Blockworks’ report on Raydium’s third quarter of 2026 showed a sharp rise in revenue, cash flow, buybacks, and treasury assets, driven by growth in tokenized assets and a rebound in meme-token trading. Net revenue rose 264.2% quarter over quarter to $7.99 million, while operating cash flow increased 263.6% to $8.67 million. Programmatic RAY buybacks reached $5.23 million during the quarter, bringing cumulative buybacks to $204 million, equal to 32.1% of circulating supply. Treasury assets climbed 150.1% from the prior quarter to $243 million, including $72.55 million in non-RAY reserves. By business line, CLMM remained the largest contributor, LaunchLab revenue jumped after the migration of tokenized stock launch platform StonkFun, CPMM also expanded, and AMM v4 declined. Total trading volume rose to $19.99 billion, with tokenized assets generating $3.99 billion in volume and 45% of swap fees. Raydium’s share of Solana tokenized-asset spot volume also increased from 36.2% to 49.8%. The protocol also launched permissioned liquidity pools for compliant asset trading and an "Any Token Pair" mode for custom quote assets during the quarter.
According to Blockworks’ report on Raydium’s third quarter of 2026, the protocol posted $7.99 million in net revenue, up 264.2% from the previous quarter, as growth in tokenized assets and a rebound in meme-token trading lifted activity. Operating cash flow rose 263.6% quarter over quarter to $8.67 million.
Raydium’s programmatic RAY buybacks totaled $5.23 million in the quarter, an increase of 203.3% from the prior quarter. Cumulative buybacks reached $204 million, representing 32.1% of circulating supply. By the end of the quarter, total treasury assets had climbed 150.1% to $243 million, while non-RAY reserves increased to $72.55 million.
Revenue by product line
CLMM generated $4.55 million in net revenue, up 279.1% quarter over quarter, accounting for 56.9% of the total.
LaunchLab revenue rose from $210,000 to $1.85 million, or 23.2% of the total. The report said the increase was driven by the migration of tokenized stock launch platform StonkFun.
CPMM revenue increased 253.9% to $1.2 million. AMM v4 revenue fell 13.4% to $390,000.
Trading volume and fee mix
Raydium’s total trading volume rose 103% from the previous quarter to $19.99 billion during Q3. Tokenized-asset volume increased 90.9% to $3.99 billion.
That segment contributed 45% of swap fees, or $2.66 million, making it the protocol’s largest source of fees. Raydium’s share of Solana tokenized-asset spot trading volume also rose from 36.2% to 49.8%.
Products launched during the quarter
During the quarter, Raydium launched permissioned liquidity pools for compliant asset trading and an "Any Token Pair" mode that supports custom quote assets.
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