Thanks to the rise of memecoin trading, Solana has become the most active DEX ecosystem, according to Cody Poh, investment analyst at Pantera CapitalLiquid Token Fund. Raydium, the leading DEX on Solana and a major beneficiary of its strong growth, has also seen a significant increase in trading volume. The protocol currently accounts for more than 50% of all DEX trading volume in the Solana ecosystem. Cody Poh believes Raydium has a strong growth outlook, provided that Solana continues to grow and that it is the birthplace of memecoin trading. We believe that given Raydium's dominance in the Tier 1 token offering market, Raydium will be well-positioned to continue to account for the majority of Solana's trading volume while rate rates remain unchanged. Raydium is currently trading at the lower end of its historical price-to-earnings ratio range with a P/E of 10x, suggesting that strong fundamentals coupled with its strong growth prospects may be undervalued by the market. There is reason to believe that both Raydium price-to-earnings ratio and growth rate could double.