Raydium's RAY Token Surges 64% on Tokenized Stock Trading Boom
Raydium's RAY token has surged by 64% over the past 30 days, reaching $2.20 as of Tuesday morning. This rally comes after StonkFun shifted its token launches to Raydium's LaunchLab on September 5, driving a significant increase in trading activity. Pairs involving tokenized stocks accounted for $4.14 billion of Raydium's volume in the third quarter, more than double the second quarter's volume. Additionally, 12% of fees from Raydium's main pools are used to buy back RAY tokens.
The shift toward tokenized stock trading has also impacted Raydium's revenue. Tokenized assets surpassed meme coins in swap revenue for the first time, according to Sam Schubert of Blockworks Research. StonkFun's launches on Raydium's LaunchLab rose nearly 30-fold in September, contributing to 28% of Raydium's monthly volume. However, trading fees in October are already running about 45% below September's daily average, suggesting a potential slowdown.
Historically, Raydium experienced a similar surge in activity in July 2025 driven by the LetsBonk launchpad, but fees dropped by 79% the following month. Pine Analytics noted that the base rate for a single-partner LaunchLab surge is poor, indicating that the current surge may not be sustainable. Raydium's daily fees through October 5 were roughly 45% below September's average, raising concerns about the longevity of the recent gains.
Despite the concerns, Raydium continues to collect new fees since October 1, where part of creators' fees from graduated launch tokens is sent to the protocol. At the current pace, Raydium is estimated to collect about $25 million in fees this month, down from $44.6 million in September. If the 2025 decline pattern repeats, the total could fall near $20 million.