Raydium's ecosystem experienced a dramatic transformation over the past 90 days, with Pump.fun tokens capturing 43.55% of swap volume ($184.6 million) before rapidly declining to just 15.4% market share. The platform saw explosive growth, generating $211.4 million in cumulative fees and launching 157,838 new liquidity pools, highlighted by a massive Ray buyback surge reaching $90.2 million, including an unprecedented $11.6 million daily peak on January 31, 2025. Despite Pump.fun's initial prominence, non-Pump.fun tokens ultimately dominated the ecosystem, representing 84.6% of swap volume by the end of the tracking period.