Solana

Raydium

<h2 id="header-0">Key Facts</h2>
<ul>
 <li>Raydium's RAY traded at $2.20 as of 11:23 a.m. ET Tuesday, up about 64% over 30 days, after StonkFun moved its token launches onto Raydium on Sept. 5.</li>
 <li>Pairs with a tokenized-stock leg did $4.14 billion of Raydium volume in the third quarter, more than double Q2, and 12% of fees in its main pools fund RAY buybacks.</li>
 <li>Raydium's fees so far in October are running about 45% below September's daily average, and after a similar single-partner jump in 2025, launchpad fees fell 79% in a month.</li>
</ul>
Raydium (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/raydium/">RAY</a>) has climbed about 64% in 30 days, and Solana (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/solana/">SOL</a>) moved back ahead of Robinhood Chain in tokenized stock trading last week. Much of the new stock-linked trading on Raydium runs through a single launchpad called StonkFun.
Pairs with a tokenized-stock leg made up a quarter of Raydium's volume last quarter, lifted by the StonkFun launchpad's move there in September, on-chain research publisher Pine Analytics <a target="_blank" rel="noopener noreferrer nofollow" href="https://pineanalytics.substack.com/p/raydium-quarterly-report-q3-2026">found</a>. Raydium's trading fees fund RAY's buybacks. Pine noted that the last jump in Raydium activity built on a single partner faded within a month, and October's fees are already running lower.
The shift toward stocks is also showing up in Raydium's revenue.
"Tokenized assets beat memes in quarterly swap revenue for the first time in our dataset," Sam Schubert of Blockworks Research <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/minnus/status/2107172467408015772">wrote</a> on X.
<h2 id="header-1">Why Is Raydium Rising?? Stock-Linked Trading Doubled</h2>
StonkFun moved all of its launches onto Raydium's LaunchLab on Sept. 5. Launches there rose almost 30-fold in September, and StonkFun accounted for nearly all of them.
A launchpad lets anyone create a <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/token">token</a> and sell it along a preset price curve until enough buyers arrive for it to trade in a regular pool. StonkFun quotes its launches in tokenized stocks rather than SOL or a <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/stablecoin">stablecoin</a>.
Those tokens produced 28% of Raydium's September volume. Trading in all pairs with a stock leg more than doubled from the second quarter, Pine calculated.
RAY traded at $2.20 as of 11:23 a.m. ET Tuesday, up about 9% over 24 hours. It closed Monday at its highest level in almost a year, CoinMarketCap data show.
<h2 id="header-2">Is Solana Winning Back Stock Trading? It Passed Robinhood Chain</h2>
Tokenized stock trading on Solana's decentralized <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/decentralized-exchange-dex">exchanges</a> came to $1.14 billion from Sept. 28 to Oct. 4, against $952 million on Robinhood Chain, Schubert <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/minnus/status/2107467776411480097">wrote</a>, citing Blockworks Research data.
Robinhood Chain, the brokerage's own <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/blockchain">blockchain</a>, went live on July 1 and had led every week since mid-August.<tweet-embed url="https://x.com/minnus/status/2107467776411480097"></tweet-embed>
<h2 id="header-3">How Does Raydium's RAY Benefit? Trading Fees Fund Its Buybacks</h2>
Raydium sends 12% of the fees from its main pools to buying back RAY on the open market. Rival launchpad Pump.fun (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/pump-fun/">PUMP</a>) also <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/pump-price-rises-met-falls">spends</a> part of its revenue on buybacks of its own token.
Fees on the <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/protocol">protocol</a> more than tripled in the third quarter. September's buybacks would equal about 9% of RAY's market value over a full year, Pine estimated.
Because Raydium's share is fixed, the buying rises and falls with trading activity.
"Programmatic buybacks often overspend at market peaks and underspend in downturns, when they matter most," Keyrock's Amir Hajian <a target="_blank" rel="noopener noreferrer nofollow" href="https://keyrock.com/designing-token-buybacks/">wrote</a> in an October 2025 report.
<h2 id="header-4">What Could Reverse It? A Repeat of 2025's Fee Drop</h2>
Raydium saw a similar jump in July 2025, when the LetsBonk launchpad drove activity on LaunchLab. LaunchLab fees fell 79% the following month, and Raydium's total fees fell 54%, Pine found.<tweet-embed url="https://x.com/0xINFRA/status/2107467291617329274"></tweet-embed>
October has started slower. Raydium's daily fees through Oct. 5 ran roughly 45% below September's average, DefiLlama <a target="_blank" rel="noopener noreferrer nofollow" href="https://defillama.com/protocol/raydium">data</a> show.
Raydium is also collecting a new fee. Since Oct. 1, the pools where graduated launch tokens trade send part of creators' fees to the protocol.
At October's pace so far, Raydium would collect about $25 million in fees this month, against $44.6 million in September. A repeat of the 2025 decline would put the total near $20 million, Pine estimated.
"The base rate for a single-partner LaunchLab surge is poor," Pine Analytics wrote.
Further Reading: <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/how-to-buy-tokenized-stocks">How To Buy Tokenized Stocks, Self-Custody Them, and Earn Yield</a>

Raydium Price Rises 64% as Tokenized Stock Trading Shifts to Solana

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