Solana DEX Token Soars 95% Amid Network Growth
The native token of a decentralized exchange (DEX) built on Solana, Raydium (RAY), has experienced a significant surge of over 95% in value this week, driven by the network’s rapid growth.
RAY Token Performance
At present, RAY is trading at $1.72, compared to around $0.88 just one week ago. This marks a remarkable increase for the 144th-ranked crypto asset, which has also risen by almost 16% in the past 24 hours and an impressive 1,140% since the beginning of 2023.
Raydium Protocol Growth
The surge in RAY’s value can be attributed to the substantial growth of the Raydium protocol. The total value locked (TVL) in Raydium currently stands at $116.8 million, according to DeFi Llama, a decentralized finance tracker. This represents a rise of over 38% in the past week and 118% in the past month.
Solana’s Growing TVL
In addition to Raydium’s growth, Solana’s TVL has also seen significant expansion. The Ethereum rival now boasts $1.328 billion in TVL, indicating a nearly 28% increase in the past week and a remarkable 154% surge in the past month.
SOL Trading and Market Cap
As for Solana’s native token SOL, it is currently trading at $96.62 and is up by over 4% in the last 24 hours. SOL holds the fifth position in terms of market capitalization.
Hot Take: Raydium’s Explosive Growth Fuels RAY Token Surge
The native token of the decentralized exchange built on Solana, Raydium (RAY), has experienced a massive surge in value due to the remarkable growth of the Raydium protocol. With a significant increase in total value locked (TVL), Raydium has attracted investor attention and propelled RAY’s price upwards. This surge reflects the overall growth of the Solana network, which has witnessed a substantial rise in TVL as well. As Solana continues to gain traction and establish itself as a leading blockchain platform, projects like Raydium are set to benefit from this momentum.
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