Raydium (RAY) crypto rallies 19% on Upbit.com listing

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Raydium (RAY) crypto rallies 19% on Upbit.com listing

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 Raydium (RAY) crypto rallies 19% on Upbit.com listing
Image source: © Alexanderushkevich | Megapixl.com

Highlights: 

  • Raydium is a Solana blockchain-based automated market maker (AMM).
  • RAY is its native utility token for staking, receiving IDO allocations, and governance.
  • The token was scheduled to start trading on Upbit.com on July 14. 

Raydium (RAY) token price surged on Thursday morning after its listing on the crypto exchange, Upbit.com. The token’s initial trading pair is RAY/BTC.

The token gained 19.33% to US$0.8578 at 5:47 am ET after it started trading at 4 am ET on July 14. It is already listed on exchanges like Binance, OKX, MEXC, FTX, BingX, etc.

The automated market maker (AMM) segment of the cryptocurrency market was up 8.75% to US$7.3 billion on Thursday morning. Nearly 60% of AMM projects were trading in the green. 

As per coinmarketcap.com, the top three AMM cryptos by market capitalization are Uniswap (UNI), Curve DAO Token (CRV), and PancakeSwap (CAKE). 

What is Raydium?

Raydium is an automated market maker (AMM) built on the Solana blockchain. It leverages the central order book of Serum’s decentralized exchange to enable fast trade, share liquidity, etc.  

Radium differs from other AAMs, DEXs, or DeFi protocols in that it offers on-chain liquidity to a central order book, while others don’t. Many Ethereum projects also have slow transaction speed and high gas fees. Another difference is that traditional exchanges use an order book to match buyers and sellers, whereas AMMs offer a pool of tokens for buyers and sellers to choose from.

Thus, the Raydium AMM provides users and liquidity pools access to the order flow and liquidity of the entire Serum ecosystem. 

RAY token:

RAY is its native utility token for staking, receiving IDO allocations, and governance. Its current market capitalization is US$103 million.

The token’s trading volume rose 392.01% to US$61 million over the last 24 hours. 

Its circulating supply is 120.6 million, and the total supply is 554.99 million.

Bottom line:

The crypto market is unregulated and volatile. Thus, investors should carefully evaluate the projects and their performance before investing in them. 

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