Solana DEX Raydium Repurchases 30% of Circulating RAY Supply

Raydium, the largest decentralized exchange (DEX) on the Solana blockchain, has achieved a significant milestone. The protocol has repurchased over 30% of RAY's total circulating supply using its own trading fees. This is no small feat, as it translates to roughly $190 million spent acquiring over 69 million RAY tokens since the program began.

The buyback mechanism works by collecting a portion of trading fees from every swap on Raydium. Specifically, 12% of fees flow directly into open-market RAY purchases. This transparency is a notable advantage over centralized crypto projects where buyback claims are impossible to verify.

While the 30% figure might seem alarming, it's essential to understand that these tokens aren't being burned or permanently removed from existence. They're simply sitting in a holding wallet at DdHDoz94o2WJmD9myRobHCwtx1bESpHTd4SSPe6VEZaz. Governance hasn't made a decision on their final disposition yet.

Raydium's revenue growth has also contributed to the buyback program. The platform launched xStocks, a tokenized stock trading product, which generated $1.63 billion in trading volume during Q2 2026 alone. This diversification of fee revenue and increased buying pressure have created a self-reinforcing cycle.