Raydium is a decentralized exchange (DEX) frontend interface on the Solana network that plugs into the Serum DEX central limit order book. Raydium operates as an automated market maker (AMM) and acts as a traditional DEX on Ethereum (e.g. Uniswap, Sushiswap), while the trades themselves are executed through Serum. Raydium users can provide tokens to a liquidity pool in a 1:1 ratio for a two-sided trading pair, and receive a portion of trading fees generated by the pool. Fees on Raydium are 0.25%, with 0.22% given to liquidity providers, and the remaining 0.03% allocated to stakers of RAY. Raydium also provides other avenues for earning yield through staking.

RAY is the native governance and utility token of the Raydium protocol. Holders can stake RAY to earn additional tokens, vote on governance proposals, and participate in incentive programs. A portion of trading fees is used to buy back RAY, supporting the token’s economy.

RAY tokens were released over a three-year schedule, with most allocated to liquidity mining, partnerships, and community growth. Team and investor tokens were subject to lockups and vesting. To date, 71.8 million RAY have been bought back using trading-fee allocations.

Raydium’s core products include token swaps, liquidity pools, a Perpetuals DEX, and LaunchLab for new token launches. Users can also stake RAY, earn trading rewards, and participate in ecosystem governance.

RAY is available for trading on Gemini (in eligible jurisdictions) and other major exchanges.

Raydium supports two liquidity mechanisms: concentrated liquidity pools that allow users to provide liquidity within custom price ranges for efficiency, and constant-product pools that offer continuous liquidity for broader market activity. Both models contribute to deep, decentralized liquidity across Solana.