Meteora DLMM Overtakes Raydium in Daily Solana DEX Volume

Meteora’s Dynamic Liquidity Market Maker has moved ahead of Raydium AMM in 24-hour decentralized exchange volume, marking a short-term shift in where Solana trading activity is being executed. Meteora DLMM processed approximately $215.94 million over the latest 24-hour period, compared with $187.28 million for Raydium AMM, according to current DeFiLlama data.

The latest DeFiLlama DEX data also places Meteora’s combined products at roughly $230.72 million in daily volume, slightly above Raydium’s approximately $192.38 million. The daily ranking represents a current trading snapshot rather than evidence that Meteora has overtaken Raydium across longer measurement periods.

Meteora Leads Daily Volume but Raydium Retains Longer-Term Edge

The distinction becomes clear when the measurement window expands. Meteora DLMM recorded approximately $1.085 billion over seven days and $5.9 billion over 30 days. Raydium AMM, by comparison, processed about $1.379 billion and $9.1 billion over the same periods. Raydium therefore remains ahead on both weekly and monthly volume despite Meteora’s current daily lead.

That makes the shift more useful as an indicator of changing short-term order flow than as proof of a structural change in Solana DEX leadership. Earlier observations showing Meteora around $154 million and Raydium above $218 million captured a different rolling 24-hour window. DEX volume is continuously changing, so snapshots taken at different times should not be combined into a single market-share comparison.

Meteora’s DLMM architecture divides liquidity into discrete price bins and allows liquidity providers to concentrate capital around selected ranges. Its documentation also emphasizes dynamic fees that can adjust around market volatility. The design is intended to make liquidity more capital-efficient around active prices while giving LPs greater control over how their positions are distributed.

Raydium, however, should not be characterized simply as a legacy constant-product exchange. Its current infrastructure includes standard AMM v4 pools, CPMMs and concentrated-liquidity CLMM pools. Raydium’s CLMM similarly lets providers allocate capital within defined price ranges, while CPMM pools spread liquidity according to a constant-product model. The competition is therefore between different collections of liquidity infrastructure rather than between concentrated liquidity and a single older AMM design.

Solana Liquidity Remains Split Across Multiple Venues

Raydium retains an important position in specific markets even as its overall daily volume fluctuates. The protocol has recently captured a large share of Solana tokenized-equity trading, illustrating how liquidity leadership can differ substantially by asset category rather than following the network-wide DEX ranking.

Other venues also remain substantial. DefiLlama’s latest snapshot puts Pump at approximately $364.57 million in daily volume and Orca at $328.57 million, both above Meteora and Raydium. Meteora’s move past Raydium therefore does not make it Solana’s largest DEX by 24-hour trading volume.

Aggregation adds another layer to that market structure. Jupiter can route user orders across several underlying venues, while products such as Jupiter Universal Deposit increasingly abstract how liquidity enters and moves through Solana. A trade routed by an aggregator can ultimately execute in Meteora or Raydium, meaning routing activity and underlying DEX volume are not independent measures.

The measurable change is narrower but significant: Meteora DLMM has moved ahead of Raydium AMM in the latest 24-hour window while Raydium maintains substantially higher seven-day and 30-day volumes. Whether that daily reversal develops into a sustained redistribution of Solana liquidity will require the gap to persist across longer measurement periods.