Raydium on Solana conducts buyback worth $190 million… Market cap nears $800 million

JOON HYOUNG LEE

Summary

Raydium, a Solana-based DEX, has reportedly bought back its own tokens worth approximately $190 million.
Raydium is utilizing part of its platform revenue for public token buybacks and has been implementing such buybacks since early last year.
Recently, the rise in Raydium's price has brought its market capitalization close to $800 million.

Raydium (RAY), a decentralized exchange (DEX) based on Solana (SOL), has reportedly bought back its own tokens worth $190 million.

According to The Block on the 17th (local time), Raydium has acquired a total of 69.1 million of its own tokens as of that day. At current Raydium values, this represents around $190.4 million (approx. ₩2.7 trillion). The Block reported, "Raydium utilizes a portion of platform revenue for public buyback of its own tokens."

Since early last year, Raydium has been pushing buybacks to maximize returns for token holders. As of 8:25 PM that day, Raydium was trading at $2.94 on CoinMarketCap, up 1.11% from the previous day. This marks a 19.53% increase compared to one week ago.

With this price rally, the market capitalization is approaching $800 million. According to CoinMarketCap, Raydium's market cap stood at approximately $787 million as of that day.

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