Raydium TVL Is Up 17% In A Month, Mostly Because SOL Rose

Raydium TVL rose 17.4% between September 7 and October 6, 2026, going from $1.149 billion to $1.349 billion on DefiLlama's protocol series. SOL, the asset paired in over half of its listed liquidity, gained 14.7% across the same stretch. Over the longer window the match gets closer. From August 5, TVL climbed 64.1% and SOL climbed 63.2%.

A post from BSCNews described Raydium's liquidity as exploding, with TVL up 20% in a month and about $800 million in early August. Those numbers are roughly right, but they point to price more than to new money arriving. The early-August base checks out, since DefiLlama has Raydium TVL at $810 million on August 1 and $822 million on August 5. That makes the 20% figure the latest leg of a 64% two-month climb.

Raydium TVL follows the SOL chart

SOL traded near $73.71 on August 5 and $120.33 on October 6, per DefiLlama's price API. Its TVL series has three clear stretches. Between August 5 and September 1, TVL gained 35.6% while SOL gained 38.7%. From September 1 to September 22, TVL gained 18.8% against 14.7% for SOL. Since September 22 both have barely moved, at 1.9% and 2.6%.

Pool data from Raydium's own API shows why. Among the 2,500 deepest pools, SOL-paired ones hold about $425 million of $781 million in liquidity. When that side reprices, the dollar total follows.

DefiLlama's latest point, $1.32 billion on October 7, is lower than Raydium's own header. The liquidity pools page shows $1.709 billion of TVL. The two count differently, and this article uses DefiLlama's figure unless it says otherwise.

Raydium's own pools page lists $1.709 billion of TVL and the busiest pools by volume.

Raydium TVL gets help from trading volume

Volume did something price did not. DefiLlama's DEX data puts Raydium at $2.42 billion for July, $3.82 billion for August and $9.56 billion for September. Single days jumped far above that trend, with $501 million on September 22.

Raydium's page showed $302.8 million traded over a rolling day on October 7. DefiLlama's own count for October 6 is $185 million, so the two sources disagree on the latest day. Sorting Raydium's pool list by 24-hour volume shows where the activity sits. TRUMP-USDC, near the top, showed $17.8 million of volume against roughly $3,000 of liquidity. A few oddly shaped pools can dominate that ranking.

xStocks pools: 15% of volume, little TVL

Tokenized stocks turn up high in that ranking. Of the 2,000 busiest pools, 158 contain an xStock token such as NVDAx, SPYx, CRCLx or TSLAx. Together they handled $1.46 billion over the past month, 14.9% of the $9.84 billion total, and $35.9 million in the latest day.

Their liquidity is thin, about $36 million across all 158 pools. So they add trading revenue without adding much to TVL. Even the deepest, NVDAx-USDC, held only $3.4 million.

Rival TVL is far behind

Raydium's Solana TVL of $1.32 billion is still more than three times PumpSwap's $400 million and four times Orca's $320 million, per DefiLlama's protocol list. Sanctum Infinity at $229 million and Meteora's DLMM at $189 million sit lower still. Orca's seven-day change was 5.4%, PumpSwap's 1.8%, and Raydium's was down 1.6%.

Read the 20% headline as SOL's rally plus a busy September. Raydium TVL that depends on price says little about liquidity providers arriving or leaving. A fall in SOL would pull Raydium's total down with it, whatever volume does.

Prices and TVL move by the hour, and these figures were pulled on October 7, 2026. Recheck before acting, since nothing here argues for buying SOL or joining a pool.