Raydium, the largest decentralized exchange on Solana, recorded its strongest weekly revenue since the summer of 2025, with tokenized equities rather than memecoins driving the surge.

Protocol data shows 30-day holders revenue reached $4.43 million, including $1.19 million from the most recent seven-day window. Total protocol revenue over the trailing 30-day period hit $6.94 million — a level the DEX last touched in mid-2025.

The StonkFun integration

The spike traces to a single integration. On September 5, 2026, Raydium onboarded StonkFun, a platform built around tokenized equities, through its LaunchLab infrastructure. The move cut the cost of deploying a new token from 0.29 SOL to 0.03 SOL — a reduction of roughly 90% in launch fees.

The cheaper on-ramp triggered an immediate wave of tokenized equity trading. Assets tracking well-known companies such as Boeing and Roblox began seeing meaningful volume flow through Raydium's pools. One day after the integration, on September 6, Raydium logged a single-day protocol revenue peak of nearly $440,000.

That same day, protocol buybacks of Raydium's governance token RAY reached $640,788 — the largest daily buyback figure since February 2025. The mechanism functions like a corporate stock repurchase program: protocol revenue buys RAY off the open market, reducing circulating supply.

RAY rallied approximately 90% over one week, climbing to an 11-month high of around $2.01. Its market capitalization approached $543 million at the peak of the move.

From memecoins to tokenized instruments

Raydium's origins are tied to the memecoin economy. The protocol served as the primary liquidity venue for Solana's parade of dog-themed, frog-themed and celebrity-adjacent tokens through 2024 and into 2025. When the memecoin trade cooled, so did Raydium's numbers.

The StonkFun integration represents a different thesis. Tokenized-asset trading volume on Raydium grew substantially in Q2 2026, reaching $2.09 billion for the quarter. LaunchLab, originally a token creation and liquidity bootstrapping tool for memecoins, has effectively been repurposed: by slashing deployment costs, it became a viable launchpad for tokenized versions of traditional financial instruments.

The $2.09 billion in quarterly tokenized-asset volume signals genuine demand, and at $640,788 in a single day, the protocol generates enough revenue to meaningfully fund open-market purchases of its own token.

The regulatory overhang

The risk is enforcement. Tokenized equity trading faces regulatory scrutiny that memecoins largely avoided. Synthetic stock tokens occupy a legal gray area in most jurisdictions. If regulators determine these instruments constitute securities, platforms facilitating their trading could face enforcement actions. The same cost reduction that made StonkFun's integration so impactful also makes it trivially cheap to launch tokens likely to attract regulatory attention.

Raydium's revenue trajectory now depends less on speculative memecoin cycles and more on whether tokenized equities can survive contact with securities regulators — a question that will shape Solana's DEX market structure over the coming quarters.