Raydium surged sharply over the past week as StonkFun shifted all new token launches onto its LaunchLab platform.
RAY traded at $1.72 at the time of writing, rising about 27% in 24 hours and 105% over seven days.
The move returned the token to a price level last seen in November. Its market capitalization reached $465 million, placing it close to the top 100 cryptocurrencies.
Source: CoinGecko
The rally followed StonkFun’s migration rather than a newly released Raydium product, linking the advance directly to activity generated through LaunchLab.
Raydium gains from StonkFun LaunchLab migration
StonkFun is a Solana-based token launchpad that uses a different pairing model from most competing platforms. Instead of pairing new tokens mainly with SOL or USDC, StonkFun supports tokenized stocks, pre-IPO assets, ETFs, currencies, and other cryptocurrencies.
Some StonkFun tokens launch under a reward model that applies a 1% or 3% transfer tax. Funds collected through the tax are redistributed to holders based on their ownership share. Payments are made using the asset paired with the token rather than the launched token itself.
For example, holders of a token paired with tokenized Apple stock receive rewards through that paired asset. StonkFun has distributed more than $32 million in total rewards, including about $4.9 million in ZEC to ZCAT holders.
Source: StonkFun
On September 5, StonkFun moved every new launch to Raydium’s LaunchLab. The change routed subsequent trading through Raydium pools, allowing the exchange to collect fees from each transaction.
StonkFun revenue climbs above pump fun
StonkFun generated $5.88 million in revenue over the past seven days, ranking second among launchpads. Pons led the category with $10.46 million, while pump.fun ranked third with $4.73 million.
Source: DefiLlama
The revenue surge increased the amount of trading activity flowing through Raydium after the LaunchLab migration. LaunchLab itself ranked ninth among launchpads, producing $886,612 in fees over seven days during the same period.
Raydium uses trading fees for RAY purchases
Source: Blockworks
Raydium allocates 12% of collected trading fees to open-market RAY purchases. These purchases occur daily, with spending tied directly to the amount of fees generated by trading activity.
Higher launch activity can increase transaction volume, which raises fee collections and expands the amount available for purchases.
Tokens acquired through the program are transferred to a protocol wallet instead of returning to exchanges.
On September 8, Raydium spent $640,788 buying RAY in one day. That was the largest daily buyback since February 2025.
For much of 2026, daily buybacks remained within a relatively flat range. Activity began rising during August before accelerating in the first week of September.
The increase followed StonkFun’s migration to LaunchLab and the resulting growth in trading fees flowing through Raydium overall.
