX didn’t see as a lot retail buying and selling.
Raydium vs. Uniswap: market shares have flipped because the begin of the 12 months.
Raydium began the 12 months with ~65% market share, whereas Uniswap is at the moment at ~65% market share, based mostly on each day buying and selling quantity. pic.twitter.com/Ro196nF8Ji
— Token Terminal 📊 (@tokenterminal) Might 16, 2025
The dominance of Uniswap was additionally mirrored by charge ranges. Previously day, Uniswap was among the many high 10 charge producers with $3.39M, whereas Raydium lagged to $1.38M, down from peaks above $13M in the course of the busiest durations of Solana buying and selling.
Raydium is now right down to 37% of DEX quantity on Solana, from a current peak above 60%. The DEX is shedding share to PumpSwap, in addition to Orca and Meteora.
The dearth of recent inflows from Pump.enjoyable means Raydium isn’t assured the earlier volumes. New token creation platforms additionally divert site visitors. The influx of USDC on Solana is boosting pairs on Orca and Meteora. The Solana ecosystem retains the best ranges of exercise on all chains, however this isn’t sufficient to deliver Raydium to its earlier peak efficiency.
Uniswap grows its affect on a number of chains
Uniswap, on its facet, grew its affect on various chains, together with BNB Good Chain and its native Unichain. The multi-chain technique led extra customers to the alternate, turning it into one of many busiest sensible contracts on a number of networks.
The Uniswap V3 protocol carries over $830M in each day volumes, surpassing even centralized exchanges. The DEX additionally expanded its obtainable liquidity from a low of $3.4B, rising to over $4.9B in Might.
Uniswap elevated its worth locked because the lows in April, after UNI recovered above $6.27. | Supply: DeFi Llama
Unichain can be serving to the adoption, including to over 26 chains with Uniswap variations. The native DEX chain noticed $743.2M inflows prior to now three months, retaining a complete worth locked of $673.9M.
The native UNI token trades close to the best degree for the previous three months, rising to $6.27. The token rallied from its current native lows of $4.80, whereas buying and selling with the best volumes prior to now three months. The current rising demand for Ethereum buying and selling might enhance Uniswap, main UNI to a different breakout nearer to the $10 vary.
