Raydium Captures 90% of Solana’s Memestock Volume as $RAY Jumps 109%
Raydium processed $721.5 million of Solana’s $778.9 million in memecoin-equity volume on Sept. 17, as tokenized stock activity and the $RAY token accelerate.
Raydium has emerged as the dominant liquidity venue for Solana’s rapidly expanding memestock market, capturing more than 90% of decentralized-exchange volume in memecoin-equity pairs. The surge has helped push the protocol beyond $5 billion in cumulative tokenized stock trading while sending $RAY to its highest price since January.
Raydium Dominates Memestock Trading
Solana’s memecoin-equity market expanded sharply over the past 10 days. Cumulative volume rose from roughly $300 million to approximately $778 million, with nearly all of the activity occurring through Raydium.
Blockworks data showed Raydium processed $721.5 million of the $778.9 million in combined memecoin-equity volume on Sept. 17. Other Solana DEXs handled just $57.4 million.
- Raydium: $721.5 million in daily memestock volume
- Other Solana DEXs: $57.4 million
- Raydium’s share: More than 90%
Activity across individual platforms reinforces Raydium’s position. xStocks reported more than $500 million in tokenized-asset volume over the same 10-day period, with $SPYx leading trading across meme-tokenized pairs. According to xStocks, Raydium routed all of that volume. StonkFun has separately routed $1.7 billion in cumulative volume through the protocol.
Raydium recorded a weekly all-time high of $738 million in tokenized-equity volume last week, as tokenized stocks from platforms including Backpack and xStocks continued to use its liquidity pools.
Permissioned Liquidity Meets a New Regulatory Path
The activity coincides with the SEC’s Sept. 17 Innovation Exemption, which provides temporary, conditional relief for Tokenized Securities Venues. The framework allows certain venues to facilitate trading in eligible tokenized U.S. stocks through permissioned automated market makers and liquidity pools.
The exemption is set to run for five years and includes conditions covering investor access, trading limits, underlying stock rights, smart-contract audits, and issuer protections. Raydium had already introduced Permissioned AMMs in July, giving issuers of KYC-gated and regulated assets a way to access liquidity while restricting participation to approved wallets.
That timing could benefit Raydium if the new framework encourages more issuers to tokenize stocks and develop compliant secondary markets. Its existing permissioned infrastructure may provide a ready liquidity layer on Solana, although the durability of current volumes remains uncertain.
What This Means
Raydium’s expansion places it at the intersection of memecoins, tokenized equities, and onchain liquidity. The protocol’s growth has coincided with a 109.2% two-week gain and a 169% monthly rise for $RAY.
Raydium used 12% of protocol fees to purchase $640,788 worth of $RAY on Sept. 8, its largest reported single buyback in almost two years. Cumulative buybacks have reached approximately $203 million, representing more than 30% of circulating supply according to contributor Infra. Raydium also holds roughly $62 million in SOL and USDC.
If tokenized equities continue gaining traction and memestock activity remains elevated, Raydium could benefit from sustained pool volume and fee generation. The key market question is whether this burst of activity reflects a durable shift toward compliant onchain markets or a temporary concentration of speculative trading.