Solana DEX Market Dynamics Analysis: 60% volume comes from Memecoins, with Raydium taking the lead

Author: @blockworksres

Compile: Plain Language Blockchain

The decentralized exchange (DEX) trading volume of the Solana ecosystem has reached a record high. What factors are driving the heat of this market?

Memecoin trading accounts for about 60%

Raydium still occupies a leading position in the market

Lifinity has become the leader in the SOL-USD trading pair

Now let’s take a look at some key data:

What assets do users trade on the chain? The data for the past 90 days shows:

60% of the trading volume comes from Memecoins

25% from the SOL-USD trading pair

The remaining 15% is composed of project tokens, AI tokens, LST exchange, and stablecoin swaps.

From the perspective of asset categories, DEX market share:

Raydium dominates the Memecoin trading, with a market share of 79%.

Lifinity leads in the SOL-USD trading pair with a market share of 36%.

Orca mainly occupies the project Token, stablecoin exchange, and LST exchange markets, but such trading volume accounts for less than 10%.

We can analyze the trading volume of each DEX by asset class:

Nearly 80% of Raydium’s trading volume comes from Memecoins.

98% of Lifinity’s trading volume comes from the SOL-USD trading pair.

The trading volume of Meteora’s Memecoin has significantly increased, driven by the listing of TRUMP Token.

Measured by the ratio of trading volume to TVL (total locked value), Lifinity is the most capital-efficient DEX.

Meteora and Raydium are the least efficient on this metric, which is not surprising given their high dependence on Memecoin trading volume.

We analyzed the performance of Meteora’s dynamic fee after TRUMP Token was launched for three weeks (January 20th - February 9th).

The results show that the dynamic fee rates are significant. Despite Meteora’s trading volume being only a quarter of Raydium’s, its transaction fee income is 35 million USD higher than Raydium’s.