RAY’s recent growth is intricately connected to the success of Raydium. This Solana decentralized exchange (DEX) has experienced remarkable increases across multiple metrics this October. Much of this upward momentum can be attributed to the surge in MemeFi, often referred to as the memecoin craze.
Significantly, the total value locked (TVL) in Raydium skyrocketed from $1.123 billion on September 30 to an impressive 35-month peak of $2.08 billion. Furthermore, Raydium achieved a notable 170.7% increase in one of the key metrics—DEX volume. At the onset of October, the volume was at $671.8 million, which accounted for an 11.6% market share, and by October 23, it had surged to $1.819 billion. Currently, this leading Solana DEX commands a market share of 16.6%.