Raydium Dominates Solana DeFi Scene Amid Plummeting Gas Fees
Solana's decentralized finance (DeFi) scene is experiencing a surge in activity. Raydium, a leading decentralized exchange (DEX), has taken a significant 60% market share.
This comes as overall DeFi activity cools off and meme coins are fleeing towards Tron. According to data from DeFiLlama, the total value locked across major blockchains sits at $77 billion, with Ethereum still leading the pack.
Raydium's user base is exploding, attracting over 200,000 active users daily, as shown by Artemis data shared by an analyst on X. This growth is leaving other competing protocols in the dust.
Solana's daily active addresses have hit an all-time high of 5.5 million on average, while Ethereum and its layer-2 solutions struggle to keep up with Solana's base-layer scalability.