Raydium (RAY): how it works, supply and reviews
In short
- Type
- Decentralised exchange: on-chain programs on Solana, not a separate blockchain
- Maximum supply
- 555,000,000 RAY; mint authority disabled
- Risks and caveats
- Audits do not cover economic attacks, MEV, off-chain infrastructure or integrations with other programs
- Checked
- 31 October 2026
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Key facts
- Ticker
- RAY
- Official site
- raydium.io
Key facts checked on 31 October 2026 against official sources.
What is Raydium
Raydium is a decentralised exchange and liquidity protocol on Solana. Its non-custodial programs run constant-product pools (AMM v4 and CPMM), concentrated-liquidity pools (CLMM), farms and the LaunchLab token-launch venue; perpetuals in the app are powered by Orderly Network. RAY is its native token.
Network and consensus
| Parameter | Details |
|---|---|
| Type | Decentralised exchange: on-chain programs on Solana, not a separate blockchain |
| Pool types | AMM v4 (2021, legacy), CLMM concentrated liquidity (2022), CPMM constant-product (2024, default for new pools) |
| Orderbook | AMM v4 originally shared liquidity with the OpenBook orderbook; that integration is deactivated |
| Token launches | LaunchLab (2025): tokens trade on a bonding curve and migrate to a CPMM pool on graduation |
| Perpetuals | Raydium Perps is an app interface powered by Orderly Network, not a native Raydium program |
Supply and issuance
| Parameter | Details |
|---|---|
| Maximum supply | 555,000,000 RAY; mint authority disabled |
| Allocation | Mining reserve 34%, partnership and ecosystem 30%, team 20%, liquidity 8%, community and seed 6%, advisors 2% |
| Issuance | About 1.9 million RAY per year from the mining reserve |
| Vesting | Team and seed allocations (25.9% of supply) finished vesting on 21 February 2024 |
| Fee split | CLMM/CPMM trading fees: 84% to LPs, 12% RAY buyback, 4% treasury; AMM v4: 88% LPs, 12% buyback |
What RAY is used for
- Part of trading fees buys back RAY
- RAY can be staked in the Raydium app for RAY rewards
- RAY is a common base or quote asset in Raydium pools; it is not required to swap or provide liquidity
Who develops and governs Raydium
- Upgrade authority
- Program upgrades for AMM v4, CPMM and CLMM are held by a 3-of-4 Squads multisig
- Pool admin
- A 3-of-5 treasury multisig can toggle pools and set fee configurations
- Open source
- AMM v4, CPMM and CLMM source is public; Stable AMM, LaunchLab, routing, LP lock and farm programs are not
History
| Date | Event |
|---|---|
| February 2021 | Mainnet launch as a hybrid AMM integrated with the Serum (later OpenBook) orderbook |
| August 2022 | Concentrated-liquidity pools (CLMM) launched on Solana mainnet |
| December 2022 | An AMM v4 pool authority key was compromised and several pools were drained; authority roles moved to a multisig and affected LPs were compensated |
| 21 February 2024 | Team and seed RAY vesting completed |
| June 2024 | CPMM pools deployed to mainnet and recommended for new pools |
Security and audits
- Published audits: Kudelski Security (Q2 2021), OtterSec (Q3 2022: CLMM, AMM, staking), MadShield/OShield (Q2 2023, Q1 2024), Halborn (Q4 2024, Q2 2025), Sec3 (Q3 2025, Q2 2026)
- Bug bounty hosted on Immunefi
- December 2022: compromise of a pool authority key drained several AMM v4 pools; Raydium moved authorities to a Squads multisig and compensated affected LPs
Security incidents
| Date | What happened | Source |
|---|---|---|
| 16 December 2022 | Key compromise: Raydium's post-mortem says that on 16 December 2022 an attacker gained access to the Pool Owner (admin) account of Liquidity Pool V4 and drained eight constant product pools, about $4.4m in total; Raydium revoked the account's authority with a hot patch the same day. Funds returned: Raydium published a compensation plan with a claim portal for affected liquidity providers. | raydium.medium.com |
Further incidents are reported by third parties (press, incident databases) but are not confirmed in the company’s own channels, so they are not listed here.
Official RAY contracts
| Network | Contract address |
|---|---|
| Solana | 4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R |
RAY mint address on Solana (6 decimals), as listed on the Raydium RAY docs page. Program IDs are on the docs program-addresses page.
Risks and caveats
- Audits do not cover economic attacks, MEV, off-chain infrastructure or integrations with other programs
- Program upgrades are controlled by a multisig; a limit-order keeper role uses a single hot wallet
- Several Raydium programs (LaunchLab, routing, Stable AMM, farms) have no public source code
- A 2022 operational key compromise led to pool losses
Official links
- Website: raydium.io
- Docs: docs.raydium.io
- Source code: github.com/raydium-io
Questions and answers
What is Raydium?
A decentralised exchange and liquidity protocol on Solana with constant-product and concentrated-liquidity pools, farms and the LaunchLab token-launch venue.
What is the maximum supply of RAY?
555,000,000 RAY, with the mint authority disabled; about 1.9 million RAY a year are emitted from the mining reserve.
When did Raydium launch?
Raydium launched on Solana mainnet in February 2021.
What fees does Raydium charge?
Each pool has a swap fee tier (for example 0.25%); on CLMM and CPMM pools 84% goes to LPs, 12% to RAY buybacks and 4% to the treasury.
Has Raydium been hacked?
In December 2022 a compromised pool authority key let an attacker drain several AMM v4 pools; Raydium moved authorities to a multisig and compensated affected LPs.
Sources
- Raydium docs - What is Raydium
- Raydium docs - History and milestones
- Raydium docs - RAY
- Raydium docs - Protocol fees
- Raydium docs - Audits
- Raydium docs - Admin keys and multisig
- Raydium docs - Program addresses
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