Raydium just won a round in Solana’s most closely watched exchange rivalry. On October 7, 2026, the protocol logged $192.2 million in 24-hour trading volume, slipping past PumpFun’s PumpSwap, which recorded $185.0 million.
The gap was $7.2 million. In a market that moves hundreds of millions a day, that is less a knockout than a photo finish.
The numbers behind the flip
The daily volume jump pushed Raydium to eighth place in the global decentralized exchange rankings. That is one spot higher than the ninth position it held before.
The monthly picture is less flattering for Raydium. In September 2026, it captured 12.2% of Solana DEX volume, while PumpFun led the pack with 18.6%.
Context matters on the PumpFun side too. The platform hit a peak of more than $1.7 billion in trading volume in a single day during July 2026. The $185.0 million it posted on October 7 sits far below that high-water mark.
How the rivalry started
For a long stretch, PumpFun and Raydium were partners of convenience. PumpFun was the place memecoins were born, and Raydium was often where they went to trade once they grew up.
That changed in early 2025, when PumpFun launched PumpSwap, its own automated market maker. By building its own, PumpFun cut its dependence on Raydium. Liquidity that used to flow to Raydium started staying in-house.
Raydium’s response was to stop betting everything on memecoins. It introduced LaunchLab, a token launch platform that competes directly with PumpFun’s core product, and it leaned into tokenized asset trading.
That second bet appears to be paying off. Over the past 30 days, Raydium handled 80.5% of trading volume in xStocks-issued assets, or $805.2 million. xStocks are tokenized versions of traditional assets that trade onchain.
Raydium also brings scale that predates the current fight. Its cumulative trading volume passed $1 trillion in May 2026, and its liquidity pools hold around $806 million, the highest of any venue on Solana.
What this means for Solana traders and protocols
PumpFun still owns the memecoin segment. When speculative token launches heat up, as they did during its July peak, its volume can dwarf the competition.
Raydium is building a broader base. Tokenized assets, a launchpad of its own and the deepest liquidity on Solana give it volume sources that do not rise and fall entirely with memecoin activity.
For anyone tracking these protocols as businesses, the September market share figures are the more reliable benchmark. PumpFun’s 18.6% against Raydium’s 12.2% shows the leader still has a meaningful cushion on a monthly basis.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
RAY failed to reclaim its 200-period moving average on the 4-hour chart.
Raydium’s quarterly trading fees more than tripled on launchpad and tokenized-stock activity.
Buybacks absorbed a noticeable share of RAY’s circulating supply during the quarter.
Early October data shows protocol activity cooling after an exceptionally strong September.
The RAY price is down 23.7% over the past seven days and sits around $1.82, even though Raydium, the Solana-based decentralized exchange behind the token, has just closed its strongest fee quarter in a year. Data compiled by Pine Analytics shows Raydium collected $57.1 million in trading fees in Q3 2026 and directed about $6.2 million of that into RAY buybacks, yet the token now sits below its EMA 200 on the 4-hour chart after a failed attempt to recover it on Oct 16. With a market capitalization of $489.7 million, RAY is caught between a fundamental story that improved sharply over the summer and a chart that still belongs to the sellers.
What Tripled Raydium’s Fees
The headline figure hides an unusual detail, since adjusted trading volume rose only 17% quarter-over-quarter to $16.1 billion, while fees more than tripled, which means Raydium earned far more on every dollar that passed through its pools. A rough calculation from the reported numbers puts the effective fee rate at about 0.35% of volume in Q3, compared with something below 0.14% in Q2, a shift that points to a different mix of traders and pools.
Two sources drove that mix, starting with tokenized-stock trading on Raydium, which reached $4.14 billion in the quarter, up from $1.77 billion in Q2, and LaunchLab, the protocol’s token-launch platform, went from 5,420 launches in August to 156,294 in September. Almost all of that September surge, roughly 95%, came through a single integration called StonkFun. Launch-driven trading of this kind tends to carry higher fees per trade than large-cap swaps, which would fit the gap between fee and volume growth, and the activity pushed Raydium’s share of Solana DEX volume from 4.3% in July to 12.2% in September.
Metric
Q3 2026
Change
Trading fees
$57.1M
More than 3x QoQ
Adjusted volume
$16.1B
+17% QoQ
Tokenized-stock volume
$4.14B
From $1.77B
TVL in dollars
$1.34B
+56%
TVL in SOL
–
-2%
Source: Pine Analytics
Why the Buyback Has Not Moved the Price
Raydium’s buyback wallet received about 4.58 million RAY during the quarter, worth $5.15 million at the time of receipt and equal to roughly 1.7% of circulating supply. Measured against today’s market cap, the $6.2 million allocation works out to about 1.3% of the token’s value per quarter, a steady source of demand that can soften sell-offs but is too small to set the direction on its own when traders are taking profit after a sharp rally. The program has a long track record, and Raydium said in August that cumulative repurchases had passed 30% of circulating supply.
The bigger issue is how concentrated Q3 was, with September alone producing $44.6 million in fees, about 78% of the quarterly total, so July and August together brought in only around $12.5 million. Raydium has seen this pattern before: when LetsBonk drove a LaunchLab boom in July 2025, LaunchLab fees fell 79% the following month. Pine Analytics found that activity in the first four days of October was already running below September’s pace, a short sample, but one that matches what the chart shows, with RAY breaking down from its $2.25-$2.55 range on Oct 12.
The liquidity data adds another caveat, because total value locked rose 56% to $1.34 billion in dollar terms, but fell 2% when measured in SOL, which suggests SOL’s own price rise accounts for most of the gain, with little fresh capital entering Raydium’s pools.
Sellers Defend the EMA 200
RAY/USDT 4-hour chart. Source: TradingView / Alexander Stefanov
The Oct 7 spike came on the heaviest volume of the past month, and RAY held between roughly $2.25 and $2.55 for five days before sellers took over on Oct 12. The drop that followed cut through every Fibonacci retracement level of the rally and ended at $1.7371 on Oct 15, after RAY lost its EMA 200 on Oct 14, the average that had supported the uptrend since late September. That breakdown coincided with a broader sell-off, after a hotter-than-expected US inflation print pushed Bitcoin below $82,000 and a wave of liquidations hit altcoins.
Buyers tried to win that line back on Oct 16 and briefly lifted RAY to about $1.96, but the move stalled at the 0.236 retracement at $1.9344 and price fell back under the EMA 200, which now sits at $1.8949 and has stopped rising. The RSI reads 38.94, slightly above its signal line at 37.20, after dropping into oversold territory during the Oct 14-15 sell-off, so selling pressure has eased without buyers showing real conviction. Volume on the latest candles is among the lowest on the chart, and the SMA 50 at $2.1004 has turned lower.
Level
Price
Role
0.382 Fib / SMA 50
$2.06-$2.10
Resistance
0.236 Fib
$1.9344
Resistance
EMA 200
$1.8949
Resistance
Oct 15 low
$1.7371
Support
Late-September base
$1.60-$1.62
Support
The Triggers on Both Sides
A 4-hour close above $1.9344 would put the RAY price back over both the EMA 200 and the first retracement level, which would open a path toward the 0.382 level at $2.0564 and the SMA 50 near $2.10, the area where sellers are likely to return first. On the downside, the Oct 15 low at $1.7371 holds the current structure together, and losing it would expose $1.62 and the late-September lows below $1.60, where the rally behind the Oct 7 spike first picked up speed. Until one of those levels breaks, RAY is likely to keep trading between $1.74 and $1.94.
The next data point that could break that range sits outside the chart. On Oct 1, Raydium began keeping 5% of creator fees across its CPMM pools, the standard constant-product pools where most new tokens list, which gives the protocol a revenue line that grows directly with launch activity. October fee data will show whether that change, together with StonkFun and tokenized-stock flows, can hold revenue near September’s level, and that figure will also decide how much RAY the buyback wallet can absorb in Q4.
Alex is a financial markets journalist and co-founder of Millennial Media Group, and he's spent close to ten years trying to answer one stubborn question: what's really driving this?
It started in 2016, when Bitcoin refused to make sense to him - and rather than shrug, he stayed with it until it did. That patience became his method. He's less interested in what an asset is doing today than in the plumbing behind it: how liquidity flows, where risk hides, what a chart is quietly telling you that the headline isn't. That lens eventually stretched well past crypto into traditional markets, because the same forces - fear, leverage, incentives, timing - show up everywhere once you know how to look.
Most coverage, in his view, insults the reader by stopping at the surface. Price up, price down, moving on. He'd rather leave someone genuinely understanding a move than merely informed that it happened.
His path into markets ran through a Tourism degree at New Bulgarian University - proof, maybe, that curiosity beats credentials. With more than 200 deep analyses and over 10,000 articles behind him, he still walks away from most trading days having learned something he didn't know that morning.
Raydium has announced the launch of $INJ token staking on the Solana platform, as revealed by Injective on social media. This development enables increased participation and liquidity for INJ within Solana’s decentralized ecosystem, which includes decentralized exchanges (DEXs) and wallet services. Since becoming a Solana SPL token in September 2026, INJ has been actively integrated into the Solana network, with Raydium providing a pivotal venue for its exchange.
Key Takeaways
The launch of $INJ staking on Solana by Raydium appears to enhance INJ’s integration within Solana’s decentralized environment.
Market pricing suggests this development could be consistent with a positive outlook for Solana, potentially increasing its user base and liquidity.
Current market pricing reflects a cautious but possibly optimistic view of Solana reaching higher price thresholds in October 2026.
What to Watch
Observers will be keen to see if the introduction of $INJ staking influences Solana’s price trajectory, particularly regarding the “Will Solana reach $190 in October?” market. Any subsequent announcements from Solana Labs or partnerships that further solidify Solana’s ecosystem could align with scenarios supportive of a YES outcome in related prediction markets. Additionally, broader market trends and regulatory developments could impact these expectations.
Raydium (RAY) během dne vzrostl o 14 %, podpořen obchodní aktivitou: letos zpracoval přibližně 6,1 miliardy USD z celkového objemu 12,4 miliardy USD v tokenizovaných akciích na Solaně.
Raydium [RAY] spent most of the summer going nowhere. Then in early September, it finally woke up.
Why does that matter today? Here’s the rundown.
Raydium crypto jumps 14% in a day! Most of the market had a bad week, but Raydium clearly did not get the memo.
RAY traded around $0.90 before its September breakout and climbed as high as $2.56 on 7 October, an increase of roughly 184%. Even after retreating to $2.31, the token remained more than 150% above its early-September level.
Source: TradingView That hardly makes a difference if you think of the bigger picture. Before its breakout on September 5, RAY was around $0.90.
It has more than doubled in the past month alone.
The pace is still there, but the tiredness is obvious. RSI was at 66; back in September, it was running above 80.
Chaikin Money Flow is positive at 0.06, but well off its September highs.
But here’s where it gets interesting.
Source: Coinalyze OI went from about $13 million to over $20 million during today’s rally. At the same time, funding went deep into the red, close to -0.20%.
A lot of traders opened short positions, betting the pump wouldn’t last. OI has since dropped to about $16.3 million, and funding is still negative at -0.08%.
The bears are still here, but in fewer numbers.
Why is RAY running when everything else isn’t? Token Terminal data shows $12.4 billion in DEX volume for tokenized stocks on Solana this year. About $6.1 billion of it went through Raydium’s pools.
Source: Token Terminal Meteora handled $2.3 billion, and Orca $1.2 billion. Those two together still don’t match Raydium.
September is when things really picked up. According to Blockworks, Raydium’s tokenized equity volume hit about $260 million last month. In August, it was under $40 million.
Source: X The most traded ticker? NVDAx, the tokenized version of NVIDIA. There were 115 others, but AI names were clearly what people came for.
So while most of the market sat this week out, RAY had actual trading volume behind it.
Final Summary Raydium (RAY) jumped 14% in a day; more than doubled in the past month. Raydium handled about $6.1 billion of Solana’s $12.4 billion tokenized stock DEX volume this year.
Raydium překonal PumpFun v 24hodinovém objemu obchodů na decentralizované burze: 192,2 milionu USD oproti 185,0 milionu USD. V globálním žebříčku decentralizovaných burz (DEX) postoupil z devátého na osmé místo.
Raydium Edges Past PumpFun in 24-Hour Volume@Raydium has overtaken @Pumpfun in 24-hour decentralized trading volume, posting $192.2 million against PumpFun's $185.0 million. The gap is narrow, but the milestone carries weight given the fierce rivalry that has defined the Solana DEX landscape over the past year.
The volume lift pushed Raydium up one spot in global decentralized exchange rankings, from ninth to eighth place. For a protocol that has spent much of 2026 fighting to reclaim ground lost to PumpFun's own trading infrastructure, the move is a tangible sign of momentum.
Context: A Long-Running Battle on SolanaThe two protocols have been locked in a competitive back-and-forth since early 2025, when PumpFun launched PumpSwap, its own native automated market maker, cutting Raydium out of the token graduation pipeline it had previously relied on, where tokens completing their bonding curve on PumpFun migrated directly to liquidity pools on Raydium.
Raydium responded by launching LaunchLab, its own token launchpad. Cumulative trading volume on Raydium passed $1 trillion in May 2026, the same month its RAY token was listed by both Robinhood and Revolut. More recently, Raydium accounted for $805.2 million, or 80.5%, of the trading volume from xStocks-issued assets over a 30-day period , pointing to a broadening user base beyond memecoins.
Raydium is a Solana automated market maker where users can swap SPL tokens, supply liquidity, mint new coins, or take leveraged positions, and its pools hold close to $806 million in deposits, more than any other decentralized exchange on Solana.
Wednesday's 24-hour volume reading marks a fresh data point in a rivalry that shows little sign of cooling. Whether Raydium can sustain the edge over PumpFun, or extend its climb up the global DEX rankings, will depend on how both platforms compete for Solana's memecoin and broader DeFi trading flow in the weeks ahead.
Sources:
DefiLlama: Raydium Protocol Data
The Defiant: PumpSwap Surpasses Raydium
Datawallet: Raydium Explained 2026
TVL Hits $1.34 Billion as Raydium Extends Its Lead on Solana@Raydium, the leading decentralized exchange on @Solana, has seen its total value locked (TVL) climb to $1.344 billion, a rise of more than 20% over the past month. According to data from DefiLlama, TVL grew from roughly $800 million in early August to its current level, cementing Raydium's position as the dominant liquidity venue on Solana.
TVL rose from $859 million to $1.34 billion over the quarter, a 56% increase that closely tracks SOL's own price appreciation over the same period. The milestone arrives on the back of a broader uptick in Solana DeFi activity, with Raydium continuing to capture the majority of new token trading volume across the network.
Nearly 40 New Token Listings Fuel the SurgeA wave of new asset listings has played a direct role in the TVL expansion. Raydium added nearly 40 tokens over the past month, including high-profile names such as @Shibtoken $SHIB, @quantnetwork $QNT, and @dogecoin $DOGE. Raydium serves as the primary venue for new token listings and the default liquidity layer for thousands of Solana token pairs.
Over the past 30 days, Raydium generated $46.28 million in fees, of which $7.75 million was protocol revenue. That fee generation underlines how the liquidity growth is translating into real economic activity, not just headline numbers.
Adjusted volume for the most recent quarter reached $16.1 billion once wash trading is removed, up 17% from the prior quarter, with fees more than tripling to $57.1 million. A quarterly analysis from Pine Analytics noted that 62% of quarterly volume came in September alone, pointing to a sharp acceleration in activity late in the period.
Raydium's growing role across Solana's DeFi stack, from memecoin launches to tokenized equities, has helped it attract liquidity from an increasingly diverse set of market participants. With TVL now firmly above the $1.3 billion mark and fee generation running at pace, the protocol appears well positioned heading into the final quarter of 2026.
Sources:
DefiLlama: Raydium TVL and Protocol Metrics
Pine Analytics: Raydium Quarterly Report Q3 2026
Solana recorded its strongest month yet for tokenized stock DEX trading. Raydium drove most of September’s acceleration, while activity spread across multiple venues. Off-hours trading is becoming a major part of the market. October will test whether September’s surge represents durable liquidity or a temporary spike. Tokenized stock trading on Solana reached a record in September, with decentralized exchanges processing more than $4.4 billion, according to Blockworks data shared by Solana in X.
Solana transaction activity reached a quarterly record in Q3 2026. The monthly chart shows a sharp acceleration from the relatively small market of 2025. Activity first broke higher in June 2026, cooled over the following two months and then climbed to a new peak in September.
Raydium was the main driver. Reported volume on the exchange reached approximately $2.8 billion, up more than fivefold from roughly $500 million in August. Orca, Meteora, Byreal, Tessera, JupiterZ and several smaller venues accounted for the rest of the market.
Trading Activity Is Outpacing Asset Growth Solana’s tokenized equity supply reached roughly $684 million in September. Against monthly trading activity, that implies turnover of approximately 6.4 times the value of equities represented onchain.
The comparison does not measure capital inflows. Supply is a point-in-time measure, while trading volume counts repeated transactions. Instead, it indicates that the market is developing significant secondary turnover rather than simply accumulating tokenized shares in wallets.
The visual below adds a different dimension: where the market’s liquidity is coming from and what still needs to be tested.
Solana Tokenized Equities
September’s Liquidity Map
Market Structure
Raydium
Dominant liquidity venue
Orca + Meteora
Established alternative pools
Long-tail DEXs
Liquidity spreading across more venues
Next Market Test
Spread Quality
Can liquidity stay tight during volatility?
Off-Hours Pricing
How closely do tokens track closed U.S. markets?
October Retention
Does record activity persist?
Source: Blockworks and Solana ecosystem data
xStocks and Ondo Expand Solana’s Equity Market Solana’s tokenized-stock market is developing around more than one issuance model.
Backed Finance’s xStocks helped establish early activity. By mid-September, the products had generated more than $6 billion in cumulative Solana trading volume, with SPYx, CRCLx, TSLAx, NVDAx and QQQx among the most actively traded instruments.
xStocks are tracker certificates designed to provide economic exposure to their referenced securities rather than direct ownership of the corresponding U.S.-listed shares.
Ondo Finance takes a different route. Its Global Markets platform connects token issuance and redemption with securities held through traditional financial intermediaries and has expanded to hundreds of tokenized stocks and ETFs.
The different structures matter as liquidity moves beyond issuer platforms and into third-party DEXs. Investor rights, redemption mechanisms and access restrictions depend on the product rather than simply the blockchain on which it trades.
Most Activity Happens Outside U.S. Market Hours One of the more unusual characteristics of Solana’s equity market is when investors are trading.
Solana ecosystem data indicates that 63% of cumulative tokenized-equity volume through August occurred outside standard U.S. stock-market hours.
That creates functionality conventional equities cannot provide, but also introduces a structural pricing problem.
Tokenized Nvidia or Tesla exposure can continue changing hands while Nasdaq is closed. During those periods, traders lack continuous price discovery from the underlying cash equity market. Liquidity can thin, spreads can widen and token prices can move before the underlying security reopens.
Continuous token trading therefore should not be confused with continuous trading of the underlying stock.
September Puts Liquidity Under the Spotlight The September record shifts attention from how many equities can be tokenized to how well those assets actually trade.
Solana now has multiple issuers, several DEX venues and meaningful activity outside U.S. trading hours. The harder test is whether that infrastructure can maintain deep liquidity and reliable pricing through different market conditions.
October should provide the first indication. If activity remains elevated while liquidity broadens beyond Raydium, September will look less like an isolated surge and more like a structural expansion of Solana’s tokenized-equity market.
Alexander Zdravkov is a crypto journalist and market analyst specializing in digital assets, blockchain technology, and the rapidly evolving cryptocurrency market. He entered the industry more than four years ago, drawn to the speed of innovation in crypto and the potential of blockchain-based financial systems to reshape traditional markets. His work focuses on understanding the forces behind crypto market movements, from Bitcoin and altcoin cycles to institutional adoption, regulation, exchange-traded products, stablecoins, DeFi, and emerging blockchain ecosystems. Rather than simply following price action, Alexander looks at liquidity, investor positioning, market structure, and macroeconomic conditions to identify developing trends and explain what they could mean for digital assets. With a degree in International Relations, he brings a broader perspective to cryptocurrency coverage by connecting developments in the sector with monetary policy, geopolitics, regulation, and global capital flows. This allows him to examine crypto not as an isolated market, but as an increasingly interconnected part of the global financial system. Over the course of more than five years in financial journalism, Alexander has written over 5,000 articles covering cryptocurrencies, blockchain, traditional markets, and the global economy. His reporting spans Bitcoin, Ethereum and altcoins, DeFi protocols, institutional crypto adoption, regulation, market infrastructure, security incidents, and major developments shaping the wider digital asset industry. His approach is centered on giving readers context behind the numbers and headlines, explaining not only what is happening in crypto markets, but why it matters and what could come next.
Quant Network uvedl QNT na Solanu přes Sunrise a Raydium, čímž rozšířil token z původního nasazení na síti Ethereum jako ERC-20. QNT je nyní na Solaně dostupný ke spotovému obchodování.
Quant Network, a leading enterprise blockchain company and the developer of the Overledger platform, has introduced its QNT token on the Solana blockchain. This launch marks a significant cross-chain expansion, positioning QNT within one of the most active layer-1 ecosystems in the crypto space.
QNT debuts on Solana through Sunrise and RaydiumThe integration is powered by Sunrise, an interoperability provider focused on facilitating asset transfers between blockchains. As part of the launch, QNT can now be traded on Solana’s leading decentralized exchange, Raydium, giving users access to high-speed trading and low fees offered by the Solana network. The move extends QNT beyond its original Ethereum ERC-20 deployment, where liquidity has so far been concentrated among centralized pools.
Raydium is known as an automated market maker and liquidity provider within the Solana ecosystem, allowing tokens to be traded with minimal slippage and near-instant settlement.
Mini dictionary: Raydium is a decentralized exchange on Solana, offering automated liquidity for token trading with a focus on speed and efficiency compared to traditional blockchain DEXs.
In a post on X, Sunrise confirmed the availability of QNT for spot trading on Raydium, highlighting the ease with which holders can now access the Solana ecosystem. Solana’s high-throughput design and low transaction costs make it attractive for both token holders and developers interested in experimenting with multi-chain strategies.
Institutional momentum and the role of The Clearing HouseQuant’s expansion onto Solana comes at a time when the company has gained traction in traditional finance circles. On September 24, 2026, The Clearing House, a central operator of US payment infrastructure including CHIPS and RTP, entered into a partnership with Quant to explore the use of tokenized commercial bank money via their On-Chain Money Initiative.
The Clearing House is responsible for facilitating payment systems that process trillions of dollars annually, making its alliances crucial for the ongoing convergence between traditional finance and digital assets. This collaboration aims to develop regulatory-compliant settlement methods for tokenized bank deposits in the US.
Although the On-Chain Money Initiative is unrelated to Solana specifically, Quant’s dual effort in institutional and public blockchain integration illustrates the company’s two-pronged approach. Details about participating banks, the value of contracts involved, and the potential impact on QNT demand remain undisclosed. The initiative is scheduled to conclude by 2027, with further updates expected as development progresses.
Trading opportunities and ecosystem impactIn late September, Solana DEX volumes reached over $2 billion per day, according to DeFiLlama, making it a prime venue for active trading. The launch opens doors for QNT holders to new trading routes, especially between Ethereum and Solana, potentially presenting arbitrage opportunities for traders and multichain flexibility for institutions managing regulated digital assets custody.
For Solana, the addition of QNT as an enterprise-linked asset introduces a novel dimension to its network, which has been widely associated with retail activity and memecoin interest. It highlights an industry trend towards integrating regulated institutions with permissionless blockchain technology.
“Bridge exploits cost the crypto industry more than $2.8 billion last cycle, underlining the importance of robust security and interoperability as more assets cross between networks,” Sunrise stated.
With QNT opening above $400 before retreating to $250 in late September, price action around the launch reflected heightened attention and a surge in market activity. Strategic focus now shifts to how Raydium’s liquidity, bulk orders via Jupiter, and ongoing collaborations such as Exinity’s with Binance will influence the Solana-based QNT market.
As the technical framework for the institutional side emerges over the coming months, developers and investors alike are watching how QNT’s growing multi-chain strategy might shape its relevance within the broader industry.
Raydium vykázal nejvyšší týdenní tržby za více než rok díky tokenizovaným akciím. Za posledních 7 dní přibylo 1,19 milionu dolarů a 30denní tržby dosáhly 4,43 milionu dolarů.
Raydium, the largest decentralized exchange on Solana, just posted its best weekly revenue numbers in over a year. The catalyst wasn’t another memecoin frenzy. It was tokenized stocks.
The protocol’s 30-day holders revenue climbed to $4.43 million, with $1.19 million of that coming from the most recent seven-day window alone. Total protocol revenue over the trailing 30-day period hit $6.94 million, a level the DEX hasn’t touched since the summer of 2025.
StonkFun changes the economics The revenue spike traces back to a single integration. On September 5, 2026, Raydium onboarded StonkFun, a platform built around tokenized equities, through its LaunchLab infrastructure. The move collapsed the cost of deploying a new token from 0.29 SOL to 0.03 SOL. That’s roughly a 90% reduction in launch fees.
The cheaper on-ramp triggered an immediate wave of tokenized equity trading. Assets tracking well-known companies like Boeing and Roblox started seeing meaningful volume flow through Raydium’s pools. Just one day after the integration, on September 6, Raydium logged a single-day protocol revenue peak of nearly $440,000.
That same day, protocol buybacks of Raydium’s governance token RAY reached $640,788, the largest daily buyback figure since February 2025. The buyback mechanism works like a stock repurchase program: protocol revenue is used to buy RAY off the open market, reducing circulating supply and theoretically supporting the token’s price.
The market took the hint. RAY rallied approximately 90% over the span of a week, climbing to an 11-month high of around $2.01. Its market capitalization approached $543 million during the peak of the move.
From memecoins to tokenized equities Raydium’s origin story is deeply tied to the memecoin economy. The protocol served as the primary liquidity venue for Solana’s parade of dog-themed, frog-themed, and celebrity-adjacent tokens throughout 2024 and into 2025. When the memecoin trade cooled, so did Raydium’s numbers.
The StonkFun integration represents something different. Tokenized-asset trading volume on Raydium grew substantially in Q2 2026, reaching $2.09 billion for the quarter. Raydium’s LaunchLab, which originally served as a token creation and liquidity bootstrapping tool for memecoins, has effectively been repurposed. By dramatically cutting deployment costs, it became a viable launchpad for tokenized versions of traditional financial instruments.
What this means for Solana’s DEX landscape The $2.09 billion in tokenized-asset trading volume during Q2 2026 signals genuine demand. At $640,788 in a single day, the protocol is generating enough revenue to meaningfully support its own token price through open-market purchases.
The risk, of course, is that tokenized equity trading faces regulatory scrutiny that memecoins largely avoided. Synthetic stock tokens occupy a gray area in most jurisdictions. If regulators decide these instruments constitute securities, platforms facilitating their trading could face enforcement actions. The cost reduction that made StonkFun’s integration so impactful also makes it trivially cheap to launch tokens that might attract regulatory attention.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Raydium vzrostl za posledních 24 hodin o více než 10 % na 2,05 USD po integraci USDv a Injective. Token zároveň včera uzavřel na novém historickém maximu 2,12 USD.
Raydium [RAY] has surged by more than 10% to the current trading price at $2.05 over the last 24 hours, significantly outperforming the broader market as new asset integrations strengthen its role in Solana’s [SOL] growing tokenization ecosystem.
The launch of USDv and Injective [INJ] on Raydium is driving fresh activity across the platform, while rising altcoin rotation and strong trading volume provide additional support for the rally.
New integrations strengthen Raydium’s utility The addition of USDv and Injective expands the range of assets available on Raydium and could increase trading activity across the Solana-based decentralized exchange.
These developments arrive as capital continues rotating into altcoins, creating a more supportive environment for RAY and other Solana ecosystem tokens.
As a by-product of the increasing utility, Raydium trading volume across the Futures market has increased significantly. Over the last 24 hours alone, the network’s trading volume has doubled to $185 million.
Source: Santiment The network’s Futures Volume has surged threefold to $25.25 million, with the bulls slightly outweighing the sellers by one percent. The proportion of the leveraged positions in long positions stands at 51%.
Source: CoinGlass The overall market’s derivatives data is supporting the current bullish push. Raydium’s current push is strongly supported by increasing retail orders as the Volume Bubble Map sparks overheating signals across both Spot and Futures markets.
Source: CryptoQuant RAY breaks into new highs On the daily chart, RAY’s price action has also strengthened considerably over the past week, with the token recording a new all-time high of $2.12 at yesterday’s market close.
The latest 10% daily gain extends that breakout and keeps RAY firmly above its previous high. The only obstacle against the current bullish advance stands at the local high at $2.12.
That being the case, a sustained trading volume will now be key for determining whether buyers can maintain the momentum at these elevated levels.
But with the new asset integrations increasing Raydium’s utility and broader altcoin rotation supporting risk appetite, the market is now watching whether RAY can extend its breakout and establish another rally.
Source: TradingView Final Summary RAY surges by more than 10% to $2.05 after new USDv and Injective integrations boosted activity on Raydium. Raydium reached a new all-time high of $2.12 as altcoin rotation and strong trading activity support the breakout.
Tokenizované komodity na Solaně dosáhly týdenního objemu 87 milionů USD a Raydium na nich drželo 70% podíl. Nabídka tokenizovaných komodit se vyšplhala na zhruba 50 milionů USD.
Tokenized commodities trading on Solana hit $87 million in weekly volume, with Raydium, Solana’s largest decentralized exchange, capturing 70% of that activity.
Solana’s tokenized commodity supply reached approximately $50 million by late August 2026, built on the back of assets like Paxos Gold (PAXG) and Dominion Market’s tokenized silver token, SILV. The silver token alone generated over $4 million in 24-hour volume shortly after launch, accounting for roughly 60% of all tokenized commodity trading on the network at the time.
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Raydium has consistently captured between 63% and over 90% of Solana’s tokenized asset trading volume across various categories throughout 2026.
The growth in tokenized gold supply on Solana tells perhaps the most dramatic story: a 689% increase year-over-year through August 2026. Solana’s share of the total on-chain gold market sits at roughly 0.47%, compared to Ethereum, which still dominates the space by a wide margin.
The trading options for commodity exposure on Solana expanded significantly in early September 2026, when GMTrade launched 24/7 perpetual contracts for gold, silver, and WTI crude oil on the network.
On the DeFi side, Kamino, a Solana-based lending protocol, added PAXG as collateral, meaning users can now borrow against their tokenized gold holdings.
Solana managed to route more than 95% of global tokenized equity volume by Q2 2026. Solana’s broader real-world asset metrics have been trending upward throughout 2026, with growth in both supply and holder counts across multiple RWA categories.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Raydium [RAY] gained 10% over 24 hours, reaching $1.76 and outperforming the broader crypto market by 3.99%. The move coincided with Raydium supporting Injective’s Solana expansion and handling most of StonkFun’s trading activity.
StonkFun’s all-time Trading Volume reached $2.67 billion, with Raydium processing $1.713 billion. That gave Raydium a 64% share, showing how integrations were translating into measurable protocol usage.
Meanwhile, Solana [SOL] also posted gains, adding a broader ecosystem tailwind.
Source: StonkFun Why is Raydium activity rising? Raydium’s wider role across Solana continued to strengthen its position as a major liquidity venue. More importantly, protocol activity reached new highs across several metrics.
Total Value Locked [TVL] climbed to $1.26 billion, while Holders Revenue rose to $280,000 over 24 hours.
Together, rising liquidity and revenue suggested that the rally had support beyond broader Solana momentum.
Source: DeFiLlama For RAY, that distinction matters. A rally supported by utility, liquidity and revenue has a broader foundation than price momentum alone.
However, that support depends on ecosystem activity remaining elevated.
Can RAY hold above $1.75? RAY’s 10% gain pushed the token through key resistance and above the $1.75 support area. At the same time, RAY remained above its key EMAs, leaving the longer-term structure with buyers.
If ecosystem activity continues and capital keeps entering Solana applications, RAY could sustain its current momentum.
Even so, the rapid daily gain leaves the token vulnerable to profit-taking if buying pressure weakens.
Source: TradingView The next test is no longer whether Raydium can attract activity. It is whether that activity can defend $1.75 after momentum cools.
Final Summary RAY gained 10% and reached $1.76. Raydium processed 64% of StonkFun’s $2.67 billion Trading Volume.
RAY za 24 hodin vzrostl o 15,19 % a krátce vystřelil na 1,85 USD, ale pak sklouzl zpět pod 1,80 USD. RSI je v překoupené zóně a další support leží u 1,64–1,66 USD.
Raydium rallied on the price charts as the broader cryptocurrency market saw green across the board.
In this case, the timing was particularly interesting. Especially since it followed Injective’s Solana expansion which strengthened RAY’s fundamentals. To be specific, Injective’s Solana launch introduced another potential source of trading activity for Raydium’s decentralized exchange.
Reportedly, Raydium joined the rollout as a day-one liquidity partner, granting Injective assets immediate access to Solana blockchain liquidity.
Here, it is also important to note that Raydium accounts for over 90% of memecoin DEX trading volume on Solana. In fact, its cumulative tokenized stock volume recently surpassed $5 billion on the blockchain.
The aforementioned integration will also enable participants to trade Injective ecosystem tokens through Raydium, eventually funneling additional swaps and liquidity.
For its part, RAY’s price gained by 15.19% over 24 hours. Its trading volume simultaneously surged by 125.5% too, hinting at greater market participation.
Are retail traders on board with RAY? While the altcoin’s price action did surge, so did the retail Futures activity. This pushed trading frequency into the “Too Many Retail” area. In fact, this metric’s reading implied that smaller traders increasingly entered Futures trading as RAY’s price pushed higher.
Furthermore, the 90-day Futures Taker CVD also maintained taker-sell dominance across the derivatives market.
Therefore, aggressive sellers likely started taking in profits after RAY’s sharp price appreciation.
Hence, retail traders chased the rally while taker activity revealed persistent selling. Taken together, these findings might imply possible exhaustion after the rapid price expansion.
Source: CryptoQuant What happened after RAY swept its swing high? On the 24-hour chart, Raydium’s [RAY] price rally extended by roughly 26.16%. Thanks to the same, it briefly hit the $1.85 swing high, before a retracement on the charts.
Notably, the move above previous highs appeared to grab nearby internal liquidity instead of establishing $1.85 as resistance. Subsequently, the price then slipped below the $1.80-resistance level, with the token trading at around $1.77 at press time.
The MACD indicator remained supportive after crossing above its Signal line. Furthermore, its positive histogram reading of 0.0341 suggested that the bullish pressure had not fully faded after the retracement.
The RSI indicator, however, breached 72.27, placing the token in overbought conditions.
Ultimately, reclaiming the $1.80-resistance would be crucial for an upside continuation. A sustained rejection, however, could instead reinforce the pullback as price gravitates towards denser lower liquidity.
Source: RAY/USDT, TradingView Downside liquidity strengthens pullback risk With reference to the technical price structure, RAY’s latest rally may have already collected much of the nearby upper liquidation liquidity. Attention can now shift towards the substantially denser liquidation concentrations below the press time price.
Notably, the strongest visible clusters can be seen around the $1.64–$1.66 region. All while the taker-sell dominance and overbought RSI conditions increased the significance of a rejection around the $1.80-area.
Persistent rejection around that key level could therefore push RAY towards the $1.64–$1.66 liquidity pool before another sustained recovery attempt.
However, such a correction would not invalidate the broader structure while $1.2202 remains protected.
Source: Coinglass Final Summary Injective strengthened Raydium’s growth narrative, but Futures sellers challenged the rally. RAY lost $1.80 after its daily swing-high sweep, increasing near short-term price correction risk.
Raydium zpracovalo přes 90 % objemu memecoinů na Solaně a za poslední dva týdny $RAY vzrostl o 109,2 %. Platforma už prošla více než 5 miliard USD tokenizovaného obchodování.
High-performance DEX and liquidity platform Raydium has emerged as the dominant liquidity venue for Solana’s rapidly expanding memestock market, with more than 90% of DEX volume flowing through the protocol.
The acceleration has been remarkable. Memecoin-equity pairs on Solana generated roughly $300 million in cumulative volume before surging to approximately $778 million in just 10 days. Almost all of that volume occurred on Raydium.
Blockworks data shows Raydium processed $721.5 million of the $778.9 million in combined memecoin-equity volume yesterday, September 17. Other Solana DEXs handled just $57.4 million.
The activity has pushed Raydium deeper into the tokenized-equity market. The protocol has now facilitated more than $5 billion in cumulative tokenized stock trading volume on Solana.
$5 Billion in Tokenized Stock Volume Raydium contributor Infra highlighted the scale of the activity, with the protocol now handling the majority of onchain tokenized trading volume on Solana.
The numbers from individual platforms reinforce that position. xStocks reported more than $500 million in tokenized-asset trading volume over the last 10 days, with $SPYx leading activity across meme-tokenized pairs. According to xStocks, Raydium routed all of that volume.
StonkFun has also routed $1.7 billion in cumulative volume through Raydium.
Raydium itself set a new weekly all-time high for tokenized equities, recording $738 million in volume last week. That growth comes as the SEC opens a new regulatory pathway for tokenized stocks.
SEC Exemption Meets Raydium’s Permissioned AMMs The SEC's September 17 Innovation Exemption arrives at an interesting time for Raydium. The protocol had already introduced Permissioned AMMs in July, creating a way for issuers of KYC-gated and regulated assets to access Raydium's liquidity while restricting pool participation to approved wallets.
That gives the SEC's new framework added significance for Raydium. The SEC granted temporary, conditional exemptive relief to Tokenized Securities Venues, allowing certain venues to facilitate trading in eligible tokenized U.S. stocks through permissioned AMMs and liquidity pools. The exemption will run for 5 years and includes conditions around investor access, trading limits, underlying stock rights, smart-contract audits, and issuer protections.
In other words, the regulatory environment is moving closer to the infrastructure Raydium has already built. If the exemption encourages more issuers to tokenize stocks and launch compliant secondary markets, Raydium's Permissioned AMMs could provide an existing liquidity layer for that activity on Solana.
Why $RAY Is Pumping The expansion in Raydium's trading activity has coincided with a major rally in $RAY. The token has gained 109.2% over the past 2 weeks and 169% over the past month, reaching its highest price since January.
Several developments have accompanied the move. StonkFun moved all new launches to Raydium, while tokenized stocks from platforms including Backpack and xStocks also route through Raydium.
On September 8, Raydium executed its largest reported single buyback in almost 2 years, purchasing $640,788 worth of $RAY with 12% of protocol fees. The protocol has now spent approximately $203 million on cumulative $RAY buybacks, including $1.4 million last week.
Infra has repeatedly emphasized Raydium's decision to tie protocol growth directly to $RAY rather than an equity structure. The cumulative $RAY Raydium has bought back represents more than 30% of circulating supply. After accounting for those repurchased tokens, Infra estimates adjusted circulating supply at approximately 187 million $RAY.
Raydium also holds roughly $62 million in $SOL and $USDC on its balance sheet, according to Infra, with the holdings publicly verifiable onchain. Team and investor token unlocks ended in February 2024, while Infra described Raydium's remaining dilution from liquidity incentives as minimal.
Solana Foundation’s Chase Barker also praised Raydium's development over the years, highlighting its role as an early major DEX in the Solana ecosystem and its continued building through different market cycles.
A New Era for Solana Trading Raydium now sits at the intersection of 3 rapidly developing markets: memecoins, tokenized equities, and onchain liquidity.
The key question now concerns durability. If tokenized equities continue gaining traction and memestock activity remains elevated, Raydium could continue benefiting from the volume flowing through its pools.
Read More on SolanaFloor Solana Hits $110 & Bitcoin Reclaims $80K as Crypto Recovers From CLARITY Failing
SEC Opens the Door to Tokenized Stocks With a 5-Year “Innovation Exemption”
RAY za sedm dní vzrostl o 96,5 % a dostal se na nejvyšší cenu od začátku roku. Raydium zároveň spustilo více než 15 tokenizovaných akcií na Solaně a rekordní denní buyback za 640 788 USD.
Key Highlights RAY token has climbed 96.5% over seven days, hitting its strongest price point since January The platform introduced over 15 tokenized equities on Solana, featuring companies like Boeing, Costco, and Roblox A historic single-day token repurchase of $640,788 occurred on September 9 Total SOL locked on Raydium surged to an all-time high of 470,817 tokens alongside 162,085 active wallet addresses Technical analysis indicates RAY may target $1.50, with key support established at $1.2910 The RAY token from Raydium has experienced impressive gains approaching 9% during Thursday’s trading session, building on a 41% upward movement that began over the weekend. Across the past seven days, the digital asset has appreciated by 96.5%, marking its most elevated valuation since the beginning of the year.
Raydium (RAY) Price This remarkable surge stems from multiple catalysts including innovative product offerings, unprecedented blockchain activity metrics, and an aggressive token repurchase initiative that has decreased available supply.
The Solana-based decentralized exchange has introduced tokenized versions of more than 15 prominent US equities, encompassing companies such as Boeing, Costco, Reddit, Lululemon, and Roblox. These digital representations enable round-the-clock trading via Backpack Securities and Sunrise Protocol. This strategic expansion connects Raydium directly to the expanding real-world asset tokenization movement within cryptocurrency markets.
INSIGHT: $RAY is up 96.5% this week, trading at its highest price since January.
Here's why:
🟢 StonkFun moved all new launches to Raydium LaunchLab.
🟢 Raydium recorded its largest buyback of $640,788 on Sept 9, funded by 12% of fees.
🟢 Tokenized stocks like Backpack's Grindr… pic.twitter.com/LOeqs70r2b
— CoinGecko (@coingecko) September 11, 2026
Market intelligence platform CoinGecko identified the primary factors fueling this momentum. Their analysis reveals that StonkFun has redirected all new token deployments to Raydium LaunchLab, tokenized securities such as Backpack’s Grindr offering now flow through Raydium’s infrastructure, and the protocol executed its most substantial buyback operation on September 9.
Additionally, Pump.fun unveiled “Custom Pairs” functionality, enabling memecoin projects to establish trading pairs against tokenized stocks and alternative assets. This development positions Raydium strategically at the convergence of two dominant trends on Solana: the memecoin phenomenon and real-world asset tokenization.
Unprecedented Token Buyback and Network Expansion During Wednesday’s session, Raydium executed a buyback operation worth $640,788 in RAY tokens, establishing a new single-day record. The aggregate value of all buyback programs has now reached $2.1 million. These repurchase initiatives decrease the number of tokens in active circulation, potentially supporting price appreciation when market demand maintains consistent levels.
Source: Blockworks Blockchain metrics validate the heightened activity. Analytics platform Santiment documented 1,074 newly created addresses conducting their initial RAY transfers on Wednesday. According to DeFiLlama’s tracking data, the quantity of SOL deposited on Raydium achieved a record peak of 470,817 tokens, while active wallet addresses reached 162,085 and transaction volume climbed to 3.1 million—both representing monthly records.
During the early portion of the week, Raydium additionally unveiled trading pairs for Bittensor (TAO) and Dogecoin (DOGE), broadening its decentralized finance ecosystem.
Chart Analysis and Price Outlook Currently trading above the $1.35 threshold, RAY maintains positioning above its 50-day, 100-day, and 200-day Exponential Moving Averages. The immediate resistance level emerges around $1.4917, approaching the psychologically significant $1.50 mark.
The Relative Strength Index registers near 81, indicating severely overbought conditions. Meanwhile, the MACD indicator persists above its signal line accompanied by a positive histogram reading, signaling that bullish momentum continues.
Primary support establishes itself at $1.2910, with additional floors identified at $1.1287 and the round-number level of $1.00 beneath that.
OpenCover rozšiřuje institucionální krytí rizik na Solanu a nově ho nabízí pro Kamino, Raydium, Orca a Jupiter. Krytí se vztahuje na chyby chytrých kontraktů, selhání oracle i útoky na governance.
On-chain risk coverage platform OpenCover has announced it is expanding its institutional-grade risk protection to the Solana network. Eligible positions can now access coverage, with the initial rollout covering Kamino, Raydium, Orca, and Jupiter. Specific coverage scope, limits, and terms vary by protocol and position. OpenCover primarily provides on-chain risk protection for DeFi users, connecting them to underwriters including Nexus Mutual. Following this expansion, Solana ecosystem users can now purchase coverage for risks such as smart contract vulnerabilities, oracle failures or manipulation, liquidation failures, and governance attacks. According to a prior announcement from Nexus Mutual, it has now launched four coverage products on Solana for Kamino, Raydium, Orca, and Jupiter, covering nearly 90% of the Solana lending market’s total funds. Of these, Kamino and Jupiter hold over $1 billion and $925 million in lending deposits respectively. OpenCover noted that this launch marks the start of its further expansion of risk transfer infrastructure on Solana, and it will subsequently partner with protocols, asset management firms, and liquidity providers to expand the range of positions eligible for coverage.
Raydium oznámilo, že jeho program zpětného odkupu už vykoupil přes 30 % cirkulující nabídky RAY a kumulativně utratil přes 190 milionů USD. RAY zároveň v denním maximu vzrostl asi o 20 %.
Raydium's native token $RAY jumped to a daily high of $1.46 before settling around $1.34, a gain of approximately 20% on the day and roughly 68% over the prior week, according to CoinMarketCap data.
A $640,000 Single-Day Buyback @Raydium shared a Blockworks chart on September 9 showing that around $640,000 worth of RAY was repurchased from the open market in a single day. The figure reflects the protocol's standing rule: 12% of all swap fees collected across Raydium's pools route directly into open-market RAY purchases, automatically and on a continuous basis.
The fee split varies by pool type. For CLMM and CPMM pools, 84% of swap fees go to liquidity providers, 12% fund buybacks, and 4% flow to the treasury. Standard AMM v4 pools direct 88% to liquidity providers and the remaining 12% to buybacks. All bought-back tokens accumulate at a publicly visible on-chain address, making the program fully auditable.
Structural Supply Squeeze Behind the Rally The single-day figure sits on top of a much larger cumulative picture. Raydium announced on August 31 that its fee-funded buyback program had accumulated more than 30% of RAY's circulating supply, with cumulative spending exceeding $190 million to acquire over 69 million RAY tokens, per AMBCrypto.
The pace of buybacks is tied directly to trading volume: more swaps generate more fees, and more fees send a larger share to the buyback wallet. Recent months saw a surge in activity linked to launchpad integrations, with trading volume hitting approximately $31.8 million during one notable spike, per Crypto Briefing. That combination of rising demand and a steadily shrinking float is what traders have been reacting to this week.
Raydium's fee structure and on-chain buyback mechanism set it apart from most DeFi protocols, which typically route the bulk of fee revenue to liquidity providers rather than supporting the native token directly. Whether the current pace of repurchases can sustain the price momentum will depend largely on how much trading activity the protocol continues to attract.
Sources:
Raydium Official Docs: RAY Buybacks
AMBCrypto: Raydium Buyback Program Surpasses 30% of Circulating Supply
Crypto Briefing: Raydium Token Surges Amid Solana DEX Activity Spike
Bittensor [TAO] po spuštění na Raydium vystřelil na tříměsíční maximum 277 USD a za den přidal 13,4 %. Integrace přitáhla novou poptávku i vyšší obchodní aktivitu.
AI-themed tokens have recently seen renewed capital rotation. Bittensor [TAO] is in the middle of fresh market demand. In fact, the market cap of AI coins jumped by 5% to $19 billion while trading volume skyrocketed by 18% to $3.97 billion.
Amid this sector-wide capital flow, TAO has shown strong upside pressure, extending its upsurge after previously flipping $250 to reach a high of $277. The coin has not reached these levels since June.
As of this writing, Bittensor was trading around $272, up 13.4% on the daily charts. At the same time, market cap crossed $3 billion while the trading volume rose 164% to $558 million.
TAO pumped strongly as it went live on Raydium. The integration connected decentralized AI infrastructure with Solana’s DeFi capital. Since Raydium leverages Solana’s user base, with the integration, TAO now has a wider user base.
One area that TAO benefits the most is integration with memecoin launchpads, especially StonkFun. In fact, after it went live, a Bittensor memecoin was launched on Solana called BUTT.
BUTT’s market cap rose to over $6 million. However, BUTT’s holders had to swap to TAO first, which in turn drove the price for TAO.
Demand for Bittensor on the rise again Incentivized by the expanded reach, investors have increased capital deployment significantly. On the Spot side, for example, the market has recorded a positive delta for five consecutive days.
Source: Coinalyze Coinalyze data showed that Bittensor recorded 265k in buy volume with the buy/sell delta rising to 24k. This indicated buyer dominance on the Spot market.
On the derivatives side, traders have also increased participation. In fact, the altcoin’s Open Interest surged $428 million, marking a four-month high.
Source: CoinGlass With OI rising to May levels, it suggests traders have opened new positions, both shorts and longs, a clear sign of increased speculation.
Historically, strong speculative demand and Spot accumulation have strengthened momentum, leading to more gains on the price charts.
Is the uptrend sustainable? Bittensor is under strong bullish pressure amid renewed market interest and capital rotation. The expanded user base with the memecoin launch on Raydium has strengthened the uptrend.
A look at the MACD showed that the momentum indicator formed a bullish crossover and climbed to 10. At the same time, the Awesome Oscillator rose to 22, holding green for two consecutive days.
Source: Tradingview Rising MACD and AO reflect buyer dominance in the market. Often, such a setup has resulted in some more gains.
Therefore, if the market conditions hold, Bittensor will close above $280 and eye the $300 resistance level. However, if the speculation around Raydium integration fades, TAO will retrace to $234.
Final Summary TAO surged 13%, to reach a three-month high of $277, then retraced to $267 at press time. The main catalysts were Raydium’s integration and the launch of BUTT memecoin, which brought in more demand.
Raydium, the dominant decentralized exchange on Solana, pulled in nearly $440,000 in protocol revenue on September 6, making it the platform’s best single day since July 2025. The catalyst was straightforward: StonkFun, a token-launch platform specializing in stock and commodity tokens, officially integrated with Raydium’s LaunchLab infrastructure.
StonkFun’s native token STONK ripped more than 250% on the day, hitting an approximate market cap of $140 million. Raydium’s own RAY token climbed over 40% as traders piled into the newly expanded liquidity pools.
What StonkFun actually brings to the table StonkFun focuses on tokenized representations of traditional financial assets like stocks and commodities, giving DeFi users access to price exposure on instruments that typically live behind brokerage accounts and market hours.
Before this LaunchLab integration, StonkFun had already built a meaningful business. The platform generated over $1.21 million in total revenue and routed approximately $219 million in trading volume through Raydium, out of a total exceeding $392 million across all venues.
During the second quarter of 2025, LaunchLab contributed roughly 21.7% of Raydium’s total net revenue — about $4 million out of $18.4 million.
The new integration supports permissionless deployments, bonding curves, and constant-product market-maker pools for any token. Deployment costs have dropped from 0.29 SOL to 0.03 SOL, roughly a 90% reduction.
Why $440K matters more than it sounds When new tokens launch through LaunchLab, early buyers purchase along a mathematically defined price curve before the token graduates to a standard liquidity pool. Each of those bonding-curve trades generates fees for the protocol. With StonkFun funneling its tokenized asset launches through this system, Raydium captures revenue at every stage of a token’s lifecycle, from initial bonding curve to mature trading pair.
Rather than forcing every new token to pair exclusively against SOL or USDC, StonkFun’s integration allows for tailored trading pairs through custom quote assets, which can attract specialized liquidity providers who want exposure to specific asset combinations.
Competitive positioning and what comes next Raydium has been in a multi-year battle for DEX supremacy on Solana, competing against platforms like Orca and Jupiter for market share. By becoming the infrastructure layer where new tokens are born, Raydium captures trading activity that competitors never see.
At 0.03 SOL per deployment, the barrier to creating a new token is essentially zero. While it drives volume and revenue in the short term, it also opens the door to a flood of low-quality launches that could dilute user attention and strain liquidity across too many pairs.
For RAY token holders, the 40% price jump reflects market confidence in StonkFun’s integration. With the platform already accounting for over a fifth of LaunchLab revenue before this deeper integration, more launches mean more volume and more fees accruing to the protocol.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Raydium LaunchLab nově podporuje jakýkoli tokenový pár na Solaně a první integrací je StonkFun od LaunchOnSF. Tvůrci si mohou zvolit quote token, což má přinést větší flexibilitu a nižší poplatky.
Raydium has expanded LaunchLab to support trading between any token pair, with LaunchOnSF’s StonkFun becoming the first integration to use the new system on Solana.
Summary
Raydium LaunchLab now allows newly launched tokens to be paired with any supported quote token on the platform. StonkFun has become the first integration to use the new model after changes to Raydium programs, aggregators and trading terminals. StonkFun said deployment costs have fallen to 0.03 SOL from 0.29 SOL, while liquidity fees can be directed back into liquidity. The upgrade expands LaunchLab more than a year after Raydium introduced the platform following Pump.fun’s move to its own PumpSwap exchange. According to Raydium’s Sept. 7 announcement on X, LaunchLab can now pair a newly launched token with any quote token supported through Raydium, removing the fixed pairing structure used by many token launch platforms. Raydium said the upgrade brings more flexible token pairing, deeper liquidity and lower fees for memecoin trading.
LaunchLab now supports any token pair on Raydium.
The upgrade brings flexible pairing directly to Solana, with deeper liquidity, lower fees, and stronger meme-native trading.@LaunchOnSF is the first integration partner to bring the model live on LaunchLab. pic.twitter.com/c3NFuYCRWI
— Raydium (@Raydium) September 6, 2026 LaunchOnSF confirmed that its StonkFun platform is the first integration partner to bring the feature live. Its team spent the previous week preparing the integration, which required changes across Raydium’s programs, trading terminals and aggregators before custom quote tokens could be supported.
Raydium LaunchLab now supports custom token pairs Under the new system, creators can select the quote token used for a LaunchLab deployment, allowing communities to build markets around assets other than the standard quote tokens commonly used for new Solana launches.
Raydium described the feature as the ability to launch “any token, paired with any quote token.” LaunchOnSF said Raydium updated its programs to accommodate custom quote and reward tokens, while aggregators and trading terminals needed to support routing for the resulting pairs.
The integration covers permissionless deployments, bonding curves and constant product market maker pools. LaunchOnSF said deployment costs through StonkFun have been reduced to 0.03 SOL from 0.29 SOL, while liquidity provider fees can be directed back into liquidity.
Developers do not have to use the StonkFun API to deploy tokens and can construct transactions themselves. LaunchOnSF said the system was built to reduce problems it had encountered with snipers and launches concentrated in a single wallet.
Ahead of the integration, StonkFun reported more than $392 million in total trading volume, including roughly $219 million routed through Raydium. The platform had generated $1.21 million in revenue and distributed more than $5.35 million in rewards to ecosystem holders.
More than $705,000 had been spent on buybacks and burns of its ecosystem token, while another $68,000 went toward buying and burning tokens from its 10 largest ecosystem projects, according to figures published by LaunchOnSF.
LaunchLab followed Pump.fun’s move away from Raydium Raydium first disclosed LaunchLab in March 2025 after Pump.fun began working on its own automated market maker. The platform offered creators different pricing curves and allowed third party interfaces to build on the underlying infrastructure and set their own transaction fees.
Crypto.news previously reported on Raydium’s LaunchLab plans in March 2025. An anonymous Raydium developer said at the time that the product had been under development for several months but had initially been kept on the sidelines while Pump.fun continued using Raydium for liquidity.
LaunchLab officially went live in April 2025, allowing users to create, customize and trade tokens through Raydium. Projects crossing the original 85 SOL threshold were automatically moved into Raydium’s automated market maker.
Raydium introduced customizable bonding curves, no migration cost and a 1% trading fee under the initial model. The protocol said 25% of trading fees collected through LaunchLab would be used to buy back RAY.
More than 10 projects had passed the 85 SOL threshold shortly after LaunchLab opened, while RAY rose roughly 13% following the launch before giving back part of the move.
LaunchLab arrived after Pump.fun changed a relationship that had directed a steady flow of newly created memecoins toward Raydium.
Tokens launched through Pump.fun had historically moved into Raydium liquidity pools after completing their bonding curves. Pump.fun began testing its own automated market maker in February 2025, opening a path for graduated tokens to remain inside its own trading infrastructure.
PumpSwap ended Pump.fun’s reliance on Raydium Pump.fun formally moved away from the previous setup when it launched the PumpSwap DEX in March 2025.
Built around a constant product automated market maker similar to Raydium v4 and Uniswap v2, PumpSwap allowed tokens completing Pump.fun bonding curves to migrate directly to its own liquidity pools. Users could create pools, provide liquidity and trade tokens without sending graduated launches to Raydium.
PumpSwap introduced instant migrations and removed the six SOL migration fee previously associated with the process. The platform initially charged 0.25% on trades, allocating 0.20% to liquidity providers and 0.05% to the protocol.
Trading activity climbed quickly. PumpSwap captured 21% of Solana DEX trading about a week after launch, with cumulative volume exceeding $1.2 billion. Raydium remained ahead with a 57.4% share at the time.
By March 30, PumpSwap had recorded $2.43 billion in volume, alongside $5.4 million in protocol fees, around 700,000 active wallets and 30.59 million swaps. Raydium accounted for 74% of Solana DEX volume on that date, compared with PumpSwap’s 8%.
Raydium had entered the contest from a strong position in memecoin trading. A CEX.io report showed its memecoin volume share rising from 77% to 83% during the first quarter of 2025.
Pump.fun was responsible for more than half of daily SPL token creation at the time, with tokens previously flowing into Raydium after meeting Pump.fun’s graduation requirements. That pipeline changed once PumpSwap began taking the migrations directly.
Raydium remains a major Solana trading venue Despite heavier competition among Solana exchanges and launchpads, Raydium has remained one of the network’s largest execution venues.
Across 2025, the protocol processed $352.8 billion in execution layer DEX volume. Meteora followed with $113.7 billion, while Orca and SolFi recorded $103.9 billion and $97.9 billion, respectively.
More recent activity has remained spread across several Solana venues. On Aug. 21, 2026, Solana generated approximately $2.8 billion in daily decentralized exchange spot volume. PumpSwap processed roughly $485 million, followed by BisonFi at $466 million, Orca at $307 million, Raydium at $260 million and Manifest at $218 million.
The five platforms together accounted for approximately $1.74 billion of the network’s daily total.
LaunchLab’s latest update changes the type of markets that can be created through Raydium’s launch infrastructure. Instead of requiring creators to launch against a predetermined quote asset, StonkFun deployments can select another supported token and carry that pairing through the bonding curve and subsequent liquidity setup.
Raydium ecosystem contributor Infra said the structure lets a community pair a meme token with another asset its users already follow and use the same asset for rewards. LaunchOnSF became the first partner to put that model into production through StonkFun following the Sept. 7 rollout.
RAY za 24 hodin vyskočil asi o 61 % nad 1,30 USD, když na Raydium prudce vzrostla aktivita po integraci StonkFun. Objem obchodů dosáhl zhruba 31,8 milionu USD.
Raydium’s native token RAY jumped roughly 61% in 24 hours, vaulting from the $0.80-$0.91 range to above $1.30 as a surge of trading activity flooded the Solana-based decentralized exchange. The catalyst: growing usage tied to the StonkFun launchpad, which integrated with Raydium’s infrastructure and brought a fresh wave of liquidity and speculation to the platform.
Trading volume on Raydium hit approximately $31.8 million during the spike, a figure that reflects just how much attention the launchpad-driven frenzy attracted.
What’s driving the rally The immediate trigger traces back to StonkFun, a Solana-based launchpad that integrated features through Raydium’s LaunchLab. LaunchLab essentially allows new token projects to bootstrap liquidity directly on Raydium’s automated market maker, meaning every new listing funnels trading activity, and fees, through the protocol.
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StonkFun’s own platform token, STONK, reportedly saw multi-hundred-percent gains during the same window, suggesting that speculative momentum around newly launched tokens was feeding directly into Raydium’s ecosystem. Traders chasing the next breakout listing were effectively forced to route through Raydium, boosting both volume and the perceived utility of RAY itself.
The buyback machine behind RAY Beyond the short-term trading frenzy, Raydium has been running a structural tailwind that doesn’t get enough attention. The protocol allocates 12% of its trading fees to fund buybacks of RAY tokens on the open market.
As of late August 2026, those buybacks had removed over 30% of RAY’s circulating supply. When you combine aggressive supply reduction with a sudden demand spike, the price math gets very friendly very fast.
For context, the 12% fee allocation is significant compared to most DeFi protocols, which typically direct the majority of fee revenue to liquidity providers. Raydium’s decision to carve out a dedicated buyback fund signals a deliberate bet that long-term token value appreciation will attract more participants than simply offering the highest yield.
Solana’s DEX landscape heats up The integration with launchpads like StonkFun also highlights Raydium’s positioning as infrastructure rather than just another swap interface. By offering LaunchLab as a toolkit for new projects, Raydium is essentially embedding itself deeper into the Solana token lifecycle. Projects launch on its rails, trade on its pools, and generate fees that flow back into its token.
The STONK token’s explosive gains during this period also carry a cautionary note. Multi-hundred-percent moves in newly launched tokens are exciting on the way up and devastating on the way down. Much of the trading volume driving RAY’s rally could be speculative and short-lived. If StonkFun’s momentum fades, so could the elevated fee revenue and trading activity propping up RAY’s price.
Investors watching this space should pay attention to whether the volume increase is sustained or just a sugar rush. The buyback mechanism provides some structural price support, but 61% single-day moves rarely hold without continued demand. The key metric to track is whether daily trading volume on Raydium stays elevated in the weeks following StonkFun’s integration, or whether it reverts to pre-surge levels.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Raydium spustila Permissioned AMMs, které umožní regulovaným aktivům a projektům s KYC omezením obchodovat na Solaně s kontrolou přístupu. Prvním partnerem je Superstate s tokenizovanými akciemi.
Raydium, one of the top 10 most influential DeFi protocols according to Fortune, debuted Permissioned AMMs yesterday, July 23. Permissioned AMMs introduce a new framework that enables issuers of KYC-gated and regulated assets to launch directly on Raydium, accessing Solana’s deepest liquidity while maintaining compliant secondary markets. Superstate became the first partner to integrate the infrastructure, bringing tokenized equities into Raydium’s liquidity ecosystem.
The launch marks another step in the race to build infrastructure for regulated assets on public blockchains. As tokenized stocks, funds, and real-world assets gain attention, protocols are adapting traditional DeFi tools to meet compliance requirements.
Raydium Adds Compliance Controls to AMM Trading Traditional AMMs allow anyone with a wallet to provide liquidity or trade assets. That model works well for crypto-native tokens but creates challenges for regulated assets that require investor verification and transfer restrictions.
Raydium’s Permissioned AMMs add an access-control layer to its existing liquidity infrastructure. Instead of allowing any wallet to interact with a pool, the system verifies whether a wallet meets issuer-defined eligibility requirements before allowing trades.
The framework combines 3 core components:
Issuer-managed KYC, where asset issuers determine which participants qualify.
Programmatic enforcement, where smart contracts restrict pool interactions to approved wallets.
Immutable smart contracts, which provide transparent and verifiable execution.
Eligible investors can trade only with verified counterparties, while issuers maintain control over participant access.
Superstate Brings Tokenized Equities to Raydium Superstate became the first service partner to integrate Raydium’s Permissioned AMMs. The company operates Opening Bell, a platform designed to issue publicly registered tokenized equities directly on blockchains.
Unlike synthetic products that track stock prices without representing direct ownership, Superstate focuses on natively tokenized securities where the token represents the underlying security.
Superstate has developed infrastructure that tracks ownership changes across DeFi environments, including automated market makers and lending protocols. The company has also worked with protocols such as Uniswap, Orca, Aave, Morpho, and Kamino to support regulated asset activity onchain.
Through Raydium’s integration, approved investors can trade tokenized equities through Permissioned AMMs while Superstate manages ownership records and compliance requirements.
Raydium Joins a Broader Shift Toward Permissioned DeFi Raydium is not the only major DEX moving toward compliance-focused infrastructure.
On May 27, Orca launched permissioned pools on Solana in partnership with gold tokenization firm Streamex. Orca’s system uses Solana token extensions to enforce transfer restrictions and connect investor eligibility with onchain activity.
Uniswap Labs also announced Permissioned Pools yesterday, July 23. The feature introduces a hook standard for Uniswap v4 that allows pools to verify approved wallets directly through smart contracts rather than relying on frontend restrictions or offchain checks.
These launches highlight a broader industry trend: regulated assets require more than a place to trade. Issuers need infrastructure that combines blockchain transparency with controls required by securities markets.
Tokenized Assets Target a Trillion-Dollar Market The push toward compliant onchain markets comes as interest in tokenization continues to grow. In its Big Ideas 2026 report, Ark Invest estimated that the global market for tokenized assets could grow from $19 billion to $11 trillion by 2030, representing around 1.38% of all financial assets.
Solana has also seen rapid growth in its real-world asset ecosystem. The network recently became the blockchain with the highest number of RWA holders, reaching 311,000 holders, $3.5 billion in RWA value, and more than 2,500 types of tokenized assets.
Read More on SolanaFloor Mubadala Capital to Launch $75M Tokenized Fund on Solana via Kaio
Are the Trenches Back?: 62K Dormant Wallets Return as Memecoins Capture $2B in Volume
Raydium potvrdil exploit starých poolů na Solaně za přibližně 1,34 milionu USD a slíbil plnou náhradu všem zasaženým. Aktivní pooly ani současní uživatelé nebyli zasaženi.
TLDR Hackers extracted approximately $1.34 million from five dormant Raydium liquidity pools operating on Solana The breach resulted in the theft of around 150,000 RAY tokens, 5,600 SOL, and 893,700 USDC The vulnerability existed in an obsolete AMM program discontinued in 2021, leaving active pools untouched Raydium announced its treasury would provide complete restitution to all impacted participants Security firm PeckShield identified roughly 810 ETH of the pilfered assets flowing into Tornado Cash On June 10, Raydium, a Solana-based decentralized exchange, disclosed that malicious actors successfully exploited outdated infrastructure components, siphoning approximately $1.34 million worth of cryptocurrency.
The compromised liquidity pools had been inaccessible via Raydium’s user interface ever since the platform discontinued its AMM V3 program back in 2021. According to Raydium’s statement, neither current platform users nor any actively maintained liquidity pools experienced any impact.
How the Attack Happened On-chain security analyst Specter revealed that the perpetrators utilized a fraudulent mint address to circumvent security validation protocols within the inactive pool infrastructure. The core vulnerability stemmed from inadequate verification processes for LP mints, creating an opportunity to sidestep proportion validation mechanisms.
The assailant successfully withdrew approximately 150,177 RAY tokens, 5,603 SOL, and 893,700 USDC from the compromised pools. According to Specter’s investigation, the attacker initially received funding through the KuCoin exchange before transferring the illicit assets to the Ethereum blockchain.
PeckShield, a prominent blockchain security organization, monitored the movement of stolen cryptocurrency following its transfer to Ethereum. Their analysis revealed that approximately 810 ETH was funneled into Tornado Cash, while an additional seven ETH moved through FixedFloat.
Notably, Tornado Cash was delisted from U.S. Treasury Department sanctions in March 2025. Nevertheless, the utilization of this privacy protocol may continue to present obstacles for investigators attempting to recover or trace the diverted funds.
Raydium Will Reimburse All Losses Raydium has publicly committed to utilizing its treasury reserves to compensate all financial damages stemming from this security breach. While the protocol emphasized that no current active users suffered losses, some participants maintained residual exposure through the deprecated pool contracts.
This marks the second occasion where Raydium has pledged to absorb user losses. Following an admin key security breach in December 2022 that affected operational pools, the project implemented a governance-approved compensation plan utilizing buyback fee revenue and vested team token allocations to restore liquidity provider funds.
The development team confirmed that all currently deployed mainnet programs remain secure and are presently undergoing comprehensive independent security audits.
Market response to the incident proved minimal. Raydium traded around $0.57, experiencing less than a 1% decline during the 24-hour window after the exploit became public. Solana experienced a modest drop of nearly 2%, settling around $63.88 throughout the identical timeframe.
The RAY token demonstrated resilience, actually gaining more than 2% on the day news of the security breach emerged.
Raydium clarified that both its SDK and decentralized application infrastructure lack functionality for interacting with the legacy AMM V3 pools on the mainnet, effectively confirming the attack remained isolated to decommissioned code.
Security researchers from PeckShield and Specter maintain ongoing efforts to track the movement of stolen digital assets. According to currently available blockchain data, the exploitation remained entirely confined to obsolete infrastructure components without penetrating Raydium’s operational trading ecosystem.
