Post by wolfur about Raydium ($RAY)

$RAY is up 150% in 30 days and this time the fees came first. Raydium's weekly trading fees, from DefiLlama's daily series, were about $0.7M a week through July, around $2M a week in August, then $5.3M, $10.8M, $8.2M and $8.4M in the four September weeks. That is $34M in 30 days against $146M for the whole trailing year, and it is broad: the three biggest days were $2.5M, $2.2M and $2.0M, not one outlier. Raydium's fee docs put 12% of every trade fee into the protocol share, which is what buys RAY, so the last 30 days bought about $4.1M of it. At the pace of September that is near $50M a year, 9.6% of the $522M market cap and 4.7% of the $1.07B fully diluted value, with about half the supply still to come out. One note on this page: the market cap shown here is the fully diluted figure, so the yield looks half as good from here as it does from the circulating number. My question is the durability of September. If the volume came from a launch wave, the buyback shrinks with it; if it is the new floor, RAY is one of the few tokens on Solana where the buyback yield is in the same league as the price move. Anyone tracking where the September volume came from?