Question 1

What is Raydium (RAY)?

Accepted Answer

RAY is the native SPL token of Raydium, a decentralised exchange and liquidity protocol built on Solana. Raydium launched in February 2021 with an automated market maker (AMM) that integrated with the Serum order book, later OpenBook. This order book integration has since been deactivated and current AMM v4 swaps are executed through the AMM's liquidity pools rather than being routed to OpenBook.

Raydium now supports several types of liquidity pools. Its AMM v4 and CPMM pools use a constant-product model, while its concentrated liquidity market maker (CLMM) lets liquidity providers allocate assets within selected price ranges. CPMM is the recommended option for new constant-product pools, while AMM v4 remains operational. Raydium also provides token launches through LaunchLab, where tokens can trade on a bonding curve before liquidity migrates to a Raydium CPMM pool once a specified threshold is reached. Perpetual futures are accessible through the Raydium interface and are powered by Orderly Network.

RAY has a maximum supply of 555 million tokens. Of this amount, 34%, or 188.7 million RAY, was allocated to mining reserves for reward programmes. The token's mint authority has been disabled, preventing the creation of RAY beyond its fixed supply. RAY emissions from the mining reserve currently amount to around 1.9 million tokens per year, with the exact distribution depending on individual staking and farming programmes.

Question 2

What is Raydium (RAY) used for?

Accepted Answer

RAY is used within Raydium for staking, governance and as an asset in liquidity pools. RAY holders can stake the token through Raydium to receive rewards distributed by the protocol. RAY can also be paired with other assets in Raydium liquidity pools, where liquidity providers may earn a share of trading fees and, where applicable, additional rewards.

Through Raydium's Solana Realms governance system, holders can deposit RAY to gain voting power and participate in proposals. Raydium states that 1 million RAY is required to create a proposal and that the governance configuration uses a threshold equivalent to 1% of the token supply. This system has been used for community votes, including the remediation plan following the December 2022 exploit. Raydium describes its token-based governance as limited, with some protocol controls remaining under a multisig.

RAY is also connected to Raydium's trading fees through token buybacks. The protocol allocates 12% of trading fees from CLMM, CPMM and Standard AMM v4 pools to buying RAY. For CLMM and CPMM pools, 84% of the trading fee goes to liquidity providers, 12% to RAY buybacks and 4% to the treasury. Standard AMM v4 allocates 88% to liquidity providers and 12% to RAY buybacks. The 12% buyback allocation applies to the trading fee rather than the total value of each transaction. RAY purchased through this process is held at a publicly identifiable protocol address.

RAY is not required to make swaps, provide liquidity or launch tokens through Raydium. Its role is separate from the protocol's main transaction and liquidity functions.

Question 3

Who created Raydium (RAY)?

Accepted Answer

Raydium was created by a pseudonymous team whose early members used the names AlphaRay, XRay, GammaRay, StingRay and RayZor. The team included contributors working across strategy, business development, software development, marketing, trading and security.

The team began working on Raydium after participating in decentralised finance during 2020 and launched the protocol on Solana in February 2021. Raydium initially worked with Serum to combine AMM liquidity with Serum's central limit order book. Serum's order book infrastructure was later succeeded by OpenBook, but Raydium has since removed the order book integration from its AMM v4 architecture.

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Trades	24h Open	24h High
1	RAY-USDT RAYUSDT	binance	AA	1.50USDT	12.19%	6,383,923.80RAY	63,284	1.34USDT	1.51USDT
2	RAY-USDT RAY-USDT	okex	A	1.50USDT	12.04%	3,715,907.09RAY	42,922	1.34USDT	1.51USDT
3	RAY-USD RAY-USD	coinbase	AA	1.50USD	12.57%	1,956,546.48RAY	7,555	1.33USD	1.53USD
4	RAY-TRY RAYTRY	binance	AA	72.90TRY	11.98%	1,751,783.60RAY	15,234	65.10TRY	73.35TRY
5	RAY-USDT RAYUSDT_SPBL	bitget	BB	1.50USDT	12.03%	1,008,110.21RAY	14,348	1.34USDT	1.51USDT
6	RAY-USD RAYUSD	kraken	AA	1.50USD	12.92%	838,659.21RAY	5,108	1.33USD	1.51USD
7	RAY-USDC RAYUSDC	binance	AA	1.50USDC	12.16%	759,814.70RAY	8,832	1.34USDC	1.51USDC
8	RAY-USDT RAY_USDT	gateio	A	1.50USDT	12.39%	402,714.20RAY	6,430	1.34USDT	1.51USDT
9	RAY-USDC RAY-USDC	okex	A	1.51USDC	12.94%	382,381.70RAY	6,773	1.34USDC	1.51USDC
10	RAY-USDT RAY-USDT	kucoin	BB	1.50USDT	12.28%	356,293.27RAY	4,273	1.34USDT	1.51USDT
11	RAY-EUR RAYEUR	kraken	AA	1.31EUR	13.51%	109,183.18RAY	582	1.16EUR	1.32EUR
12	RAY-USD RAY_USD	cryptodotcom	AA	1.50USD	12.19%	39,500.90RAY	250	1.33USD	1.50USD
13	RAY-USD RAY-USD	okex	A	1.50USD	12.96%	37,310.62RAY	572	1.33USD	1.50USD
14	RAY-EUR RAY-EUR	okex	A	1.30EUR	12.42%	17,564.69RAY	486	1.15EUR	1.31EUR
15	RAY-EUR rayeur	bitstamp	AA	1.26EUR	17.25%	44.38RAY	2	1.08EUR	1.26EUR
16	RAY-USDT RAYUSDT	cexio	BB	1.43USDT	6.68%	39.59RAY	2	1.34USDT	1.43USDT
17	RAY-USD rayusd	bitstamp	AA	1.24USD	0.00%	0RAY	0	1.24USD	1.24USD
18	RAY-USD RAYUSD	cexio	BB	1.46USD	13.44%	11.77RAY	1	1.28USD	1.46USD
19	RAY-USDT ray_usdt	xtpub	-	1.50USDT	12.18%	3,778,572.90RAY	12,531	1.34USDT	1.51USDT
20	RAY-KRW KRW-RAY	upbit	B	2,067.00KRW	12.89%	2,760,473.17RAY	11,338	1,831.00KRW	2,077.00KRW
21	RAY-USDT ray_usdt	lbank	C	1.50USDT	12.17%	1,599,563.96RAY	21,126	1.34USDT	1.51USDT
22	RAY-USDT rayusdt	huobipro	C	1.51USDT	12.82%	1,511,987.41RAY	37,073	1.34USDT	1.52USDT
23	RAY-TRY RAYTRY	btcturk	E	73.00TRY	12.48%	1,138,880.90RAY	4,227	64.90TRY	73.30TRY
24	RAY-USDT sRAYUSDT	phemex	C	1.50USDT	12.21%	1,020,576.53RAY	8,651	1.34USDT	1.51USDT
25	RAY-EUR RAY-EUR	bitvavo	B	1.31EUR	12.83%	842,899.21RAY	5,209	1.16EUR	1.31EUR
26	RAY-KRW RAY_KRW	bithumbkorea	-	2,055.00KRW	13.10%	728,514.57RAY	3,230	1,817.00KRW	2,056.00KRW
27	RAY-USDT RAYUSDT	toobit	C	1.50USDT	12.26%	738,611.30RAY	20,805	1.34USDT	1.51USDT
28	RAY-USDT RAY_USDT	coinw	-	1.50USDT	12.59%	708,545.68RAY	3,531	1.33USDT	1.50USDT
29	RAY-USDT RAYUSDT	bitrue	D	1.50USDT	12.37%	507,091.10RAY	34,795	1.34USDT	1.51USDT
30	RAY-USDT RAY_USDT	bydfi	-	1.50USDT	12.26%	330,080.10RAY	9,217	1.34USDT	1.51USDT
31	RAY-USDT RAY-USDT	bingx	D	1.50USDT	12.20%	307,602.47RAY	41,825	1.34USDT	1.51USDT
32	RAY-USDT RAY_USDT	bitunix	C	1.50USDT	12.27%	246,005.00RAY	15,864	1.34USDT	1.51USDT
33	RAY-USDT RAYUSDT	mexc	C	1.50USDT	12.64%	246,023.65RAY	5,074	1.34USDT	1.53USDT
34	RAY-USDT ray_usdt	digifinex	D	1.50USDT	12.34%	207,475.00RAY	16,626	1.34USDT	1.51USDT
35	RAY-USDT RAYUSDT	coinex	C	1.50USDT	12.19%	184,155.43RAY	8,878	1.34USDT	1.51USDT
36	RAY-USDT RAYUSDT	btcturk	E	1.50USDT	12.52%	143,727.42RAY	585	1.33USDT	1.52USDT
37	RAY-USDC RAYUSDC	bitrue	D	1.50USDC	12.30%	126,995.30RAY	4,123	1.34USDC	1.51USDC
38	RAY-EUR RAYEUR	bit2me	B	1.31EUR	13.51%	109,183.18RAY	582	1.16EUR	1.32EUR
39	RAY-USDC RAYUSDC	mexc	C	1.50USDC	12.42%	22,089.05RAY	1,506	1.33USDC	1.50USDC
40	RAY-INR RAYINR	coindcx	-	149.05INR	12.41%	12,847.55RAY	245	132.59INR	149.47INR
41	RAY-IDR rayidr	indodax	E	26,338.00IDR	11.81%	5,548.26RAY	95	23,557.00IDR	26,560.00IDR
42	RAY-USDC RAY_USDC	bydfi	-	1.50USDC	12.92%	5,366.60RAY	1,656	1.33USDC	1.50USDC
43	RAY-THB THB_RAY	bitkub	C	51.44THB	11.34%	2,828.78RAY	54	46.20THB	52.00THB
44	RAY-USDC RAY_USDC	backpack	C	1.50USDC	20.71%	2,209.00RAY	27	1.24USDC	1.50USDC
45	RAY-BRL raybrl	foxbit	-	7.74BRL	8.29%	1,492.77RAY	34	7.15BRL	7.81BRL
46	RAY-BRL RAY-BRL	mercadobtc	C	7.15BRL	-4.92%	184.10RAY	21	7.52BRL	8.50BRL
47	RAY-USDC RAYUSDC	bit2me	B	0.6844USDC	0.00%	0RAY	0	0.6844USDC	0.6844USDC
48	RAY-BTC BTC-RAY	upbit	B	0.0₄1883BTC	12.15%	29.28RAY	2	0.0₄1679BTC	0.0₄1883BTC
49	RAY-USDT RAY_USDT	bitmart	B	1.26USDT	0.00%	0RAY	0	1.26USDT	1.26USDT
50	RAY-USDT RAYUSDT	hitbtc	E	1.27USDT	0.00%	0RAY	0	1.27USDT	1.27USDT