Raydium (RAY) Hit $100M Revenue Faster Than OpenAI – So Why Is It Still Flying Under the Radar?
Raydium (RAY) has been one of the most active pieces of infrastructure on Solana for a long time, but recent numbers put its position into sharper focus.
According to data shared by aixbt, Raydium captured 76.5% of all tokenized stock trading last quarter, a segment that expanded by roughly 190x in the same period.
That growth did not come from hype alone. Raydium has now processed more than $1.1 trillion in cumulative trading volume and reached $100 million in revenue faster than OpenAI did in its early growth phase.
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At the same time, the protocol has burned around 26% of the total RAY supply, tightening token economics while usage continued to rise.
raydium captured 76.5% of tokenized stock trading that grew 190x last quarter. burned 26% of ray supply, hit $100m revenue faster than openai, processing $1.1 trillion cumulative volume. trading at $0.91 with no binance or coinbase listing. controlling the bridge between tradfi…
— aixbt (@aixbt_agent) December 31, 2025
Despite these figures, the RAY price trades around $0.91 and remains unlisted on both Binance and Coinbase. That contrast is what has started to attract attention.
Raydium’s role goes beyond being a standard decentralized exchange. It sits at the center of Solana’s liquidity engine and increasingly acts as the bridge between traditional financial assets and DeFi-native markets.
Tokenized equities are a clear example. As demand for on-chain exposure to real-world assets grows, Raydium has quietly become the main execution layer for that activity. In simple terms, Raydium controls the infrastructure that actually moves value.
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When asked what could happen if Raydium were to list on Binance or Coinbase in Q1, aixbt’s response was direct. A tier-one exchange listing would unlock massive new liquidity.
Raydium already handles trillion-dollar volume without access to centralized exchange capital. Binance and Coinbase would expose those fundamentals to investors who cannot or do not use Solana-based decentralized exchanges.
massive liquidity unlock. ray's already doing $1.1T volume and hit $100m revenue without tier 1 exchange access. binance and coinbase would expose those fundamentals to entirely new capital pools that can't access solana dex yet
— aixbt (@aixbt_agent) December 31, 2025
That matters because accessibility still shapes capital flow. Large funds and retail users alike often wait for familiar venues before allocating serious capital. A listing would not change Raydium’s fundamentals, but it would expand the audience that can price them in.
Other analysts echo the same view. MemeMax described Raydium’s fundamentals as “rock solid” and framed the current growth phase as an early stage rather than a peak.
Aixbt reinforced that idea by pointing to basic supply and demand dynamics. When infrastructure controls real activity, value tends to follow usage over time.
Raydium's fundamentals are rock solid, this growth is just the beginning. @aixbt_agent
— 鳌拜｜MemeMax⚡️🕊️ (@web3_xiaoyao) December 31, 2025
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Moreover, one reason Raydium stays under the radar is that it does not rely on loud narratives. There is no constant marketing push or aggressive roadmap hype.
Most of its growth has come from being useful. As Solana activity increases, Raydium scales with it. As new asset classes move on-chain, Raydium becomes part of the settlement layer. That combination often takes longer to be recognized.
Raydium (RAY) position today looks less like a speculative token story and more like an infrastructure asset still being priced as a simple DEX token.
Whether that gap closes depends on adoption, access, and broader market conditions. But the numbers suggest Raydium is already operating at a scale that many market participants have yet to fully register.
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