Raydium is one of several Solana-native tokens to surge today taking RAY to an 83% weekly climb
Raydium is an innovative automated market maker (AMM) and liquidity provider for the Solana-based decentralised (DEX) exchange Serum, and its RAY token is up by 33% today. A whole basket of Solana projects have rallied over the past week, and Raydium now stands at a weekly gain of 83.3%.
If you want to learn more about this hidden gem, read on. You’ll also find the best place to buy RAY today.
How & where to buy Raydium in the UK and elsewhere
Despite being a decentralised exchange (DEX)-oriented token, RAY coins can be purchased from several traditional exchanges and crypto broker platforms. You’ll need to sign up with a regulated site to get started, and this can be done in just a few minutes. Choose a partner from our shortlist below and make a deposit to get started. Both of our suggestions are safe, secure, and reliable, meaning you can invest in crypto today with peace of mind.
eToro is one of the world's leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It's social copy trading features make it a great choice for those getting started.
NAGA is a unique social trading platform that allows users to access world's most popular cryptos, stocks and forex. Users can automatically copy the strategies of the best traders on the platform
What is Raydium?
Raydium is the AMM and liquidity provider of the decentralised exchange Serum, which is built on the Solana blockchain. Raydium employs a hybrid AMM and order book model to allow the DEX enhanced access to liquidity, and this allows Serum to compete with other DEXs effectively.
The RAY token itself has several uses: it can be staked in order to take home a share of the protocol’s fees, it can be used to procure new tokens via initial DEX offerings (IDOs), and it can be used to vote on governance proposals for the platform. Its centrality to such a rapidly growing ecosystem has made RAY very desirable in recent weeks, precipitating its price rise.
Should I buy RAY today?
Raydium’s 7-day chart clearly shows a breakout to the upside. The move comes with rallies from across the Solana ecosystem, and Raydium’s daily gains are amongst the best of its cohort. Now priced at $6.51, RAY has completed a rounding-bottom pattern, providing it with a strong and stable platform to begin a journey back up to its all-time high.
RAY 7-day chart. Source: CoinMarketCap
The coin reached $16.13 back in May, and this price will come into view if RAY can persist with its upward climb. If the wider market (and particularly Solana-based coins) can continue its current bullish momentum, RAY could push higher sooner than expected.
This article is informational only — none of the contents should be construed as financial or investment advice.