[Crypto projects](https://revain.org/projects/) › Raydium

# 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

## Key facts

- **Ticker**: RAY
- **Official site**: [raydium.io](https://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](https://raydium.medium.com/detailed-post-mortem-and-next-steps-d6d6dd461c3e) |

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](https://solscan.io/token/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](https://raydium.io/)
- Docs: [docs.raydium.io](https://docs.raydium.io/)
- Source code: [github.com/raydium-io](https://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](https://docs.raydium.io/introduction/what-is-raydium)
- [Raydium docs - History and milestones](https://docs.raydium.io/introduction/history-and-milestones)
- [Raydium docs - RAY](https://docs.raydium.io/ray)
- [Raydium docs - Protocol fees](https://docs.raydium.io/ray/protocol-fees)
- [Raydium docs - Audits](https://docs.raydium.io/security/audits)
- [Raydium docs - Admin keys and multisig](https://docs.raydium.io/security/admin-and-multisig)
- [Raydium docs - Program addresses](https://docs.raydium.io/reference/program-addresses)

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Page updated: 2026-10-31

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Source: https://revain.org/projects/raydium/