What happened to Raydium?

In the recent crypto landscape, Raydium has seemingly fallen from its once-prominent position. Could you elaborate on the specific events that have transpired, leading to this shift? Has there been a significant dip in its market capitalization? Did any internal or external factors, such as technical difficulties, security breaches, or regulatory pressures, contribute to its decline? Moreover, how have its users and investors responded to these developments? I'm particularly interested in understanding the long-term implications of Raydium's current state and the potential outlook for its future recovery.