dailyhodl.com
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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