Raydium, a decentralized cryptocurrency trading engine, is bidding for Solana’s billion-dollar permanent market and has quickly gained traction.
Raydium’s weeks-long attempts offer these ultra-wide range of derivative contracts – which allow cryptocurrency traders to speculate on price fluctuations without holding actual tokens – has already added $100 million to daily trading volume.
Now, this is Solana’s third most popular venue for trading PERP, behind Jupiter and Drift, a heavyweight deal for the ecosystem. Despite Raydium perps’ Nascency, growth is still there. Its builders have not invested in marketing capital to facilitate trading instruments that have not yet been officially launched.
“Raydium Brand is still very popular,” said Infraray, a core contributor to the project.
Push Garedeen’s rise Located at the top of Solana’s decentralized cryptocurrency trading field. Its automated market maker (AMM) setup allows anyone to rotate any asset’s trading pool, which has been a difference in the Solana Memecoin era.
However, most traders using Raydium’s swap rail never visit their website. Instead, they access their services through a transaction aggregator that allocates orders across multiple venues. This means that less activity may be likely to be less related to direct users and traders.
In the industry’s view, these traders are “recipients” and those who execute trade. Meanwhile, it could be a manufacturer that provides liquidity by remitting assets to Raydium’s AMM.
“Raydium does a great job with manufacturers, but when you have a relationship with Taker, there is a bigger network effect,” Infraray said.
Behind the scenes, Raydium’s PERPS transaction is backed by an orderly network, a trade project, a root cause that is outside the Solana ecosystem. Orderly allows PERPS traders working from multiple blockchains to trade assets on a unified order book. This provides a smoother sailing for all orders.
The orderly one-month-old Raydium launch proved to be a major boon. Now Solana’s PERPS traders are taking up 25% of the ordered total.
CEO Ran Yi said: “We trade prices every day ranging from $200 to $400 million in transaction volumes.
Infraray says that by orderly facilitating transactions – executing PERPS transactions on many chains that replace Raydium’s more entrenched competitors – can save protocol currencies and better ensure transactions are processed correctly. But this also comes with his own cross-chain complexity, which he says is still being solved.
Next stop: Complete launch. In a few weeks, Raydium’s PERPS service will be ready for its debut and get rid of the “public beta” training round. Once that is done, the team behind it plans to work harder to market and promote.
Even with sales of $100 million per day, Raydium’s PERPS service is far from replacing Jupiter, the top on-chain PERPS service in the Solana Defi ecosystem. The most famous swap aggregator’s derivatives exchange has nearly $2 billion per day; runner-up, drifting, saw twice the volume of the ray.
However, Infraray is sure that Raydium can disappear among the potential customers of the larger protocol. First, its PERPS service offers much more transactions than any competitor. Orderly allowing new contracts to be listed quickly, meaning Raydium can be moved quickly to capture and could become a new market.
He believes that the total addressable market for Solana-based PERP will only grow.
“I hope there will be more competition and innovation. But now Redion has a seat on the table.”
