Introduction
As the cryptocurrency market continues to grow, the Solana ecosystem is showing strong momentum, especially in the decentralized exchange (DEX) sector, where Raydium stands out. According to the latest report from Messari, Raydium has surpassed Uniswap for two consecutive months, with a trading volume of $124.6 billion in November, 30% higher than Uniswap. Behind this success is not only the popularity of meme coins but also the technological innovation of the Raydium platform and the overall maturity of the Solana ecosystem.
Raydium Sets Records with Surge in Trading Volume Fueled by Meme Coins
According to Messari’s data, Raydium not only broke the trading volume record in November but also became the largest DEX in terms of trading volume for two consecutive months. In November, Raydium’s trading volume reached $124.6 billion, accounting for over 60% of the Solana DEX trading volume, demonstrating the strong appeal of the Solana ecosystem.
It is worth noting that the rise of meme coins is a key factor behind the surge in Raydium’s trading volume, with meme coins accounting for 65% of Raydium’s trading volume in November.
Furthermore, Raydium has further improved liquidity management and portfolio functionality through the upgrade to the V3 version. By integrating price oracles and Token-2022 support, Raydium fully utilizes the high speed and low cost advantages of the Solana network, providing users with a more efficient trading experience. These technological improvements undoubtedly consolidate Raydium’s leading position in the decentralized trading market.
Solana Overtakes Ethereum, Layer 2 Intensifies Competition
Solana’s strong performance is not only reflected in Raydium’s trading volume but also in the overall trading volume of the Solana network. In July, October, and November 2024, Solana’s trading volume reached nearly $130 billion, while Ethereum’s trading volume was only $70.6 billion. In particular, Solana has been found to attract a large inflow of funds in reports from DeFiLlama and Artemis, while Ethereum is facing a net outflow of funds. This phenomenon highlights the rise of Solana as a competitor to Ethereum.
In addition, Ethereum faces greater competition pressure with the rapid development of Ethereum’s Layer 2 solution, Base. The trading volume of Base is growing rapidly and gradually approaching Ethereum, further exacerbating the internal and external challenges faced by Ethereum. The possible introduction of Ethereum’s Layer 2 solution (Unichain) by Uniswap in the future may also intensify the market competition for Ethereum, putting Ethereum validators at a higher risk of capital outflow.
Challenges and Problems for Ethereum in the Future
In the competition with Ethereum, there are not only external pressures such as Solana but also challenges from its own Layer 2 solution. In particular, Uniswap holds a market share of 78.58% on Ethereum. If Ethereum’s capital outflow problem cannot be effectively resolved, it may result in an annual loss of $400 million to $500 million in revenue, which will directly affect Ethereum’s deflationary currency mechanism and raise questions about the robustness of its economic model.
Nevertheless, Bitwise’s 2025 outlook report remains optimistic about the future of Ethereum. With the rapid development of Layer 2 solutions such as Base and Starknet, Ethereum may gain new growth momentum. The large-scale growth of stablecoins and tokenized projects on the Ethereum network also brings positive prospects for its future.
Bitwise Predicts Historical Highs for the Crypto Giants
In Bitwise’s 2025 market outlook, Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are referred to as the “crypto giants” and are expected to continue to rise to historical highs. In 2024, the performance of these three major crypto assets surpassed all major asset classes, with Bitcoin rising by 141.72%, Ethereum rising by 75.77%, and Solana rising by 127.71%.
Bitcoin (BTC) & Ethereum (ETH) & Solana (SOL) & Raydium (RAY) Latest Price Trends
| Coin | Price | 24H Change | 24H Trading Volume | Market Cap | 7-day Price and Trading Trend |
|——|——-|————|——————|————|——————————-|
| BTC | $97,350.11 | 0.21% | $97.05 billion | $1,929.41 billion |
| ETH | $3,659.12 | -1.87% | $51.13 billion | $4,412.42 billion |
| SOL | $218.82 | 0.85% | $7.64 billion | $1,045.60 billion |
| RAY | $5.00 | 13.58% | $280 million | $14.50 billion |
Outlook for Short-term Market Trends and Investment Strategies
In the short term, market trends may still be influenced by Bitcoin. Bitcoin has shown strong performance in 2024 and is expected to continue attracting institutional investors, with potential buying pressure from businesses and governments. Solana, as a major competitor to Ethereum, is also worth investors’ attention. The short-term trend of Solana may continue to rise, especially after the entry of new projects into the Solana ecosystem, fueled by the meme coin craze.
For investors, it is advisable to pay attention to the price fluctuations of Bitcoin and Solana in the short term, especially during market rebounds, to take advantage of buying opportunities during pullbacks. In the long term, with the further development of Layer 2 technology and the crypto ecosystem, Bitcoin, Ethereum, and Solana all have the potential for further growth.
Conclusion
Solana’s strong rise in 2024, especially the breakthrough of Raydium in the decentralized trading market, marks the maturity of the Solana ecosystem. Solana’s trading volume has gradually surpassed Ethereum, and with the influx of funds into Solana and Base, the market landscape is undergoing a major change. Despite facing external competition and challenges from its own Layer 2 solution, Ethereum still has strong market appeal. Bitwise predicts that Bitcoin, Ethereum, and Solana will reach historical highs in the future, and investors should closely monitor the performance and future development opportunities of these crypto assets.
