Raydium's Solana (SOL) DEX Revenue Hits $440K on StonkFun Integration

Raydium Revenue Hits 13-Month High

Raydium, the flagship decentralized exchange built on Solana (SOL), generated close to $440,000 in daily protocol revenue on September 6, its strongest single day since July 2025, after the token launchpad StonkFun integrated the DEX's LaunchLab issuance infrastructure. The tie-up turned StonkFun's launch-day trading directly into Raydium fee income, and Solana's launchpad economy repriced accordingly.

LaunchLab, Raydium's permissionless token-issuance layer, runs new tokens along a bonding curve through their opening phase. Once a token clears its graduation threshold, its liquidity migrates automatically into one of Raydium's constant-product market maker pools. Because issuance-stage swaps settle on Raydium rails, every launch-day trade books as protocol revenue — a design that binds the primary issuance phase and secondary trading into one fee pipeline, unlike chains where launchpads and exchanges sit apart.

The market priced the fee flow in immediately. StonkFun's platform token STONK rallied more than 250% over 24 hours to around $0.16, after touching an intraday high near $0.212, on roughly $135 million in volume and a market capitalization near $140 million. Raydium's RAY climbed about 46% to $1.27, while Jupiter's JUP added roughly 21% — evidence that demand spread across Solana's trading infrastructure rather than a single ticker. Solana's official X account amplified the moment, commenting “We stand behind Stonk Tokens” beneath the integration announcement.

StonkFun positions itself as a launchpad for tokens “paired with anything” — tokenized stocks, ETFs, currencies and commodities — though such pairs confer no ownership or voting rights in the underlying assets. The revenue print, however, reads as an event-driven spike rather than a run-rate. DefiLlama data shows Raydium's 24-hour revenue had already retreated to about $78,089 by September 7, with 24-hour fees near $476,000. StonkFun itself booked roughly $110,870 in daily revenue, against cumulative platform revenue of about $1.41 million. No breakdown has been published attributing how much of the $440,000 day came from StonkFun volume as opposed to Raydium's existing swap business.

Fomo Out-Earns Pump.fun for a Day

A parallel shift is underway on the demand side of Solana's retail market. On September 4, the social trading platform Fomo recorded about $1.76 million in single-day protocol revenue, overtaking memecoin heavyweight Pump.fun's roughly $1.10 million — a rare flip at the top of the network's application revenue rankings. The two compete at different points of the funnel: Pump.fun owns issuance, while Fomo, classified by DefiLlama as a Trading App rather than a Launchpad, chases attention and order flow, bundling self-custody trading, a social feed, copy trading and standard order types into one mobile interface with Apple Pay onboarding.

Scale still favors the challenger's trajectory. Over the past 30 days, Fomo Wallet has processed about $1.11 billion in spot volume, $19.85 million in trading fees and $17.63 million in protocol revenue, alongside roughly 38,959 daily active addresses and 271,187 daily transactions. Including its Hyperliquid-based perpetuals product, the parent protocol's 30-day revenue reaches about $18.26 million. More than 68,000 users made a first crypto purchase through Apple Pay, representing roughly $25 million in volume, and the company closed a $75 million Series B in June at a $550 million valuation, led by Index Ventures.

One strong day does not dethrone an incumbent. Pump's full ecosystem — spanning the original bonding curve, PumpSwap, Terminal and its mobile app — still generated roughly $57.4 million in 30-day revenue, about three times Fomo's figure, and about $11.76 million over seven days against Fomo's $7.06 million. The pressure, though, is not new: Pump.fun's seven-day average token graduation rate slid to roughly 0.26% in June, down 80% in three months, while daily revenue had compressed to about $800,000 from around $4.8 million six months earlier. Solana network daily fees fell from about 33,000 SOL in January to near 5,300 SOL over the same stretch. As order-flow competition sharpens — Robinhood Chain recently edged Solana with $1.89 billion in daily DEX volume, a move Solana co-founder Anatoly Yakovenko answered by slamming its $0.40 fees — incumbency looks less like a moat and more like a lead to defend. Readers tracking the market in real time can follow live spot and futures prices on Bybit.

Where Solana's Fee Flows Settle Next

Read together, the two developments trace a single arc: Solana's memecoin value chain is unbundling. StonkFun showed a launchpad can route launch-day fees straight into Raydium's treasury; Fomo showed a trading surface can out-earn the issuance king without issuing anything. On-chain dashboards frame the open question: Raydium's $440,000 spike already faded to a $78,089 daily run-rate by September 7, while Fomo's $17.63 million 30-day revenue rests on repeat trading behavior. With Solana leading RWA net flows at $348 million over 30 days, the tokenized-stock pairing narrative has room to run. The battleground ahead is which app a trader opens first when the next hot token ships — not how many tokens launch.