The recent surge in RAY’s value is intricately tied to the rising success of Raydium. This Solana decentralized exchange (DEX) experienced remarkable growth across multiple metrics throughout October. Much of this increase can be attributed to the burgeoning interest in MemeFi, also known as the memecoin phenomenon.
Significantly, the total value locked (TVL) in Raydium skyrocketed from $1.123 billion on September 30 to a remarkable 35-month peak of $2.08 billion. Furthermore, Raydium achieved a noteworthy 170.7% increase in one of its key performance indicators—DEX volume. At the beginning of October, DEX volume was recorded at $671.8 million, representing an 11.6% share of the market; by October 23, it had surged to $1.819 billion. As it stands, Raydium commands a substantial 16.6% of the market share, solidifying its position as the largest DEX on the Solana network.
