The Raydium (RAY) crypto seems to have caught the attention of cryptocurrency enthusiasts, a day after announcing on Twitter that it had launched a NinjaProtocol Fusion pool for Ninja-USDC.

The tweet mentioned that the farm was now live with $NINJA rewards. Despite appearing in search trends, Raydium crypto price is down over 4% in the last 24 hours and its one-day volume is up over 59%.

Read also : Is HyperVerse Crypto (HVT) a Ponzi Scam?

What is Raydium Cryptography (RAY)?

Raydium, the blockchain built by Solana for the decentralized Serum Exchange (DEX), can be described as an Automated Market Maker (AMM) that provides liquidity on the exchange.

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

It allows digital assets such as cryptos to be traded without permission through liquidity pools, which are considered one of the key tools of DeFi.

Read also : Why did Ukraine legalize cryptocurrency amid war fears?

Its native utility token, RAY, is used for a variety of purposes, such as earning protocol fees and receiving IDO allocations through staking. In addition to this, it also allows the holder to vote for governance on protocol decisions.

Raydium’s mainnet was launched on February 21, 2021. 555 million tokens were created when it launched, while its current circulating supply is around 84.14 million.

Now, the cryptocurrency seems to have caught the eye after announcing the launch of a $NINJA/$USDC merger pool on its ecosystem.

Read also : Akanda Corp IPO: When will the cannabis company debut? Know the details

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

The new pool would replace the existing $NINJA/$USDC pool on Atrix to provide liquidity to the $NINJA/$USDC market with Serum’s Central Limit Order Book (CLOB).

According to a Ninja Protocol article, they asked investors to withdraw their shares from the Atrix pool and invest them in the new Raydium pool. On top of that, Ninja said they will be shutting down Atrix broadcasts while shutting down the pool from now on.

Read also : Top 9 Energy ETFs: Can XLE, FENY Protect Against Market Volatility?

RAY token pricing and performance:

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

The highest and lowest price of the token in 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 has fallen by 72.31% over the past 12 months.

Read also : What is Rally Cryptography (RLY)? Know the price, performance

At the end of the line :

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

Read also : Top 5 defense stocks: LMT, BA NOC up amid geopolitical tension