Raydium's revenue grew 69% quarter-over-quarter to $24.3 million in Q3 2025, with LaunchLab contributing $12.8 million (53% of total revenue) and becoming the primary revenue driver. Total trading volume reached $51.9 billion (up 31% quarter-over-quarter), with Solana DEX expanding its market share to 15.9%. The protocol maintained a 95% profit margin while treasured assets grew 34% to $239.9 million, despite revenue concentration in the LaunchLab token, which is backed by LetsBonk, creating diversification challenges.