Native vs Raydium (CLMM) — Comparison Report
Volume & Liquidity
From a market-activity standpoint, Raydium (CLMM) is operating at a materially different scale: $135.2M in 24h volume versus Native’s $44.6M. Higher volume generally implies tighter pricing, more consistent fills, and better reliability for both discretionary traders and integrators (aggregators, bots, wallets).
Liquidity depth is even more decisive. Raydium (CLMM) reports $1.06B TVL, while Native shows $21K TVL. TVL is not a perfect proxy for usable liquidity, but at this magnitude gap it strongly signals that Raydium can support larger trades with less slippage and fewer price impacts across many pools.
Native’s volume-to-TVL relationship looks unusual (high volume relative to very low TVL), which can happen due to routing, external liquidity sources, or reporting differences—but strictly on the provided figures, Raydium is far better positioned for consistent liquidity and execution quality.
Raydium leads on both headline indicators: higher 24h volume ($135.2M vs $44.6M) and vastly higher TVL ($1.06B vs $21K), implying better depth and lower slippage.
Fee Structure & Costs
Based on the provided data, Native reports $0 in 24h fees and $0 revenue, while Raydium (CLMM) reports $304K in 24h fees and $46K in revenue. On its face, that suggests Native users are paying no protocol-level trading fees (or that fees are not being captured/reported in this dataset), whereas Raydium’s activity clearly generates fee load for traders that is then partially routed as protocol revenue.
In practice, total trading cost is a combination of DEX fees + slippage + network gas. Raydium operates on Solana, which typically has low transaction costs, but its DEX fees are explicitly reflected in the dataset. Native spans multiple EVM and non-EVM chains where gas can vary substantially (e.g., Ethereum vs L2s), but the dataset still shows zero fees, which—strictly by the numbers—makes it the cheaper venue from a fee perspective.
Without explicit maker/taker schedules provided here, the clearest comparison is the realized fee output: Raydium is monetizing trades via fees; Native is not (per the data).
Native shows $0 fees in the provided 24h data versus Raydium’s $304K, indicating lower protocol fee burden for users based on the figures given.
Multi-chain & Ecosystem
Native has broad chain coverage across 10 networks: Binance, Ethereum, Polygon, Arbitrum, Mantle, ZetaChain, Avalanche, Manta, zkLink (and one additional listed). This positions it as a multi-chain liquidity and launch surface with flexibility for teams and users who want to operate where their assets and communities already live.
Raydium (CLMM) is Solana-only per the provided data. While Solana is a large and active DeFi ecosystem, single-chain scope inherently limits cross-chain accessibility and requires users to bridge if their capital is primarily on EVM networks.
Given the explicit chain list, Native offers materially broader ecosystem reach and optionality for deployments and user acquisition across multiple environments.
Native supports 10 chains versus Raydium (CLMM) on Solana only, giving Native broader ecosystem coverage by the provided data.
User Recommendations
Choose Raydium (CLMM) if you care about execution quality, abundant choice, and a battle-tested trading venue. The combination of high TVL ($1.06B), high 24h volume ($135.2M), and large market surface (1,546 pairs; 355 coins) typically translates into better prices, deeper liquidity, and more consistent outcomes for everything from small swaps to large rebalances.
Choose Native if your priority is multi-chain access and experimenting with an on-chain liquidity-building platform across EVM/L2 ecosystems. That said, with only 10 pairs and $21K TVL, most users should expect higher slippage risk and potentially thinner markets; it may be better suited to niche pairs, early deployments, or users intentionally targeting specific Native-listed markets.
From a UX perspective, Raydium also benefits from mature Solana wallet support and broad integration into Solana DeFi flows (routing, token launches, and liquidity provisioning patterns), which generally reduces friction for everyday traders.
Raydium’s far deeper liquidity and much larger set of markets typically deliver more reliable fills and a smoother, more predictable trading experience for most users.
Trends & Innovation
Raydium’s CLMM (concentrated liquidity market maker) design is structurally aligned with where AMMs have been heading: capital efficiency, tighter spreads near the market price, and better tools for active LP management. Combined with Raydium’s scale on Solana and its role as a core venue for trading and liquidity formation, it has a credible path to sustaining network effects (more traders → more LPs → better pricing → more traders).
Native’s positioning—“an on-chain platform to build token liquidity” that is “openly accessible and cost effective”—is directionally compelling, especially given its multi-chain footprint. However, the currently reported very low TVL suggests adoption is still nascent, and near-term success likely depends on attracting meaningful LP participation and proving durable liquidity rather than transient volume.
Given Raydium’s demonstrated product-market fit, modern AMM design, and existing ecosystem embed, it has the stronger innovation trajectory in terms of what is already shipping at scale and compounding into defensible liquidity.
Raydium’s concentrated-liquidity model is a proven innovation running at major scale, while Native’s multi-chain vision is promising but not yet reflected in comparable liquidity adoption.
✨ Bottom Line
Overall, Raydium (CLMM) wins for most traders and integrators because it combines substantially higher liquidity (TVL) with higher trading activity and vastly broader market coverage. Native stands out for multi-chain reach and the reported zero-fee profile, but its current TVL and limited pairs constrain execution quality and practical usability.
If you need depth, breadth, and consistent fills today, Raydium is the more dependable choice.
Raydium (CLMM)
Raydium’s overwhelming advantage in TVL, market breadth, and volume makes it the stronger overall DEX despite Native’s multi-chain and low-fee appeal.