- Raydium has outperformed Ethereum in 24-hour fees, amassing $3.4 million.
- Its Total Value Locked (TVL) has also climbed to $1.7 billion, reaching its peak in nearly three years.
Recently, Raydium [RAY] grabbed attention by momentarily exceeding Ethereum in 24-hour fee generation. This spike in activity on the Solana-based decentralized exchange (DEX) signifies an increasing trend in its network usage, with its native token also experiencing positive price movements lately.
Raydium outpaces Ethereum in daily fees
For a short time, Raydium was able to generate more fees than Ethereum, a commendable achievement given Ethereum’s vast ecosystem.
According to data from DefiLlama, Raydium’s 24-hour fees soared to around $3.4 million, surpassing Ethereum’s $3.3 million during that period.
Currently, Ethereum has regained its advantage, generating $3.7 million in fees compared to Raydium’s $2.8 million. Nonetheless, Raydium briefly eclipsing Ethereum in this metric is noteworthy.
When comparing their 7-day fee trends, Ethereum remains well ahead at $34 million, while Raydium stands at $18.2 million. Still, Raydium’s growth is impressive considering the relative scale of the two platforms and their TVL (Total Value Locked).
Raydium’s trading volume and TVL rise
An analysis of Raydium’s fee trends illustrates a significant increase in recent days, indicating heightened transaction activity across the network. A closer examination of its trading volume aligns with this trend, showcasing considerable growth.
Source: DefiLlama
Raydium’s trading volume had remained under $1 billion since August, but began to rise around October 10. By October 13, it had surpassed $1 billion, and by October 20, it approached $1.5 billion.
As it stands now, Raydium’s volume is roughly $1.2 billion. Additionally, its TVL has experienced a significant increase, peaking at $1.7 billion on October 21, the highest in nearly three years, before slightly retreating to $1.6 billion at the time of writing.
RAY’s price remains bullish
The price of Raydium’s token (RAY) has been trending positively over the last few weeks. Currently priced at $2.587, the token has seen a minor pullback of 1.45%.
However, it continues to trade above both its 50-day and 200-day moving averages, indicating sustained bullish momentum.
Source: TradingView
The Chaikin Money Flow (CMF) metric is in the positive territory at 0.24, indicating robust buying interest and favorable capital flows. This accumulation has contributed to RAY’s recent price increases.
Moreover, the token has broken past a significant resistance level near $1.75, bolstered by a “golden cross” where the 50-day and 200-day moving averages have intersected, providing additional bullish confirmation.
Whether realistic or not, here’s RAY market capitalization in terms of BTC
In summary, Raydium’s momentum remains strong, though today’s slight pullback may suggest a consolidation phase before another potential surge.
