The Solana ecosystem is once again abuzz with activity, and Raydium continues to reign supreme as the primary gateway. This ongoing trend mirrors the platform’s dominance observed in the previous year when it stood as the unrivaled leader among Solana DEXs.
Over the past 12 months, Raydium has solidified its position as the predominant DEX within the Solana ecosystem, evident through the substantial fees it has generated during this period. Impressively, Raydium accounted for approximately 80% of all DEX fees accrued on Solana.
According to data from DeFiLlama, Raydium amassed $751.16 million in fees within the last year, resulting in a yearly revenue of $53 million. For perspective, Orca trailed as the second-highest fee generator, with earnings totaling $43.1 million over the same period.
The substantial lead maintained by Raydium unequivocally establishes it as the most favored Solana DEX throughout the past year, showcasing continued robust network activity, bolstered by recent market performances.
Raydium has witnessed a significant surge in total value locked, rising from a modest $164.16 million at the onset of 2024 to a new all-time high of $2.84 billion within the last 24 hours.
Raydium DEX Volume Surges Amidst RAY Demand
Raydium’s growth in TVL has been paralleled by impressive daily volumes since September of the previous year. Noteworthy is the recent spike in volume, which soared to $4.18 billion, marking a 7-week high and a remarkable 248% surge within the last 24 hours.
The surge in volume can be largely attributed to the surging demand for the newly introduced TRUMP meme token, driving notable interest in the RAY token. RAY has been on an upward trajectory since January 13, catapulting to a new all-time high of $6.88.
As of the time of reporting, RAY had not entered an overbought territory, suggesting potential room for further price exploration.
Given its recent market dynamics, it appears that RAY’s performance might heavily rely on Solana network activity, implying continued demand if the network sustains its current robust performance in the forthcoming months.
At the time of reporting, RAY boasted a market capitalization of $1.96 billion, with a relatively limited circulating supply of 290.88 million tokens. The surge in organic demand could potentially attract speculative inflows in the upcoming months, accentuating its upward potential.