Class Dismissed: End of Raydium Graduations

Marc first covered Raydium in August 2024, discussing its architecture, token buyback mechanism, valuation, and more. In addition, Carlos recently analyzed Solana’s DEX landscape, highlighting Raydium’s memecoin dominance in volumes and identifying Pumpfun launching its own DEX as a key risk. 

Volume by Asset Type

How reliant is Raydium on Pumpfun? Below, we show Raydium’s volume breakdown by asset type over time. Since Q1 2024, memecoins have accounted for >80% of its total volume, with reliance on Pumpfun memes increasing over time. Specifically, Pumpfun memes accounted for almost 50% of Raydium’s total DEX volume in Q4 2024 and 40% of 2025 YTD volumes as of Feb 23, 2025. It should be noted that a plurality of AI coins also migrated from Pumpfun. Below, we show a breakdown of Raydium’s volumes by asset type. 

Pumpfun vertically integrating by launching its own AMM means that Raydium will lose its largest source of new trading volume. In this regard, it’s crucial to realize that existing Pumpfun coins would still trade primarily on Raydium. This caveat begs the question – which source is more critical, new Pumpfun memecoins or already graduated ones? Given the short attention span inherent in the memecoin market, one could argue that new memecoins are more impactful in the long term.  

Volume by Pool Age

The chart below shows Raydium’s trading volumes by pool age. Crucially, >70% of Raydium’s volume derives from pools that are less than 30 days old. This statistic supports our intuition that new Pumpfun volumes are more impactful to Raydium’s forward-looking volumes than already graduated coins.