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<p><strong>Raydium's RAY token traded at $2.20 at 11:23 a.m. ET Tuesday, up about 64% over 30 days, as tokenized-stock trading volumes on Solana decentralized exchanges surpassed those on Robinhood Chain for the first time in the week ending Oct. 4.</strong></p>
<h2 id="ray-s-64-monthly-rise-puts-raydium-in-focus">RAY's 64% monthly rise puts Raydium in focus</h2>
<p>CoinMarketCap data placed RAY at $2.20, up roughly 64% in 30 days, with a current market cap near $596 million and 24-hour volume of approximately $76 million. The move coincides with a structural shift in where tokenized-equity pairs are being traded on-chain. For related coverage, see <a href="https://www.marketbit.net/humidifi-leads-solana-dexs-airdrop-hint/" rel="noopener noreferrer nofollow">HumidiFi Achieves New Milestone in Solana Trading Volume</a>.</p>
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  30-day RAY gain
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  64%
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  RAY was quoted at $2.20 at 11:23 a.m. ET Tuesday.
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<p>Raydium allocates <a href="https://defillama.com/protocol/raydium" rel="noopener noreferrer nofollow">12% of its CLMM and CPMM fee revenue to RAY buybacks</a>, creating a direct mechanical link between protocol fee generation and token demand. When fee volume rises, buyback pressure rises proportionally.</p>
<p>The broader crypto sentiment backdrop registered a <a href="https://alternative.me/crypto/fear-and-greed-index/" rel="noopener noreferrer nofollow">Fear &amp; Greed score of 73</a> (Greed) at the time of writing, consistent with risk-on positioning across the digital-asset complex.</p>
<h2 id="why-tokenized-stock-trading-is-shifting-toward-solana">Why tokenized-stock trading is shifting toward Solana</h2>
<p>Tokenized stocks are blockchain-based representations of equity instruments, enabling around-the-clock trading of assets like Apple or Tesla on decentralized infrastructure. Solana DEXs processed $1.14 billion in tokenized-stock volume from Sept. 28 through Oct. 4, outpacing Robinhood Chain's $952 million over the same period.</p>
<p>The catalyst for Raydium's outsize share was StonkFun, a tokenized-stock launchpad that migrated onto Raydium LaunchLab on Sept. 5. StonkFun's tokenized-stock-leg pairs generated <a href="https://pineanalytics.substack.com/p/raydium-quarterly-report-q3-2026" rel="noopener noreferrer nofollow">$2.81 billion in September volume, equal to 28% of Raydium's total monthly throughput</a>, according to Pine Analytics.</p>
<p>At the quarterly level, tokenized-stock-leg pairs on Raydium produced $4.14 billion in Q3 volume, more than double the Q2 figure, per CoinMarketCap's reporting of the same dataset.</p>
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  Q3 tokenized-stock volume
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  $4.14B
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  More than double the tokenized-stock-leg volume recorded in Q2.
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<p>Raydium's adjusted Q3 volume reached $16.1 billion after removing wash trading, up 17% from Q2, generating $57.1 million in protocol fees, per Pine Analytics' Q3 report. The tokenized-stock segment's contribution to that fee base is the key variable driving the RAY buyback mechanism.</p>
<p>Blockworks Research analyst Sam Schubert contextualized the shift in a post that has circulated widely in DeFi research circles.</p>
<blockquote class="twitter-tweet" style="margin:20px 0; padding:16px 18px; background:#0d1a0f; color:#f3f4f6; border:1px solid #00e676; border-radius:12px; margin:20px 0; padding:16px 18px; background:#0d1a0f; color:#f3f4f6; border:1px solid #00e676; border-radius:12px">
 <p>I've long argued that memecoins were the stress test, and <a rel="noopener noreferrer nofollow" href="https://x.com/solana?ref_src=twsrc%5Etfw">@solana</a>'s trading infrastructure would rerate as RWA activity grew.<br><br>And now we are already starting to see that play out with <a rel="noopener noreferrer nofollow" href="https://x.com/Raydium?ref_src=twsrc%5Etfw">@Raydium</a>'s revenue<br><br>Tokenized assets beat memes in quarterly swap revenue for the first time in… <a rel="noopener noreferrer nofollow" href="https://t.co/1wriUyFCHZ">https://t.co/1wriUyFCHZ</a><a rel="noopener noreferrer nofollow" href="https://t.co/kO1nmTWUIo">pic.twitter.com/kO1nmTWUIo</a></p>— Sam Schubert (@minnus) <a rel="noopener noreferrer nofollow" href="https://x.com/minnus/status/2107172467408015772?ref_src=twsrc%5Etfw">October 5, 2026</a>
</blockquote>
<p>Schubert's observation that tokenized assets beat memecoins in quarterly swap revenue marks a first in his dataset, representing a qualitative rotation in Solana's fee-generating base. This transition mirrors earlier <a href="https://www.marketbit.net/solana-meme-coin-december-activity/" rel="noopener noreferrer nofollow">Solana meme coin activity peaks</a> that preceded infrastructure-layer repricing.</p>
<h2 id="what-the-solana-trend-could-mean-for-ray-and-raydium">What the Solana trend could mean for RAY and Raydium</h2>
<p>The 12% fee-to-buyback allocation means October's fee trajectory is a direct leading indicator for RAY demand pressure. Raydium fees through early October ran approximately 45% below September's daily average, a material deceleration that the research identifies as single-launchpad concentration risk.</p>
<p>StonkFun's 28% share of September volume creates a binary dependency: if that one launchpad migrates away or loses market share, Raydium's fee base contracts proportionally. A comparable event in 2025, when a single partner departure triggered a 79% fee decline, offers a historical precedent for the severity of such concentration.</p>
<p>The Solana ecosystem has demonstrated its capacity for rapid launchpad turnover, as seen in the <a href="https://www.marketbit.net/bisonfi-surpasses-humidifi-solana-amms/" rel="noopener noreferrer nofollow">competitive AMM landscape</a> and the launch of competing infrastructure like <a href="https://www.marketbit.net/wavebreak-launchpad-solana-token-distribution/" rel="noopener noreferrer nofollow">Orca's Wavebreak launchpad</a>. RAY's 64% one-month gain prices in continued tokenized-stock volume momentum; whether October's fee deceleration stabilizes or deepens is the key variable to watch.</p>
<p>Solana's overall DeFi positioning remains relevant context: the network's <a href="https://www.marketbit.net/solana-tvl-31-billion-dex-volume-drop/" rel="noopener noreferrer nofollow">TVL reached $31 billion</a> even as DEX volume showed signs of moderation, suggesting the tokenized-stock inflow is partly offsetting a broader volume headwind. For RAY specifically, the 12% buyback mechanism converts fee recovery directly into token demand, but October's sub-September run rate places the near-term trajectory squarely conditional on whether StonkFun-driven volume rebounds.</p>
<p style="font-size:13px;color:#888;border-top:1px solid #333;padding-top:12px;margin-top:30px;">Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.</p><a href="https://www.marketbit.net/?p=18432" rel="noopener noreferrer nofollow">Read original article on marketbit.net</a>

Raydium RAY Token Rises 64% as Solana Trading Shifts

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