Raydium reported a significant increase in its Q3 2025 revenue, reaching $24.3 million, a 69% rise from the previous quarter. The primary driver of this growth was LaunchLab, which contributed $12.8 million, accounting for 53% of the total revenue. The decentralized exchange also saw its trading volume climb to $519 billion, marking a 31% quarter-on-quarter increase, and expanded its market share on Solana to 15.9%. The protocol maintained a robust 95% profit margin, with capital assets increasing by 34% to $239.9 million. Despite these gains, the heavy reliance on LaunchLab tokens, particularly those supported by LetsBonk, poses potential diversification challenges for Raydium.