Raydium has once again emerged as the top Solana DEX, solidifying its position as the go-to platform for users within the ecosystem. Over the past year, Raydium has maintained a strong lead in terms of network fees and revenue, generating approximately 80% of all DEX fees on Solana.
According to DeFiLlama, Raydium raked in an impressive $751.16 million in fees over the last 12 months, with a total revenue of $53 million. This significant lead over its competitors, such as Orca, further cements Raydium’s status as the most popular Solana DEX.
In addition to its revenue dominance, Raydium’s total value locked (TVL) has experienced substantial growth, reaching a new all-time high of $2.84 billion in the last 24 hours. This surge in TVL reflects the increasing demand and activity on the platform, driven by market excitement and positive performances.
Raydium’s success is further highlighted by its recent spike in trading volume, which soared to $4.18 billion, marking a 248% increase in daily volume. This surge was largely attributed to the demand for the newly-launched TRUMP memecoin, as well as the rising interest in the RAY token. The RAY token itself reached a new all-time high of $6.88, showcasing its strong performance and investor interest.
Despite its recent price surge, RAY is not yet overbought, indicating further potential for price discovery. With a market cap of $1.96 billion and a circulating supply of 290.88 million tokens, RAY’s organic demand could attract more speculative inflows in the future, leading to potential upside for the token.
In conclusion, Raydium’s continued dominance in the Solana DEX space, coupled with its impressive revenue growth, TVL surge, and trading volume spike, positions it as a key player in the decentralized finance ecosystem. As the Solana network continues to thrive, RAY and Raydium are likely to benefit from increased demand and activity, paving the way for future success and growth.