{"id":535773,"date":"2023-05-30T23:30:45","date_gmt":"2023-05-30T23:30:45","guid":{"rendered":"https:\/\/uniquehot.com\/?p=535773"},"modified":"2023-05-30T20:33:20","modified_gmt":"2023-05-30T20:33:20","slug":"raydium-prices-shot-30-2-weeks-ago-before-plunging-what-happened","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/defi\/raydium-prices-shot-30-2-weeks-ago-before-plunging-what-happened\/","title":{"rendered":"Raydium Prices Shot 30% 2 Weeks Ago Before Plunging, What Happened?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">RAY, the native governance token of Raydium, the automated market maker (AMM) decentralized exchange (DEX) on Solana, soared 30% on May 17 before reversing gains, plunging to spot rates.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">RAY Prices Under Pressure<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">According to CoinMarketCap\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/coinmarketcap.com\/currencies\/raydium\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">data<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on May 30, RAY is changing hands at $0.19, stable against the USD, Bitcoin, and Ethereum on the last trading day.\u00a0<\/span><\/p>\n<figure style=\"width: 1225px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/81IYpTEg\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/81IYpTEg\/\" alt=\"RAY Price On May 30| Source: RAYUSDT On Binance, TradingView\" width=\"1225\" height=\"595\"><\/a><figcaption class=\"wp-caption-text\">RAY Price On May 30| Source: <a href=\"https:\/\/www.tradingview.com\/x\/81IYpTEg\/\" target=\"_blank\" rel=\"noopener nofollow\">RAYUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">RAY has a market capitalization of $41.2 million at this rate, with an average trading volume of $2 million in the past 24 hours.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At this pace, RAY remains in a bearish formation as bears peeled back gains posted on May 17, aligning the token with bears from mid-February 2023.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/can-this-thorchain-new-feature-push-back-rune-bears\/\" target=\"_blank\" rel=\"noopener \">Can This THORChain New Feature Push Back RUNE Bears?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Like Solana and tokens based on this network, RAY&#8217;s bearish price action has persisted and hasn&#8217;t reversed losses from mid-November 2022.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The collapse of FTX, a crypto exchange, and Alameda Research, the investment wing of FTX, which was heavily invested in Solana, triggered a sharp sell-off of SOL, weighing negatively on RAY and other ecosystems.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Raydium Updates<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The sharp expansion of RAY prices on May 17 coincided with the upgrade of the Raydium DEX to version V.2.10.11.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to the development team, the decision was reached following a server load due to API abuse. Specifically, there was a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/t.me\/s\/raydium?before=280\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">nearly 3X jump<\/span><\/a><span data-preserver-spaces=\"true\"> in API pings in April than in March 2023. The extra load stressed Raydium&#8217;s servers, disrupting the connection.<\/span><\/p>\n<p>The team behind the project stated:<\/p>\n<blockquote><p><span data-preserver-spaces=\"true\">Raydium&#8217;s APIs were pinged more than 50 billion times in April, up from 18 billion in March. May figures are set to surpass April highs. This highlights how much stress servers have been under and why issues have popped up. Nearly 2,000 new pools were created in the first two weeks of May, bringing Raydium&#8217;s total pool count to nearly 8,000.<\/span><\/p><\/blockquote>\n<p><span data-preserver-spaces=\"true\">This update, V.2.10.11, served to correct this issue. Besides increasing the server capacity by 11X, there were several bug fixes that the exchange expects to &#8220;greatly improve user interface responsiveness.&#8221;\u00a0<\/span><span data-preserver-spaces=\"true\">While the update was received enthusiastically, momentum has waned, and RAY is trading near May 2023 lows.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Trackers\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/dappradar.com\/dapp\/raydium\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">show<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that Raydium&#8217;s total value locked (TVL) is around $30 million as of May 30, down from $2.2 billion recorded in mid-November 2021. Meanwhile, there has been a noticeable\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/dappradar.com\/dapp\/raydium\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">drop<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0in the number of unique active wallets (UAW) from early May 2023, according to DappRadar.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/rare-crypto-signal-emerges-2017-style-boom\/\" target=\"_blank\" rel=\"noopener \">Rare Crypto Signal Emerges That Could Spark Another 2017-Style Boom<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The contraction in the number of users coincides with the closure of the RAY Claim Portal on May 14. This portal was opened following the hack in December 2022, when the DEX lost over $2 million. The hacker drained user funds from various Raydium liquidity pools without burning or owning any liquidity pool (LP) tokens.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature Image From Canva, Chart From TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>RAY, the native governance token of Raydium, the automated market maker (AMM) decentralized exchange (DEX) on Solana, soared 30% on May 17 before reversing gains, plunging to spot rates.\u00a0 RAY Prices Under Pressure According to CoinMarketCap\u00a0data\u00a0on May 30, RAY is changing hands at $0.19, stable against the USD, Bitcoin, and Ethereum on the last trading day.\u00a0 RAY has a market capitalization of $41.2 million at this rate, with an average trading volume of $2 million in the past 24 hours.\u00a0 At this pace, RAY remains in a bearish formation as bears peeled back gains posted on May 17, aligning the token with bears from mid-February 2023.\u00a0 Related Reading: Can This THORChain New Feature Push Back RUNE Bears? Like Solana and tokens based on this network, RAY&#8217;s bearish price action has persisted and hasn&#8217;t reversed losses from mid-November 2022.\u00a0 The collapse of FTX, a crypto exchange, and Alameda Research, the investment wing of FTX, which was heavily invested in Solana, triggered a sharp sell-off of SOL, weighing negatively on RAY and other ecosystems. Raydium Updates The sharp expansion of RAY prices on May 17 coincided with the upgrade of the Raydium DEX to version V.2.10.11.\u00a0 According to the development team, the decision was reached following a server load due to API abuse. Specifically, there was a\u00a0nearly 3X jump in API pings in April than in March 2023. The extra load stressed Raydium&#8217;s servers, disrupting the connection. The team behind the project stated: Raydium&#8217;s APIs were pinged more than 50 billion times in April, up from 18 billion in March. May figures are set to surpass April highs. This highlights how much stress servers have been under and why issues have popped up. Nearly 2,000 new pools were created in the first two weeks of May, bringing Raydium&#8217;s total pool count to nearly 8,000. This update, V.2.10.11, served to correct this issue. Besides increasing the server capacity by 11X, there were several bug fixes that the exchange expects to &#8220;greatly improve user interface responsiveness.&#8221;\u00a0While the update was received enthusiastically, momentum has waned, and RAY is trading near May 2023 lows. Trackers\u00a0show\u00a0that Raydium&#8217;s total value locked (TVL) is around $30 million as of May 30, down from $2.2 billion recorded in mid-November 2021. Meanwhile, there has been a noticeable\u00a0drop\u00a0in the number of unique active wallets (UAW) from early May 2023, according to DappRadar.\u00a0 Related Reading: Rare Crypto Signal Emerges That Could Spark Another 2017-Style Boom The contraction in the number of users coincides with the closure of the RAY Claim Portal on May 14. This portal was opened following the hack in December 2022, when the DEX lost over $2 million. The hacker drained user funds from various Raydium liquidity pools without burning or owning any liquidity pool (LP) tokens. Feature Image From Canva, Chart From TradingView<\/p>\n","protected":false},"author":384,"featured_media":535774,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[54512,88351,88352,88353,83626],"class_list":["post-535773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-defi","tag-ray","tag-raydium","tag-raydium-hack","tag-solana"],"acf":[],"yoast_head":"\n<title>Raydium Prices Shot 30% 2 Weeks Ago Before Plunging, What Happened?<\/title>\n<meta name=\"description\" content=\"RAY, the native governance token of Raydium, a DEX on Solana, soared 30% on May 17 before reversing gains, plunging to spot rates.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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