Millions of spam transactions on Solana are bolstering Raydium’s fee income.
Raydium, the leading decentralized exchange (DEX) on Solana, narrowly flipped Uniswap in weekly fees and processed over 10 times as many transactions as Ethereum’s largest DEX.
Over the last week Raydium’s fees surpassed Uniswaps by 15%, as the DEX collected $12.86 million. In the same time period Raydium processed over 57 million transactions compared to Uniswap v2 and v3’s collective 4.47 million according to Dapp Radar.
Despite the massive discrepancy in transaction count, Uniswap’s total volume remains higher than Raydium’s. Uniswap’s weekly volume accounted for nearly $12 billion, meanwhile Raydium’s was less than 50% of that, at $5.39 billion per DeFiLlama.
The stark difference in the volume to transaction count ratio between Uniswap and Raydium is indicative of the large amount of low value spam transactions taking place on the Solana-based DEX.
Raydium’s transaction count began increasing dramatically at the beginning of June alongside Pump.Fun’s total transactions. Liquidity of all tokens that fill the Pump.Fun bonding curve is burned to Raydium, making Raydium the go-to DEX for Pump.Fun tokens.
