Uniswap recovered its primacy because the main DEX, flipping Solana’s Raydium when it comes to buying and selling quantity. Uniswap now carries 65% market share of all DEXs.
Uniswap recovered its place because the main DEX with a big market share. In the beginning 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 generally used for WETH, USDC, and WBTC high-liquidity pairs, simply reaching important volumes with beneficial property.
On the identical time, Raydium has to compete with a large number 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 perfect routing by way of Jupiter, and 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 yr.
Raydium began the yr with ~65% market share, whereas Uniswap is at the moment at ~65% market share, based mostly on every day buying and selling quantity. pic.twitter.com/Ro196nF8Ji
— Token Terminal 📊 (@tokenterminal) Could 16, 2025
The dominance of Uniswap was additionally mirrored by payment ranges. Previously day, Uniswap was among the many prime 10 payment producers with $3.39M, whereas Raydium lagged to $1.38M, down from peaks above $13M through the busiest intervals of Solana buying and selling.
Raydium is now all the way 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 visitors. The influx of USDC on Solana is boosting pairs on Orca and Meteora. The Solana ecosystem retains the very 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 different chains, together with BNB Sensible Chain and its native Unichain. The multi-chain technique led extra customers to the alternate, turning it into one of many busiest good contracts on a number of networks.
The Uniswap V3 protocol carries over $830M in every day volumes, surpassing even centralized exchanges. The DEX additionally expanded its accessible liquidity from a low of $3.4B, rising to over $4.9B in Could.
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 previously three months, retaining a complete worth locked of $673.9M.
The native UNI token trades close to the very best stage 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 very best volumes previously three months. The current rising demand for Ethereum buying and selling could enhance Uniswap, main UNI to a different breakout nearer to the $10 vary.
