Raydium (RAY) Exchange

About Raydium

RAY is the native token of Raydium, a decentralized exchange and liquidity protocol on Solana. Raydium launched in 2021 as an automated market maker (AMM) on Solana, originally pioneering a hybrid model that combined pool-based liquidity with the Serum central limit order book. After the Serum/FTX collapse in November 2022, Raydium rebuilt around its own pool architecture and added concentrated liquidity market maker (CLMM) pools in 2023, following the model introduced by Uniswap V3. In 2026, Raydium runs three pool types: CPMM (constant product, the standard AMM model), CLMM (concentrated liquidity for capital-efficient positioning), and AMM v4 (legacy pools). Many new Solana tokens launch with a pool on Raydium, and aggregators like Jupiter route swaps through Raydium pools. The protocol has been audited by Kudelski Security, OtterSec, and MadShield.

RAY tokenomics

RAY has a fixed total supply of 555 million tokens, all minted at launch with no additional minting possible. About 270 million RAY were in circulation as of November 2026, according to CoinGecko, with the remainder allocated to mining reserves, ecosystem partnerships, and team vesting.
Total supply — 555,000,000 RAY (fixed, all minted at genesis)
Circulating supply — approximately 270 million RAY as of November 2026, according to CoinGecko
Allocation — 34% mining reserve, 30% partnerships and ecosystem, 20% founding team, 8% liquidity, 6% community and seed, 2% advisors
Market capitalization — approximately $472 million as of November 2026, according to CoinGecko
Fee structure — standard AMM swaps charge 0.25% (of which 12% is used for RAY buyback); CLMM pools use variable fee tiers (0.01%, 0.05%, 0.25%, 1%) with an 88%/12% split between LPs and protocol
RAY buyback — 12% of standard AMM trading fees are used to buy RAY on the open market, creating deflationary demand proportional to trading volume
Security history — December 2022 exploit drained approximately $4.4 million via a compromised admin key; Raydium subsequently removed single points of control, reimbursed affected users, and implemented additional security reviews

What determines RAY's value

RAY's value tracks Solana trading activity directly. When Solana DeFi volume spikes (memecoin launches, new token listings, market-wide rallies), more trading fees flow through Raydium pools and the RAY buyback mechanism accelerates. The 12% protocol fee on standard AMM trades creates a direct link between DEX volume and RAY demand: higher volume means more RAY purchased from the market.

Raydium's role as a common first-listing venue for new Solana tokens helps it attract traders, which generates fees, which funds the RAY buyback. The concentrated liquidity (CLMM) expansion allows professional market makers to provide tighter spreads with less capital, improving execution quality and attracting institutional volume. LaunchLab, Raydium's native token launch product, adds another fee source as projects use the platform to create pools and seed initial liquidity.