what's raydium?
Raydium is a leading automated market maker (AMM) and decentralized exchange (DEX) built on the Solana blockchain, designed to provide efficient liquidity and trading for tokens within the Solana ecosystem. It integrates with a central limit order book via partnerships like Serum and OpenBook, enabling seamless swaps, yield farming, and liquidity provision through features such as concentrated liquidity pools and ecosystem farms. The platform supports permissionless pool creation, launchpads like LaunchLab for memecoins, and recent innovations including tokenized equities and perpetuals trading, positioning it as a hub for internet capital markets. Raydium's native token, RAY, powers governance, staking, and incentives for liquidity providers. With high trading volumes, such as over $10B in June 2025 and $19B in September, it holds a significant market share among Solana DEXs, recently expanding into mobile gaming via DeFi Land integration and exploring MetaMask compatibility for broader accessibility. New features like leveraged liquidity provision allow users to borrow against LP positions to amplify yields.
RAY token listed on Robinhood Crypto; Coinbase & dYdX markets winding down; pigeonhouse migration received.
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solana
RAY token is now listed and tradable on Robinhood Crypto.
Trading for RAY-PERP perpetual futures will be suspended on Coinbase Advanced and Coinbase International Exchange on 2026-04-21 at approximately 13:00 UTC.
received migration of the first bonded SOL pair token from pigeonhouse protocol
RAY-USD market on dYdX is being wound down following the approval of Governance Proposal 374 with 91.07% YES votes.
Attacker created fake Raydium liquidity pool for CarbonVote Token (CVT) with $500 liquidity. Deceived Drift oracles using wash-traded volume and 750M minted fake tokens priced at ~$1/token, draining $200M on April 1, 2026.
Holds approximately 13% of total supply, consisting of 104 million liquid tokens, 30 million locked in Streamflow, and an additional 0.5% in Meteora.
Added $EDGE perpetuals trading with up to 10x leverage on Raydium Perpetuals.
Entered perpetuals trading with "I 💜 Perps" competition and RAY listed as top gainer on April 1, 2026.
Generated approximately $700 billion in total spot volume over a 3-year period.
Processed 5.6 billion swaps in total.
Launched leveraged trading for XAU, XAG, and SPX with up to 20x leverage.
Serves as the liquidity backbone for the first DeFAI launchpad built on LaunchLab, where $ANON is used as the reserve asset in bonding curves for AI agent token launches.
Reached $800 million in total tokenized stock volume traded on the platform.
Bought back 28.35 million RAY tokens in 2025, representing 10.55% of circulating supply.
Reached $1.1 trillion in lifetime trading volume over 5 years.
Added trading and liquidity provision support for $BP token on the Raydium platform.
Integrated into a partner-facing HTTP gateway and TypeScript SDK with live OpenAPI, simulation, and transaction packaging capabilities for direct execution.
Integration with Jupiter is advancing with adapter scaffolds in place for execution paths including Raydium, Orca, and PumpSwap within the BurnRouter system.
Became available to New York residents on Coinbase (web and mobile apps) on March 20, 2026.
The Upbit hacker consolidated $16K of RAY tokens into a new address on 2026-03-18, marking the first movement in one month.
Captures approximately 58% of all DEX volume for tokenized equity trading as of early 2026.
Completed KEIJI token graduation to Raydium March 16, 2026, launching at $12K market cap and reaching $57K, and Migratefun completed first migration of 5 pumpfun projects, finishing 90-day claim periods March 17, 2026, becoming one of three ecosystems to finish migrations.
Added creator fee tier routing fees to permanent, hardcoded PIGEON token burns.
Crossed $1.8 billion RWA trading volume and grew liquidity, with contributions from xStocks, Onre, and Figure's PRIME.
A whale opened a $1.8M BTC short position on Raydium.
A whale opened a $540.6K PUMP long position on Raydium.
Reached 6.9 million monthly visits in February 2026 according to SimilarWeb data.
Season 1 Spotlight launches soon.
Integrated Metaplex Launch Pools, enabling token launches and direct liquidity graduation to Raydium, with a 50 SOL minimum, 1% to creators, and 98% to liquidity after a 1-hour fair launch pool period. Adds trading and liquidity pool support for BANK token.
Ranked as the 5th largest DEX by 7-day trading volume according to DefiLlama data.
Hosts the fair launch of SOUL token for Avernus AI protocol.
Included in Solana Foundation's curated list of AI skills and tools for Solana development alongside other major protocols.
Generated 32% revenue growth over the past 30 days (measured from approximately January 18 to February 17, 2026).
Has 252,476 token holder addresses.
Reached 148,000 daily active wallet addresses, making it the most-used Solana project by this metric.
Generated $79.39M in gross fees over the last 30 days, with an annualized rate of $968.53M. Also generated $4.2B in AMM trading fees during 2025, alongside Uniswap and Meteora.
Trading at approximately 6.3x protocol revenue based on current metrics.
Added ZAMA perpetual trading with up to 10x leverage on Raydium Perpetuals.
Listed XAUm, a tokenized gold product issued by Matrixdock where each token represents 1 oz of LBMA-accredited gold.
Legacy AMM v4 vulnerability leaves estimated $100-500M accumulated trading fees accessible to new sole LP holders via burned LP tokens. Generated $360M lifetime revenue.
Partners with Blockworks for investor relations in 2026, distributing tokenholder report on 350,000 Bloomberg Terminals, and attends DAS conference to discuss DeFi on Solana.
USD1 volume reached $295M in 24 hours.
Integrated with RHEA's lending market for Zcash, enabling the market to go live on Solana through Raydium's infrastructure.
Launched Raydium Perps, reaching top 3 in mindshare by January 2026.
Noted as a leading launchpad narrative with +40% performance in the first two weeks of 2026.
Spot trading goes live on Coinbase on January 14, 2026.
Generated $242 million in trading volume and $60,000 in fees on its perpetual DEX between December 13, 2025 and January 12, 2026.
Notable large sales of RAY tokens occurred, suggesting caution around Solana ecosystem tokens.
USELESS token generally does the most volume of any memecoin on Raydium perps.
Processed $347 billion in DEX volume during 2025, ranking first among Solana DEXes.
Started a 30-day trading competition on December 30, 2025 with a $100,000 prize pool.
Added $NEAR trading and liquidity provision support powered by Near Intents integration.
Partnered with Splyce to provide liquidity for private credit brought onchain by Fulcrum Lending, a US private credit manager with over $130B in real estate transactions and $6B in restructurings.
Partnered with Visa to use Solana together.
$RAY ranks third in top 10 DeFi tokens by 7-day social mindshare gains.
Ranks #9 among top 10 projects by revenue generation with $RAY down -31% over the past 30 days.
Integrated USD1 stablecoin from WorldLibertyFi with BonkFun and Kamino, contributing $250M daily volume.
Pumpfun achieves $205M in total buybacks, surpassing Raydium to become the top Solana protocol by cumulative buyback value.
Platform reached $100 million in revenue faster than OpenAI achieved the same milestone.
Raydium burned 71 million $RAY tokens, representing 26% of the total supply.
Holders with 250+ $RAY staked qualify for whitelist access to mint Doodles "doopie cubes" NFTs starting tomorrow.
Platform user interface experiences outage due to third-party Cloudflare infrastructure failure, with multiple major crypto exchanges and DeFi platforms simultaneously affected including Coinbase, Kraken, Jupiter, and Meteora.
Raydium experiences UI downtime due to widespread Cloudflare infrastructure outage affecting multiple Solana protocols including Jupiter and Meteora.
Integrated OrderlyNetwork, providing order book infrastructure for on-chain perpetuals and direct execution paths for sell-direction trades, with 4.6M wallets trading across Raydium and WOOFiPro.
PRIME token from HastraFi and Figure, backed by real-estate loan pools with over $1B in monthly onchain originations, launches with Raydium integration for liquidity and price discovery.
$PRIME token goes live on the platform, powering Hastra's PRIME yield products backed by Figure's onchain Real World Assets on Solana.
Total cumulative trading volume on the platform reaches $1.1 trillion.
Total buyback-and-burn spending reaches $100.35 million, largest among analyzed protocols, with programmatic buyback program operational since 2022. Q4 2025 allocated 94% of revenue to buybacks.
Data analysis shows Raydium has the biggest buybacks relative to circulating supply, ranking ahead of competitors like Hyperliquid and Jupiter.
xStocks integrated xPoints rewards program for liquidity providers in its tokenized stock pools on Raydium.
Current FDV is $614m with 24% market share, while competitor $WET shows $69m FDV with 17% market share; Jupiter Exchange maintains routing alignment for power users.
A voting campaign opens for Raydium Stadium naming rights at Alferton Town FC through alphafcxyz platform as part of Solana's Football Club initiative.
$RAY records steady buyback activity over the last 30 days as part of $183M in cumulative buybacks across multiple protocols, with most activity driven by protocol fees.
Q3 revenue reaches $25M with 100% QoQ gain, fees total $159M up 48% QoQ, and trading volume hits $113B with 8% QoQ increase despite declining user count.
Competitor Humidifi handles ~43% of Solana's spot DEX volume with 5 bps average slippage versus 65-90 bps on Raydium, and launches token $WET on December 3rd as the first major prop AMM token on Solana.
DUSD perpetual DEX launches liquidity pools on Raydium and PancakeSwap on November 27 as part of its mainnet campaign, backed by Solana Foundation.
Upbit exchange suspends all deposits and withdrawals after $36.8M worth of Solana assets, including RAY token, are transferred to an unknown external wallet on November 27, 2025.
The account openly engages in repeated promotional activity for $FINANCE token, self-describing it as the "100th time shilling" with a pump.fun contract address provided.
worldlibertyfi has not purchased any bonk_fun animal coins paired with their USD1 token.
Monad's $MON token launches today at 3PM UTC with trading available on Raydium and Meteora pools on Solana, plus simultaneous listings on 11 major centralized exchanges including Coinbase, Kraken, Bybit, KuCoin, and Bitget.
OnYC token from OnRefinance launches on the platform with over $10M in liquidity and an active NAV-stabilizing strategy.
30-day active users reach 5.06M, placing the platform second among DeFi projects behind Pump.fun's 5.22M.
Raydium conducts daily buybacks of 5-6 figures since 2024, accumulating over 27% of $RAY supply, and has processed over 1T in cumulative trading volume on a single chain.
$ORDER token from OrderlyNetwork is now live on Raydium as part of a multi-DEX integration including Quickswap and WOOFiPro.
Pump.fun's rumored Mayhem Mode feature lowers liquidity requirements for tokens to graduate to Raydium and allows creators to add custom transfer fees of 5-10% per trade, with expectations of increased token deployments but higher pump-and-dump risk for traders.
Raydium reports $2.63M in 30-day revenue with $426M market cap, compared to Meteora's $5.93M revenue at $188M market cap.
Humidifi continues to lead Solana DEXs by weekly trading volume, surpassing both Meteora and Raydium.
Raydium backs Wendev launchpad launching November 10, 2025 at 13:00 UTC, supporting all trading bot terminals from day one.
Raydium creates incentives for USD1-paired memecoins in collaboration with bonk_fun and worldlibertyfi to push the USD1 memecoin narrative.
Raydium LP positions are now live on Loopscale, enabling users to borrow against their LP positions and unlock liquidity.
ZeraLabs completes migration of their liquidity pool from Raydium to Meteora, moving through multiple stages from Pump LP to Raydium LP and finally to Meteora LP.
World Liberty Financial (Trump's crypto project) partners with Bonk and Raydium to rebuild the Solana ecosystem and drive $USD1 adoption.
A migration cohort brings approximately $2M in liquidity to Raydium through MigrateFun, which completes its 20th migration since July.
Orb Explorer is now live on the platform.
Over 1.6 billion swaps completed on the platform this year.
Humidifi surpasses Raydium to become the largest DEX on Solana by monthly trading volume.
Raydium supports the @america_dot_fun launchpad platform alongside Bonk.
Wrapped ZEC (Zcash) launches on Solana through a collaboration involving Near protocol and Raydium.
DLMM transition period completes; SOL from old Raydium pool extracted for buybacks or liquidity injections, and Launchcoin migration airdrops remain available.
Raydium listed as one of five top builders driving trader activity on Orderly Network's base layer this week, alongside ADEN, Aegis, VOOI, and WOOFi.