Uniswap recovered its primacy as the leading DEX, flipping Solana’s Raydium in terms of trading volume. Uniswap now carries 65% market share of all DEXs.
Uniswap recovered its position as the leading DEX with a significant market share. At the start of 2025, Raydium held a 65% share of DEX activity. After the first quarter, Uniswap regained its influence and is now standing at 65% market share, flipping Raydium.
The recovery follows the recent increase in Ethereum (ETH) price from lows of $1,400 up to $2,700. Uniswap is mostly used for WETH, USDC, and WBTC high-liquidity pairs, easily reaching significant volumes with valuable assets.
At the same time, Raydium has to compete with a multitude of smaller tokens. The exchange volumes fell to around $185M, with activity led by currently trending memes. Even the increased bot usage on Solana failed to boost Raydium performance, as most activity chose the best routing through Jupiter, and traffic moved to other markets.
Despite the growth of the Solana ecosystem, Raydium lost some of its market share. Solana DEX became more competitive and fragmented, leading to outflows from Raydium. More targeted meme activity also meant that Solana DEX did not see as much retail trading.
Raydium vs. Uniswap: market shares have flipped since the start of the year.
Raydium started the year with ~65% market share, while Uniswap is currently at ~65% market share, based on daily trading volume. pic.twitter.com/Ro196nF8Ji
— Token Terminal 📊 (@tokenterminal) May 16, 2025
The dominance of Uniswap was also reflected by fee levels. In the past day, Uniswap was among the top 10 fee producers with $3.39M, while Raydium lagged to $1.38M, down from peaks above $13M during the busiest periods of Solana trading.
Raydium is now down to 37% of DEX volume on Solana, from a recent peak above 60%. The DEX is losing share to PumpSwap, as well as Orca and Meteora.
The lack of new inflows from Pump.fun means Raydium is not guaranteed the previous volumes. New token creation platforms also divert traffic. The inflow of USDC on Solana is boosting pairs on Orca and Meteora. The Solana ecosystem retains the highest levels of activity on all chains, but this is not enough to bring Raydium to its previous peak performance.
Uniswap grows its influence on multiple chains
Uniswap, on its side, grew its influence on alternative chains, including BNB Smart Chain and its native Unichain. The multi-chain strategy led more users to the exchange, turning it into one of the busiest smart contracts on multiple networks.
The Uniswap V3 protocol carries over $830M in daily volumes, surpassing even centralized exchanges. The DEX also expanded its available liquidity from a low of $3.4B, rising to over $4.9B in May.
Uniswap increased its value locked since the lows in April, after UNI recovered above $6.27. | Source: DeFi Llama
Unichain is also helping the adoption, adding to over 26 chains with Uniswap versions. The native DEX chain saw $743.2M inflows in the past three months, retaining a total value locked of $673.9M.
The native UNI token trades near the highest level for the past three months, rising to $6.27. The token rallied from its recent local lows of $4.80, while trading with the highest volumes in the past three months. The recent rising demand for Ethereum trading may boost Uniswap, leading UNI to another breakout closer to the $10 range.
