The token linked to a decentralized exchange (DEX) operating on Solana (SOL) has surged by over 95% this week, driven by substantial growth in the network.
Raydium (RAY) functions as an on-chain order book automated market maker (AMM).
As of now, the project’s native token, RAY, is valued at $1.72, marking a significant increase from approximately $0.88 a week ago.
Ranked 144th by market cap, the crypto asset has risen by nearly 16% in the last 24 hours and has soared by more than 1,140% since the start of 2023.
RAY’s recent surge aligns with the remarkable growth in total value locked (TVL) within the Raydium protocol. TVL signifies the capital amount deposited within a protocol’s smart contracts, serving as a key metric to assess a crypto ecosystem’s vitality.
DeFi Llama, a decentralized finance tracker, reports Raydium’s TVL at $116.8 million presently. This represents a surge of over 38% in the past week and a remarkable 118% in the last month.
Solana has experienced a similar surge in TVL over the past month, boasting $1.328 billion in total value locked currently. This marks a surge of nearly 28% in the past week and an impressive 154% in the last month alone.
At the moment, SOL is trading at $96.62, positioning itself as the 5th-ranked crypto asset by market cap, with an over 4% increase in the past 24 hours.
