UNISWAP VS RAYDIUM

Summary from the TLDR Crypto newsletter

Raydium has half the daily volumes of Uniswap, but higher fees and distribution to RAY holders mean the token accrues more real yield than UNI. RAY's market capitalization is 10% of UNI, giving a market cap to protocol fees ratio of 1.4x versus UNI at 6.7x. This mispricing is likely due to skepticism about Solana memecoin and bot trading, RAY's aggressive issuance schedule, and Uniswap's better brand positioning.