Raydium Token Holder Report Q3 2025
The Q3 2025 Raydium report highlights the protocol’s strong financial performance and strategic evolution. Raydium achieved $24.3M in revenue (+69% QoQ), driven primarily by the success of its LaunchLab token issuance platform, which contributed $12.8M (+220% QoQ) and accounted for 53% of total revenue. Net trading volume grew 31% quarter-over-quarter to $51.9B, increasing Raydium’s DEX market share to 15.9% within the Solana ecosystem. The report outlines the diversified income from AMM, CPMM, and CLMM pools, with CPMM generating the majority of swap revenue, ensuring a balanced mix of stable and speculative liquidity. Total Value Locked (TVL) rose 35% QoQ to $2.5B, cementing Raydium’s status as Solana’s largest liquidity hub. Challenges included rising competition and concentrated dependence on LaunchLab’s principal user, LetsBonk, for token issuance. Looking ahead, Raydium plans to diversify LaunchLab adoption, enhance infrastructure, and balance speculative-driven revenue with sustainable growth. This positions Raydium as a leading infrastructure for token issuance, trading, and ecosystem liquidity in the Solana DeFi space.
Layer-1
Decentralized Exchange
Automated Market Maker (AMM)
SEC Alleged Securities
Introduction and Purpose
This Token Holder Report is a product of Blockworks Advisory. Each quarterly report combines high-fidelity, proprietary data with expert commentary from our analysts and the protocol team. It provides a comprehensive view of the protocol from a fundamentals perspective. A downloadable PDF is available for offline access or internal sharing.
Executive Summary
Q3 2025 marked a pivotal quarter where Raydium embraced its multi-product identity. Following the debut of LaunchLab in mid-April, the platform scaled to become the protocol’s dominant revenue driver, contributing $12.8M in revenue (+220% QoQ) or 53% of total revenue ($24.3M). This move redefined how Raydium captures value within the Solana ecosystem, transitioning from token trading to token creation.
LaunchLab also validated integration between issuance and secondary liquidity, amplifying trading volume across AMM, CPMM, and CLMM pools. Half of Q3's total swap revenue originated from LaunchLab tokens. Overall, Raydium processed $51.9B in trading volume (+31% QoQ) and expanded its market share to 15.9%, while showcasing strong momentum in the growing Solana DEX market.
Revenue Breakdown by Segment
Raydium's revenue performance in Q3 2025 reflected growth across its products:
- LaunchLab Revenue: $12.8M (+220% QoQ), representing 53% of total revenue. This shift highlights LaunchLab’s accelerating adoption and role as a key revenue driver.
- Swap Revenue: $10.5M (+18% QoQ). CPMM and CLMM pools generated most of the revenue, while AMMs continued as high-fee products (0.25% per swap).
This balanced structure ensures that Raydium captures speculative upside during retail-driven surges and maintains stable revenue through consistent trading activity.
Operational Cash Flow and Investments
Raydium reported $27.5M in operating cash flow in Q3 2025, increasing by 62% QoQ.
Key Highlights:
- Buybacks and Treasury Allocations: $14.6M, with $11.8M directed to buyback funds and $2.9M allocated to the treasury.
- A portion of LaunchLab revenue was redeployed to experiment with RAY buybacks through single-sided liquidity provisioning. Around 33K SOL was used to repurchase 2.06M RAY.
The cash flow reflects Raydium's prioritization of capital efficiency, balancing reinvestment, buybacks, and long-term treasury growth.
Q3 Market Share and Ecosystem Performance
Raydium processed $51.9B in trading volume (+31% QoQ), outperforming the broader Solana DEX market (22% QoQ growth). The protocol’s market share rose to 15.9%.
Breakdown by Month:
- July: $23.8B (24% of Solana DEX volume), driven by speculative LaunchLab tokens.
- August: $16.7B (14% share), reflecting market normalization.
- September: $11.4B (11% share), as speculative activity tapered off.
Despite facing intensified competition, Raydium remained a major liquidity hub, anchoring its position as the third-largest Solana DEX.
Tokenized Asset Growth
Q3 2025 marked the breakout of tokenized assets as a significant category. Raydium handled 76.5% of tokenized-asset volume in Solana’s ecosystem, with total volume surging to $200.5M ($262.1M across Solana).
Key Drivers:
- Partnerships for RWA issuance onchain.
- Introduction of a CLMM allowList module to facilitate compliant trading.
This performance underscores Raydium's role as an infrastructure layer bridging traditional finance and DeFi markets.
Product and Ecosystem Updates
Raydium introduced several updates in Q3, improving its product infrastructure:
- AMM Enhancements: Deployment of Swap V2 interface, streamlining user experience.
- CLMM Module: Added allowList support for permissioned trading.
- LaunchLab Updates: Expanded functionality with creator fee support and pre-launch configuration fixes.
Additionally, Raydium was integrated into new platforms like Multiplier and quanto.finance, further solidifying its ecosystem relevance.
Key Challenges and Road Ahead
Raydium faces concentration risks with LaunchLab heavily reliant on LetsBonk tokens. Competitive pressures also highlight the need for sustaining market share through:
- Diversifying issuance pipelines and platform participation.
- Maintaining speculative momentum while ensuring core liquidity depth.
Q3 reaffirmed Raydium’s position as both a leading DEX and a token issuance platform. However, overcoming reliance on speculative and concentrated revenue streams remains pivotal for future stability.