Raydium Token Rallies 24.5% as Solana On-Chain Activity Spikes

Raydium's RAY token has surged 24.5% in the last 24 hours, reaching $173.8M in daily trading volume and representing 77% of its market cap.

The protocol is an automated market maker built on Solana (SOL) that uses a central order book model to facilitate liquidity provision and fee earnings for users.

Raydium also functions as a launchpad for new Solana tokens through its AcceleRaytor program, with the RAY token governing fee parameters and granting staking rewards to holders.

The spike in volume is attributed to a broader increase in on-chain activity on Solana, with SOL trading at $85.89, down 0.6% on the day.