We’ve analyzed the rolling annualized revenues of @pumpdotfun and @raydiumprotocol.
For investors seeking exposure to infrastructure capturing value from memecoin trading activity on @solana, excluding PUMP from a portfolio no longer makes sense, really.
At the current pace:
$PUMP : $695M (annualized)
$RAY : $49.63M (annualized)
PUMP saw a massive spike in late 2024 and January 2025.
Despite this, the volume peak occurred on Raydium driven by the hype around #TRUMP, #MELANIA, and #LIBRA in early 2025.
Today, the annualized volumes of both protocols are converging.
Why?
Pump has captured a significant share of the memecoin trading volume. which was previously a major revenue driver for Raydium.
The key difference?
At the current pace, Pump captures 0.37% of its annualized volume as revenue, while Raydium, only 0.02%.
In other words, $PUMP captures 18.5x more value from its memecoin trading volume than $RAY does across its entire volume.
Being exposed solely to $RAY, not $PUMP, to capture ROI from memecoin activity on Solana is no longer rational, in our view.
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