Solana DEX: Raydium token rises by 12 percent despite new competition from PumpSwap
On decentralized crypto exchanges (DEX) with Solana, branches of the network family have been forming for some time. The established DEX Raydium seems to be defending its position, despite fresh competition like PumpSwap.
What do you do when you are involved in a smart contract network like Solana and DEXs are fighting for users’ favor? You set up branches and try special features. This strategy seems to be particularly popular in the Solana ecosystem. Established names like Raydium, Orca, and Serum had recently faced competition from Neon EVM, a project that relies on Ethereum compatibility.
Now, yet another branch called PumpSwap has been introduced, promoted as an “upgraded version of Raydium.” According to the project, Raydium’s weak points include a confusing user interface and high fees. However, investors still stay loyal to Raydium at the moment. After all, there was a 12 percent increase in the price of the native token RAY over the week. Even in the monthly view, RAY shows a similar gain, although competitors like Orca are not doing nearly as well.
Raydium supporters point out that the DEX can also refer to actual positive figures. With just over 1 million USD in daily trading volume, Raydium is significantly ahead of its competitors. The recently launched PumpSwap, on the other hand, only comes to about one-tenth of this, which naturally provokes skepticism.
Yet another offshoot from the increasingly busy Solana ecosystem recently caused headlines: Boneless, like Neon EVM, targets access to the crypto-economy that has wider Ethereum compatibility. Whether PumpSwap or Boneless – keen interest, let alone mass application, remains lacking so far. Only Orca and Raydium report more than 1,000 users daily, and here too, the numbers are declining as interest in Solana dwindles.
Conclusion: which DEX will prevail on Solana?
At first glance, the array of DEXs for Solana may seem promising. However, detailed data reveals a different perspective: Solana-based decentralized crypto exchanges currently appear to operate in a largely closed bubble where speculative trading sometimes even harms token courses. The established DEXs Raydium and Orca don’t make much of the newcomers in terms of daily trading volume. This is all the more remarkable because Solana uncertainties in technological areas and declining interest have already been discussed for months. But in the DEX domain, others like Polygon (MATIC) and BNB take their chances to establish themselves sustainably as competitors to Ethereum. In conclusion, setbacks for Raydium or other DEXs on Solana seem inevitable for now.
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