Raydium ($RAY) is highlighted as potentially undervalued with a market cap of $325M compared to Uniswap ($UNI) at $4.6B, despite Raydium consistently buying back 5-6 figures daily since 2024, accumulating over 27% of its supply. This aggressive buyback program significantly outpaces Uniswap's proposed 2.5% annual supply reduction, suggesting a strong deflationary mechanism for $RAY.