Overview
- The integration by StonkFun into Raydium’s LaunchLab triggered a concentrated surge of new-token trading that lifted RAY prices and sent protocol revenue to a one-day high of about $440,000 on September 6, 2026.
- StonkFun’s native token STONK jumped more than 250% during the wave and reached an estimated $140 million market cap, channeling heavy order flow through Raydium’s bonding-curve launch mechanics.
- Raydium routes a reported 12% of swap fees to open-market RAY buybacks and has spent roughly $190 million to buy about 69 million RAY, a program that protocol reports say has removed over 30% of circulating supply.
- On-chain data show some holders taking profits, with large unstaking and deposits of RAY to major exchanges such as Binance and Gate, creating a risk that short-lived selling could reverse the rally if launch volume fades.
- LaunchLab lowered deployment costs and has been a steady revenue source for Raydium, so the key signals to watch for durability are sustained daily trading volume, continued buyback pace, rising staking, and on-chain exchange flows.