Raydium Surges as StonkFun Floods Its Fees Engine

The decentralized exchange Raydium has seen explosive growth over the past week, with its native token RAY increasing by 105% and reaching a market capitalization of $465 million.

This surge is largely attributed to StonkFun, a token launchpad that recently moved all new launches onto Raydium's LaunchLab. This switch has generated significant trading volume and revenue for Raydium, with the platform collecting $5.88 million in fees over the past seven days.

Raydium takes 12% of its trading fees and uses them to buy back RAY on the open market, further fueling the token's price growth. The protocol has been buying RAY consistently since August, with a single-day purchase totaling $640,788 on September 8.