Raydium Token Surges 24.5% on Solana On-Chain Activity Boost

The Raydium token has surged by 24.5% in the past 24 hours, according to CoinGecko data. This gain comes as Solana's broader on-chain activity rose alongside Raydium, with the SOL token trading at $85.89.

Raydium is an automated market maker built on Solana that uses a central order book model borrowed from Serum. It allows liquidity providers to earn fees from both AMM swaps and limit-order activity.

The protocol also functions as a launchpad for new Solana tokens through its AcceleRaytor program, which has contributed to the recent spike in trading volume.

Despite the strong gains, Raydium's token price remains below its 2024 highs of $4. The current market cap is approximately $224 million, with daily trading volume reaching $173.8 million.