$RAY rose by about 60% in the past 24 hours, making it the strongest performer among mid-cap stocks. The immediate catalyst was that Solana’s StonkFun launchpad connected with Raydium’s LaunchLab, and as soon as a new token went live, trading volume and fees all flowed into the same pool. On top of that, the protocol uses 12% of its fees for buybacks and burns, and by the end of August it had already taken back more than 30% of the circulating supply, so the selling pressure on $RAY has been steadily drained away. How long this kind of launchpad hype can last will basically determine whether this round is truly a consensus around infrastructure, or just another short-lived speculation spree.