Howdy!
I was so excited about celebrating the 50th anniversary of Lightspeed that I completely forgot yesterday to wish everyone a Happy National Chicken Wing Day.
Popeyes, located next to Madison Square Park, offered me $1 Boneless Wings as a celebration. They were… adequate. Anyways:
Raydium’s volume growth raises eyebrows
Solana recently pulled off a metrics victory over its primary rival, surpassing Ethereum’s 30-day trailing volume as well as a fee-and-tips combined metric which Blockworks Research’s Dan Smith called “total economic value.”
Raydium is a DEX and an automated market maker. As I have written previously, Solana’s impressive DeFi statistics are led by Raydium. Raydium’s volume was between $1-$2 billion most of the time in early 2024. Dune’s dashboard shows that it generated $12 billion in volume last week.
Raydium was not a popular flower among all.
Some observers have noted that Raydium pools, pairs of crypto assets in which users provide liquidity to exchange yield for, can often show very high volumes with low liquidity. The top section of the Protocol’s webpage is a good place to start. “standard” One apparent memecoin shows $45 worth of liquidity but has over $20,000,000 in volume in the past 24 hour. DEX Screener shows that this particular token, after an intense sell-off over the past 24 hour period, is no longer liquid.
Some people attributed these irregularities to the use of fake volume to legitimize projects based on memecoin.
“My guess is the meme deployers are just wash trading with bots to make it look like their token has a lot of organic volume so they can trick people into buying it. Absolutely terrible behavior, but I’m sure it generates a ton of fees for Raydium,” Moonwell’s Luke Youngblood contributed to X.
It is the practice of moving cryptos between wallets controlled by one party to make it appear that they are trading organically. The search for Solana on Telegram revealed multiple accounts. “volume bots” That promise artificially increases the volume of tokens.
A bot with a Telegram Channel that has more than 12,000 subscribers charges 60 SOL or over $10,000 today for volume pumps lasting up to six hours. This bot asks users to set up a Raydium Pool for their token, and it promises to generate 28 transactions per second.
When I got in touch with Infra, an anonymous contributor to Raydium, they emphasized that anyone can use the protocol without permission — as opposed to some crypto platforms that require whitelisting, or gaining approval from a platform to operate on the platform.
“This allows for scalability, while other platforms were still whitelisting,” Infra said in a written text. They added in an X-thread that the memecoin ranking system creates volume incentives. “aren’t inherently malicious but are a byproduct of permissionless ecosystems.” Raydium Pools have also been reported to be launched at a rate of nearly 1,000 per day in the last month.
Infra informed me that Raydium has been popular with recent liquidity providers, especially those who wish to have simultaneous access to the DEX aggregator Jupiter. In order to get the best prices, traders will take a route across multiple liquidity venues. All of this is controlled by algorithms that are tasked to quickly analyze different trade paths before they occur.
“We have seen LPs move from other DEXs where flow primarily comes from Jupiter,” They wrote.
Raydium has a reason to doubt at least a few of its volume statistics. The fee revenue of businesses is probably a better figure.
Infra reported on X that Raydium generated revenues of over $2 and $4 million from its trade volume between June and July.
Zero In
When I turned my back for just two seconds, this is what happened.
META is the native token for the “futarchal” MetaDAO’s price has tripled over the last week. MetaDAO pioneers a new form of crypto-governance where market forces settle proposals. In recent weeks, its anonymous founder metaproph3t posted on X several times regarding raising money for the project.
“More buyers than sellers,” I sent a direct message to metaproph3t asking for information on the current price.
The Pulse
What a new pupe! It’s a very scam. Very scam.
Atsuko Sato, the owner of Kabuso — the Shiba Inu behind the iconic DOGE meme — has adopted a new dog named Neiro, causing a stir in the memecoin markets. Kabuso died peacefully in 2024 at age 18 after fighting leukemia. After Sato made his announcement about X, hundreds Neiro-related tokens quickly appeared on the Solana chain, accumulating nearly a Billion Dollars in trading within 24 hours.
We can’t just enjoy the dogs and be kind to one another on the Internet. The frenzy soon turned into a fight between the two top tokens, both named Neiro. Each claimed to be the first. In just one day, the first token launched by pump.fun reached a market capitalization of $59,000,000 with $355,000,000 in trading volume. Ansem is a Solana-based influencer who endorsed the other, which caused it to reach a market cap of $123,000,000.
Sato quickly took to X and told users. “I see many tokens related to Kabosu and Neiro. To clarify, I do not endorse any crypto project except $dog because they […] are committed to doing only good everyday, charitable works, and Doge culture.” She warns “Please watch out for token scams.”
Sato received a backlash almost immediately. Users like @metaversejoji responded, “let us make money in peace please.” @0xBold commented, “well you didn’t endorse $DOGE either and thats at 18b so.” Some were blunter, such as @ShockedJS’s sarcastic remarks. “Cool no one cares,” Add @mezoteric to your tweets. “Cope harder.” Some people, such as @lupoxbt were defensive and said: “stop fudding my bag lady,” Others, such as @notscp1715 have lamented. “This is why we can’t have nice things.” @defidoan echoed, “No one cares, you can’t control it now,” User @schizohustler made a harsh declaration. “your dog is dead.”
Sato’s defender, @ifightx appeared to be acting selfishly when he said, “Guys you can’t say ‘cope harder’ and’ no one cares’ to the actual owner. The doge narrative will die with the behavior.”
Yeah. You’re right. The narrative is what counts. Solana, I’m speechless. Big wow.
The One Good DM
A message to The Infrastructural Infrastructure. An anonymous contributor Raydium:
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
