Raydium’s Rapid Rise
The native token of Raydium (RAY), an on-chain order book automated market maker (AMM) built on Solana (SOL), has experienced a staggering surge of over 95% this week. Currently trading at $1.72, RAY has witnessed a significant increase from approximately $0.88 just one week ago. It is worth mentioning that this crypto asset, ranked 144th by market capitalization, has also enjoyed notable gains of nearly 16% in the last 24 hours and a remarkable surge of over 1,140% since the beginning of 2023.
Raydium’s Success Amid Expanding Network
The impressive rise in RAY’s value is closely tied to the explosive growth of the Raydium protocol, as evident by the surge in total value locked (TVL). According to the decentralized finance tracker DeFi Llama, Raydium presently boasts a TVL of $116.8 million, indicating a surge of over 38% in the past week and an impressive 118% in the past month.
Solana’s Surge in TVL
It is important to note that Solana, an Ethereum (ETH) contender, has also witnessed a significant surge in TVL over the past month. As of now, Solana records a total value locked of $1.328 billion. This figure translates to a surge of nearly 28% in the past week and an outstanding 154% increase in the past month. With a market capitalization ranking of 5th, Solana has experienced a growth of over 4% in the last 24 hours.
By effectively leveraging the explosive growth in both Raydium and Solana’s TVL, investors are witnessing substantial gains. The decentralized exchange (DEX) on Solana continues to make significant strides, providing users with valuable opportunities in the rapidly evolving crypto market.