Raydium

TVL stands at $1.06B with a +4.40% 24h increase, indicating fresh capital inflow. Activity is large-scale: $435.3M 24h volume ($2.50B 7d; $8.09B 30d) with a +62.97% 1d volume jump. Market-activity feed also reports $135.2M 24h trading volume, implying cross-source measurement differences but consistently high throughput.

Capital turnover (Volume/TVL) is 0.41x/day ($435.3M / $1.06B), or ~12.3x/month on the latest day’s pace. Using trailing windows: 7d average daily volume is ~$357M → 0.34x/day; 30d average daily volume is ~$270M → 0.25x/day. This places the protocol in a “highly used liquidity” regime where LP capital is actively recycled rather than sitting idle.

The venue lists 355 coins across 1,546 pairs, or ~4.36 pairs/coin, suggesting broad market coverage but potential liquidity fragmentation across the long tail. Fee generation is $304.1K/24h on $435.3M volume, implying an effective fee take of ~0.07% (all-in across trades). The gap between fees ($304.1K) and revenue ($46.1K) means the protocol retains ~15.2% of fees as revenue (remainder primarily to liquidity providers/incentives depending on pool settings).

TVL deployment is 100% on Solana: $1.06B, making performance and risk tightly coupled to Solana’s uptime, fee environment, and ecosystem flows. Staking TVL is $22.1M, only ~2.1% of total TVL, implying most capital is deployed directly into trading liquidity rather than locked in staking.

Valuation sits at MCap/TVL = 0.15 and FDV/TVL = 0.32, consistent with a TVL-heavy, utility-driven profile rather than purely speculative pricing. Protocol revenue efficiency is modest: $46.1K/24h revenue implies ~$16.8M annualized, or ~1.6% of TVL (annualized) retained by the protocol; gross fees annualize to ~$111M (~10.5% of TVL), highlighting that most economics accrue outside the protocol treasury. Risk flags are material: 0 audits and N/A trust score despite scale; token remains ~96.4% below ATH ($0.6044 vs $16.83) while ~4.5x above ATL ($0.134391), reflecting long-cycle volatility.