Raydium Routes 90%+ of Solana's Tokenized Stock DEX Volume With $5B Processed as September Sets Onchain ATH

Raydium RAY$1.66-3.8% Raydium's official data posts on September 18 and 19 showed its pools now route more than 90% of Solana's combined memestock and tokenized stock DEX volume, with over $5 billion in total trades processed. The posts arrived on the same morning that Helius hSOL$131.11-1.5% Helius CEO mert posted: "Solana ATH month in onchain activity by a wide margin."

The network's previous monthly transaction record was set in August at 5.2 billion non-vote transactions, a 19% increase over July's prior high, per Blockworks, as reported by TronWeekly. September, with nearly two weeks remaining, is already on pace to clear that mark by what mert described as a wide margin.

How Raydium's 90%+ Market Share Was Built

Raydium's dominant position in this category emerged from a cluster of integrations that shifted volume onto its pools over a concentrated period.

StonkFun, the meme-stock launchpad, began routing all token launches through Raydium's LaunchLab on September 5. In the week prior to September 12, StonkFun generated $5.88 million in platform revenue while LaunchLab collected $886,612 in fees over the same stretch, per CoinCodex. The Grindr tokenized stock launch drew approximately $11 million in first-hour trading volume through this pipeline, per CoinCodex.

Sunrise Sunrise, which bridges assets cross-chain using Wormhole NTT, expanded Raydium's pool of tradable assets to include established crypto names. PEPE, one of the most-traded tokens on Ethereum, went live on Raydium via Sunrise on September 18, following Injective's INJ the day before. On the equities side, Backpack Backpack Securities provides the regulated issuance layer for more than 15 US stock tokens now trading on Solana, including Boeing, Costco, Reddit, and Lululemon.

Cypherpunk Technologies' $CYPH listed on September 18 through the same infrastructure, adding to a wave that began with Wendy's tokenized stock launching on September 11 and drew $7.3 million in its first three hours.

Solana's broader ecosystem crossed $6 billion in total xStocks-issued tokenized stock volume in the same period, with Raydium accounting for $2.3 billion of Q3 volume alone. The 90%+ current share reflects a category that has widened beyond xStocks-issued equities to include meme-adjacent tokenized assets that route through platforms like StonkFun.

The acceleration in volume shows clearly in on-chain data. Raydium's total daily swap volume across all categories rose from a September average of roughly $40M through the first five days of the month to more than $314M on September 11, per Solana Compass analytics.

Solana's September Onchain ATH: What the Data Reflects

Mert's September 19 post did not specify an exact transaction count for the month but described the margin over August's record as "wide." Both @solana and @Raydium replied to the post with the same word: "interesting."

Raydium's trading volume, StonkFun's launch cadence, PEPE's cross-chain arrival, and perps activity across Solana's DeFi layer are among the documented contributors. Network performance improvements published this month provide part of the infrastructure context: Solana's transition to 250-millisecond slot times went live at epoch 1037 on September 18, tightening block confirmation for the high-frequency trading that tokenized stocks and memestocks generate.

RAY Token and the Buyback Mechanic

RAY RAY gained 96.5% in the seven days ending approximately September 12, reaching its highest price since January 2026, per KuCoin. The token traded at $1.86 as of this report.

Raydium allocates 12% of protocol fees to buy RAY on the open market. On September 9, it executed its largest single-transaction buyback: $640,788, funded directly by the elevated fee revenue from tokenized stock and StonkFun volume. Cumulative buybacks through that date reached approximately $2.1 million, per KuCoin data.