The native token of the decentralized exchange (DEX) built on Solana (SOL) soared more than 95% this week as the network’s growth surged.
Radium (RAY) is an on-chain automated market maker (AMM).
The project’s native token, RAY, is trading at $1.72 as of this writing, up from about $0.88 a week ago.
The 144th-largest cryptocurrency asset by market cap is also up nearly 16% in the last 24 hours and more than 1,140% since the start of 2023.
RAY’s recent gains have materialized as the Raydium protocol has witnessed an explosive increase in total value locked (TVL). TVL represents the amount of capital deposited within a protocol’s smart contracts and is often used to measure the health of the cryptocurrency ecosystem.
Raydium has $116.8 million in TVL at the time of this writing, according to DeFi Llama, a decentralized finance tracker. This figure is an increase of more than 38% last week and 118% last month.
Solana’s TVL has also surged over the past month. The Ethereum (ETH) challenger has a total value locked of $1.328 billion at the time of this writing. That’s an increase of nearly 28% over the past week and 154% over the past month.
SOL is trading at $96.62 at the time of this writing. The fifth-largest cryptocurrency asset by market capitalization is up more than 4% in the past 24 hours.
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