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Raydium’s RAY token begins trading on FTX

raydium’s-ray-token-begins-trading-on-ftx

Raydium, a new Automated Market Making (AMM) protocol built on Solana and leveraging Serum’s central orderbooks, saw its token go live today. Trading launched on FTX.

Price Discovery

RAY/USD [1 min chart]

According to the chart, RAY began trading $0.75 at launch. Right now, it is trading at $5.75 – this is a 650%+ increase in less than a day. In addition, over $33,000,000 were traded since launch on FTX on its spot market.

The perpetual swap contract for RAY (i.e. RAY-PERP) traded over 9 million RAY tokens and is trading at a premium of around 2.5%. The latter is indicative of the market demand to leverage long RAY tokens.

Raydium Protocol

Raydium protocol is an AMM protocol that is built on Solana and leverages the central orderbook of Serum. There are five core products to Raydium:

  • Trading
  • Swap
  • Pools
  • Staking
  • Farms

Pools will be coming live soon and will offer opportunities to earn rewards for liquidity providers, of course at the risk of possible impermanent losses.

What do you think?

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