Raydium (RAY)

Raydium is Solana's leading automated market maker and the dominant liquidity venue for the network's fast-growing tokenized-stock trading, routing swaps through both standard and permissioned pools. A September 2026 surge — fueled by the StonkFun launchpad routing new token deployments through Raydium's LaunchLab, a record daily buyback, and a wave of tokenized-equity listings — pushed RAY to an 11-month high, extending a rally built on the protocol's fee-funded buyback program that returns a share of trading revenue directly to the open market.