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Following
RAY 
SOL 
ZEC Raydium and RAY tokens show parabolic growth
Raydium, a decentralized exchange built on top of Solana, and its native token RAY, have shown significant parabolic growth in the past week. As of the time of writing, RAY has increased by approximately 27% in the past 24 hours and by as much as 105% in seven days. The token is currently trading at $1.72, a level that hasn't appeared since November last year. Its market value has now reached US$446.5 million and is on the verge of breaking through the top 100 cryptocurrencies. It is worth noting that the catalyst for this bullish trend did not come from Raydium's own new features or products.
StonkFun directs new releases to LaunchLab
StonkFun is a token launch platform (Launchpad) on the Solana chain with a unique pairing structure. Generally, the matching model for launching platforms is to pair new tokens with SOL or USDC, while StonkFun uses tokenized stocks, pre-IPO tokens, ETFs, currencies and other crypto assets as matching targets.
Some tokens issued by StonkFun are launched in a "reward model", which means a transaction tax of 1% or 3% is levied on each transfer of the token. The funds received will be reallocated to holders based on their proportion of positions. What is unique here is the form of payment: what the holder receives is not the token itself, but the asset with which the token is paired. For example, if a token is paired with tokenized Apple stock, the holder will receive a corresponding return on the value of the Apple stock.
This reflects the reflection mechanism of meta-in practice. Currently, the total reward amount allocated by StonkFun has exceeded US$32 million, of which approximately US$4.9 million is allocated to ZCAT holders.
On September 5, StonkFun migrated all newly launched projects to Raydium's LaunchLab. This means that all transactions are now settled through Raydium's pool of funds and fees are paid to Raydium.
The transaction volume behind this switch is the key. In the past seven days, StonkFun generated $5.88 million in revenue, ranking second among all launch platforms after top-ranked Pons (revenue of $10.46 million). pump.fun, which defines the category for two years, ranks third with a seven-day fee of $4.73 million.
12% of each fee income is used to buy back RAY
Raydium uses 12% of all transaction fees it charges to buy RAY on the open market. This is not a promise to purchase at a certain point in the future, but an actual purchase operation based on the market price every day.
Think of this mechanism as a buyer who shows up every day with a fixed budget and no preset target price. The size of the budget depends on the volume of transactions passed through the Raydium pool the previous day. More new projects coming online bring more transactions, and more transactions generate more fees, giving this "buyer" greater purchasing power.
The key to the second half is the direction of RAY after buying. These tokens are deposited into the agreement wallet rather than being re-placed on the exchange. Every RAY purchased means that it cannot be sold the next day, thereby reducing selling pressure on the market.
The repurchase amount reached US$640,788 on September 8
On September 8, US$640,788 was spent on RAY on the day of the agreement, setting the largest single-day repurchase record since February 2025. For most of 2026, daily repurchase volumes have been in a stable range that is almost invisible on the chart. Repo activity began to heat up in August, but the first week of September made the trend extremely steep.
Currently, LaunchLab's own seven-day fee ranking has risen to ninth place in the launch platform, reaching US$886,612.
