Raydium, the largest decentralized exchange on Solana, just posted its best weekly revenue numbers in over a year. The catalyst wasn’t another memecoin frenzy. It was tokenized stocks.
The protocol’s 30-day holders revenue climbed to $4.43 million, with $1.19 million of that coming from the most recent seven-day window alone. Total protocol revenue over the trailing 30-day period hit $6.94 million, a level the DEX hasn’t touched since the summer of 2025.
StonkFun changes the economics
The revenue spike traces back to a single integration. On September 5, 2026, Raydium onboarded StonkFun, a platform built around tokenized equities, through its LaunchLab infrastructure. The move collapsed the cost of deploying a new token from 0.29 SOL to 0.03 SOL. That’s roughly a 90% reduction in launch fees.
The cheaper on-ramp triggered an immediate wave of tokenized equity trading. Assets tracking well-known companies like Boeing and Roblox started seeing meaningful volume flow through Raydium’s pools. Just one day after the integration, on September 6, Raydium logged a single-day protocol revenue peak of nearly $440,000.
That same day, protocol buybacks of Raydium’s governance token RAY reached $640,788, the largest daily buyback figure since February 2025. The buyback mechanism works like a stock repurchase program: protocol revenue is used to buy RAY off the open market, reducing circulating supply and theoretically supporting the token’s price.
The market took the hint. RAY rallied approximately 90% over the span of a week, climbing to an 11-month high of around $2.01. Its market capitalization approached $543 million during the peak of the move.
From memecoins to tokenized equities
Raydium’s origin story is deeply tied to the memecoin economy. The protocol served as the primary liquidity venue for Solana’s parade of dog-themed, frog-themed, and celebrity-adjacent tokens throughout 2024 and into 2025. When the memecoin trade cooled, so did Raydium’s numbers.
The StonkFun integration represents something different. Tokenized-asset trading volume on Raydium grew substantially in Q2 2026, reaching $2.09 billion for the quarter. Raydium’s LaunchLab, which originally served as a token creation and liquidity bootstrapping tool for memecoins, has effectively been repurposed. By dramatically cutting deployment costs, it became a viable launchpad for tokenized versions of traditional financial instruments.
What this means for Solana’s DEX landscape
The $2.09 billion in tokenized-asset trading volume during Q2 2026 signals genuine demand. At $640,788 in a single day, the protocol is generating enough revenue to meaningfully support its own token price through open-market purchases.
The risk, of course, is that tokenized equity trading faces regulatory scrutiny that memecoins largely avoided. Synthetic stock tokens occupy a gray area in most jurisdictions. If regulators decide these instruments constitute securities, platforms facilitating their trading could face enforcement actions. The cost reduction that made StonkFun’s integration so impactful also makes it trivially cheap to launch tokens that might attract regulatory attention.
