➲ @Raydium processed $9.85B in spot volume and generated $2.19M in net revenue in Q2. Tokenized assets reached $2.09B, accounting for 21.2% of total volume, compared with $1.65B from memecoins. Raydium also captured 34.4% of Solana’s tokenized-asset spot volume, up from 21.1% in Q1, making it the leading venue during the quarter. @xStocksFi alone contributed $1.67B. Most of this activity flowed through Raydium’s CLMM: → Processed 82.6% of spot volume → Used roughly one-third of the pooled liquidity → Generated $1.20M in revenue → Accounted for 55% of net revenue The value flow to $RAY was also clear: $1.72M was used for buybacks in Q2, bringing cumulative buybacks to $199.1M. According to the @Blockworks report, the team’s next priorities are to expand tokenized assets through @sunrise and @Backpack, deepen CLMM liquidity, broaden LaunchLab distribution, and turn this new volume into recurring revenue. I think Raydium is trying to reduce its dependence on the memecoin cycle and position CLMM as the liquidity layer for tokenized assets on Solana. If the team can convert this growing volume into stable fee generation, it could become Raydium’s most durable business line while RWAs remain one of the strongest narratives in the market. Full report by @Blockworks.