PANews reported on October 31 that according to The Block, Solana Ecosystem DEX’s weekly trading volume reached 168% of Ethereum’s mainnet DEX trading volume, a record high. This marks a huge shift compared to the beginning of the year. At that time, Solana Ecosystem DEX’s trading volume was only 48.85% of Ethereum’s.

In October, Solana’s largest DEX, Raydium, saw $22.3 billion in volume, while Uniswap on Ethereum processed $38 billion in volume. Raydium’s market share expanded significantly from 7.6% in January to 18.4% in October, while Uniswap continued to maintain its dominance as the DEX in the Ethereum ecosystem. On Solana, the rise of the pump.fun token was the main driver of DEX volume, with the platform facilitating high-frequency trading of new tokens. The nature of trading activity on different chains also differs. Raydium’s main trading pool significantly includes trades in new tokens, while Uniswap tends to see more established token pairs traded.