Solana Meme Coin Mania Drives Raydium TVL to Highest in 2+ Years

Raydium’s TVL has increased to $951 million, the highest level since mid-January 2022.

Raydium, the largest decentralized exchange (DEX) on Solana, continues to see an increase in its total value locked (TVL). On May 20, DefiLlama data shows that the DEX’s TVL is at $951 million, the highest level since mid-January 2022. This represents a 60% increase over the last month and a 650% increase since the start of the year.

Data shared via Dune shows that Raydium’s market share by DEX volume has increased to a record 53.2% earlier in May. Meanwhile, Orca, which accounted for over two-thirds of Solana DEX volume at the beginning of 2023, is left with a market share of 22%.

Although Raydium experiences the highest TVL in years and its DEX volume share is at the highest on record, actual volume figures have been declining from March peaks. In March, Raydium handled a record $13.2 billion in transactions, a tenfold increase from the previous month. As of mid-May, the DEX has processed over $5.4 billion in trades.

Meanwhile, data from Artemis shows that the number of active addresses has also been declining from March levels, although it has been recovering from April lows.

Meme coins have been the main drivers of Raydium activity in 2024.

As of this writing, DEX Screener data shows that Raydium is currently the most active DEX across all chains. Out of the top 10 most traded pairs in the last 24 hours, 7 are on Raydium. All of them are meme coins, including kiki, GME, Slothana, PONKE, and MANEKI.

The most traded pair is also on Solana. The WIF/SOL pair on Orca has generated a daily trading volume of $36 million.

Solana has one of the most active meme coin ecosystems. Crypto analyst Crypto Koryo said on X that Coinmarketcap had registered record numbers of new meme coins in March and April 2024, and more than half of them are hosted by Solana.

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