Raydium Reports $24.3M Q3 Revenue Amid 35% TVL Growth and RWA Dominance on Solana

Executive Summary

Raydium, a leading decentralized exchange on Solana, reported substantial growth in Q3 2025, with net revenue reaching $24.3 million, driven by its LaunchLab platform and significant expansion in tokenized real-world assets, reaffirming its market position.

The Event in Detail

Raydium recorded a net revenue of $24.3 million in Q3 2025, marking a 69% increase quarter-over-quarter. The LaunchLab platform emerged as a primary revenue driver, contributing $12.8 million, an increase of 220% quarter-over-quarter, accounting for over half of the total revenue. This performance underscored LaunchLab's scalability and its role as a key venue for token launches, with nearly half of the protocol's swap revenue originating from LaunchLab tokens. Raydium collects a 0.25% fee on swap value for all LaunchLab trades, with an additional 0.75% platform fee applied to trades occurring on Raydium's native LaunchLab.

During the same period, Raydium processed $51.9 billion in total trading volume, representing a 30% increase quarter-over-quarter. This growth surpassed the broader Solana DEX market's 22% expansion, leading to an increase in Raydium's market share from 14.8% to 15.9%. The protocol's Total Value Locked (TVL) expanded by 35% quarter-over-quarter to $2.46 billion, solidifying its status as one of Solana's largest liquidity hubs.

Technological advancements in Q3 included the deployment of Swap V2, which streamlined user interaction and routing by reducing required account inputs. Raydium also introduced a pool-creator fee-share mechanism for CPMM pools and a CLMM allowList module, named SuperState, for permissioned real-world asset (RWA) trading requiring Know Your Customer (KYC) verification. This system leverages Solana's Token-2022 standard, allowing whitelisted accounts to transact. Additionally, LaunchLab gained full compatibility for Token-2022 assets.

The quarter also marked a significant expansion into tokenized assets on Solana, with trading volume surging from $1.36 million in Q2 to $262.1 million in Q3. Raydium captured a dominant 76.5% of this total tokenized-asset volume, handling $200.5 million. Despite this growth, LaunchLab exhibited a high concentration risk, with LetsBonk accounting for 98% of launches and 96% of its revenue, highlighting a need for diversification.

Market Implications

Raydium's Q3 performance and strategic advancements carry significant market implications. The protocol's sustained growth in trading volume and TVL, alongside its increasing market share, reinforces its position as a dominant decentralized exchange within the Solana ecosystem. The successful integration and revenue generation from LaunchLab demonstrate a viable model for token origination and secondary liquidity provisioning.

Its aggressive expansion into the tokenized Real-World Asset (RWA) sector, particularly through the CLMM allowList module and Token-2022 compatibility, positions Raydium as a critical infrastructure layer for bridging traditional finance and decentralized finance on Solana. This move is designed to attract institutional capital and facilitate regulated asset trading, potentially driving broader institutional adoption of the Web3 ecosystem. The ability to capture a substantial majority of the burgeoning RWA market on Solana indicates a strong competitive advantage.

Expert Commentary

Industry observers note that Raydium's robust growth validates its multi-product architecture and strategy to integrate issuance, liquidity provisioning, and secondary trading within a single stack. The significant revenue contribution from LaunchLab, while demonstrating its potential, also highlighted a concentration risk. As indicated by the report, sustainability moving forward will depend on diversifying issuance pipelines beyond the single dominant platform, LetsBonk, and continued product innovation.

Broader Context

Raydium's strategic evolution extends beyond its core decentralized exchange services into vertical expansion for token origination through its LaunchLab. This approach aims to capture value across the entire token lifecycle, positioning Raydium as a central infrastructure layer for project launches on Solana. The protocol's proactive upgrades, such as the CLMM allowList module, are pivotal for anchoring liquidity and enhancing routing efficiency within emerging RWA markets.

The overall market for tokenized assets on Solana experienced a breakout quarter, with volumes increasing nearly 192-fold. Raydium's swift dominance in this rapidly expanding segment underscores its agility and integrated liquidity architecture. This trend suggests a growing maturation of the Solana ecosystem, with protocols like Raydium enabling more sophisticated and institutionally relevant financial activities.