What is Raydium (RAY) crypto and why it is gaining attention?

February 22, 2022 04:14 AM PST | By Rupam Roy

What is Raydium (RAY) crypto?

Raydium, the Solana-built blockchain for the Serum decentralized exchange (DEX), can be described as an automated market maker (AMM) that provides liquidity on the exchange.

Having first moving advantages as an AMM within the exchange, it helps in adding new as well as existing projects in the network.

It allows digital assets like cryptos to be traded in a permissionless way through the liquidity pools, which is considered one of the key tools of DeFi.

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Its native utility token, RAY, is used for various purposes like earning protocol fees and receiving IDO allocations through staking. In addition to that, it also enables the holder for governance votes on the protocol's decisions.

Raydium's mainnet was incepted on February 21, 2021. 555 million tokens were created during its launch, while its current circulating supply is around 84.14 million.

Now, the cryptocurrency seems to have gained attention after it announced the launch of a $NINJA/$USDC fusion pool on its ecosystem.

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Why is the $NINJA/$USDC pool on Raydium gaining attention?

The new pool would replace the existing $NINJA/$USDC pool on Atrix for offering liquidity to the $NINJA/$USDC market with the Serum central limit order book (CLOB).

According to a post by Ninja Protocol, they have asked the investors to withdraw their stakes from the Atrix pool and stake them in the new Raydium pool. In addition to that, Ninja said that they will stop Atrix emissions while shutting down the pool from now on.

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Pricing and performance of RAY token:

The RAY token was priced at US$2.71 at 7:00 am ET on February 22, down by 4.38%. The market capitalization of the token is US$224.78 million, and its fully diluted market capitalization is around US$1.50 billion. Its one day volume was about US$48.23 million on Tuesday morning, up 59.43%.

The token’s highest and lowest price for the last 52 weeks were US$16.93 and US$2.45, respectively. Its all-time high was US$16.93 on September 12, 2021.

Its price tumbled 72.31% over the past 12 months.

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Bottom line:

The crypto market has gained popularity in recent years, and more investors have shown interest in the sector. However, an investor should also focus on the risks associated with the digital currencies before spending in them.

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