Raydium Q3 2026 Net Revenue Jumps 264% to $7.99M on Tokenized Stocks and LaunchLab, Blockworks Report Shows

Raydium RAY$1.98-2.9% net revenue rose 264.2% quarter on quarter to $7.99M in Q3 2026, according to the Raydium Tokenholder Report Q3 2026 from Blockworks Advisory, which Blockworks posted on October 21. Raydium highlighted three of its charts the same day: $5.23M of programmatic RAY buybacks, and a 90.9% rise in tokenized asset volume to $3.99B. The report is funded by Reactor Labs, Raydium's developer entity, and Blockworks Advisory states that it keeps editorial control.

Raydium Q3 2026 net revenue and RAY buybacks

Raydium earned most of its Q3 2026 revenue in the final month. September produced $6.06M of the $7.99M total, against $0.51M in July and $1.42M in August, per the Blockworks report. Buybacks followed the same curve, rising from $0.36M in July to $4.01M in September. The quarter's $5.23M was up 203.3% from $1.72M in Q2 and took cumulative RAY repurchases to $204.32M. Blockworks puts the quarter's buybacks at 60.3% of operating cash flow, down from 72.3% in Q2.

Raydium's Q3 2026 total still sits 72.1% below the $28.62M in net revenue it booked in Q3 2025, according to Blockworks.

Pine Analytics, which tracks the buyback wallet on-chain, counted $5.15M spent on 4.58M RAY in its October 5 Raydium report, within 2% of the Blockworks figure. As we reported in August, the buyback wallet already held about 30% of RAY's circulating supply. Blockworks now puts it at 87.52M RAY, or 32.1% of a 272.34M circulating supply.

RAY's price moved with the September surge. On Solana Compass daily closes, RAY traded between about $0.60 and $0.74 for most of July and August, closed August near $0.80 and jumped from $0.88 to $1.28 between September 5 and September 6. It ended the quarter at about $1.94, after a peak close of about $2.18 on September 27.

Tokenized stocks on Raydium: 20% of volume, 45% of swap fees

Tokenized assets explain much of Raydium's Q3 jump because they pay more per dollar traded. They made up 20.0% of Raydium's $19.99B in Q3 volume but 45.0% of its $5.92M in pool swap fees, up from 19.5% of fees in Q2, according to Blockworks. The report ties this to stock pairs sitting in higher fee tiers.

xStocks AAPLx$344.91+2.2% tickers accounted for $2.59B of that tokenized volume, led by SPYx at $661.81M, CRCLx at $353.03M and NVDAx at $335.31M. Tokens issued by Backpack Securities grew from $0.05B in Q2 to $1.17B. Blockworks estimates Raydium handled 49.8% of Solana's tokenized-asset spot volume in Q3, up from 36.2%.

StonkFun and LaunchLab: the concentration Pine Analytics flags

LaunchLab, Raydium's token launchpad, added the other big source of growth in Q3 2026. StonkFun, a launch platform whose tokens trade against tokenized stocks, moved all of its launches to LaunchLab on September 5. LaunchLab launches rose from 24,504 in Q2 to 162,861 in Q3 and its revenue from $0.21M to $1.85M, per Blockworks, which credits StonkFun with about 86% of the LaunchLab protocol fees it could attribute to a platform.

Pine Analytics' report shows how much rests on that one partner. StonkFun's bonding curves and graduated pools produced $2.81B of trading in September, "28% of Raydium's volume that month," Pine wrote. Over the first four days of October, two of them a weekend, Pine found launches running 39% below September's post-migration average and fees averaging $0.86M a day against $1.49M in September. Pine also points to a precedent: LaunchLab fees fell 79% in the month after the LetsBonk surge of July 2025.

Pine's other figures use different definitions, so they do not match Blockworks line for line. Its $9.39M in Q3 protocol revenue is built from DefiLlama fee data, and its $4.14B in tokenized-stock volume counts any pair with a stock leg, including launch tokens quoted in stocks.

For Q4, Blockworks points to Backpack's early-Q4 listings of BLK and PUSA tokens and a creator-fee share on Raydium's standard constant-product pools that went live on October 1.