Raydium Token Surges 24% Amid Solana DeFi Revival
Raydium's RAY token has surged by 24% in the last 24 hours, reaching $173.8M in daily trading volume and a market capitalization of $224M.
This uptick comes as part of a broader trend on Solana, with its native SOL token experiencing increased activity. Solana's broader on-chain activity has risen alongside Raydium, with SOL trading at $85.89 - down just 0.6% on the day.
The spike in volume is attributed to active swap flow rather than passive holding, according to CoinGecko data. This is evident from the high ratio of daily volume to market cap for Raydium, which stands at 77%. For comparison, a ratio above 20% is generally considered elevated.
Raydium's RAY token governs fee parameters and grants staking rewards to holders. The protocol uses a central order book model borrowed from Serum, the now-defunct Solana DEX. This architecture allows liquidity providers to earn fees from both AMM swaps and limit-order activity.
The competitive landscape on Solana is heating up, with Orca and Meteora gaining ground in 2025. However, Raydium's deep liquidity in major pairs positions it as infrastructure rather than just a front-end destination. Jupiter aggregates liquidity across all of them, but frequently selects Raydium pools due to its concentrated liquidity.