The native token for a decentralized exchange (DEX) built on Solana (SOL) has skyrocketed by more than 95% this week amid roaring network growth.
Raydium (RAY) is an on-chain order book automated market maker (AMM).
The project’s native token, RAY, is trading at $1.72 at time of writing, up from around $0.88 one week ago.
The 144th-ranked crypto asset by market cap is also up nearly 16% in the past 24 hours and more than 1,140% since the start of 2023.
RAY’s recent gains have materialized as the Raydium protocol witnessed an explosion in total value locked (TVL). TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem.
Raydium clocks $116.8 million in TVL at time of writing, according to the decentralized finance tracker DeFi Llama. That number represents an increase of more than 38% in the past week and 118% in the past month.
Solana’s TVL has also ballooned in the past month: The Ethereum (ETH) challenger registers $1.328 billion in total value locked at time of writing, an increase of nearly 28% in the past week and 154% in the past month.
SOL is trading at $96.62 at time of writing. The 5th-ranked crypto asset by market cap is up more than 4% in the past 24 hours.
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