Raydium (RAY)
History, technology and key data — no opinions, no advice
Price of Raydium today in real time
Price updated every 60 seconds. Minor differences between exchanges may occur.
Historical price evolution of Raydium
Daily historical data. Updated automatically.
Raydium was born in 2020 from the initiative of three pseudonymous operators from algorithmic trading in traditional finance and crypto: AlphaRay (strategy and operations), XRay (technology, with 8 years of experience building low-latency trading systems) and GammaRay (marketing). The founding team discovered Solana after experiencing Ethereum's high fees during that year's DeFi summer, and decided to build an automated market maker (AMM) leveraging this network's speed and low costs.
On 21st February 2021, Raydium launched its mainnet with an initial issuance of 555 million RAY tokens. The protocol established itself as Solana's first hybrid AMM, integrating its own liquidity pools with Serum DEX's central order book, which allowed Raydium liquidity providers to participate in the order flow of the entire Serum ecosystem. During 2022, the protocol faced two significant challenges: in November, an exploit caused by a compromised administrator wallet resulted in losses, although Raydium reimbursed affected users, removed single points of control and implemented additional security reviews. Subsequently, FTX's collapse also brought down Serum DEX, a project linked to the exchange, forcing Raydium to migrate its order book integration to OpenBook, a community fork of Serum.
In May 2024, Raydium launched its V3 version with new CPMM (Constant Product Market Maker) pools, compatible with the Token-2022 standard and with integrated price oracle. During 2024, the memecoin explosion on Solana drove up Raydium's volume, as tokens created on pump.fun automatically migrated to Raydium pools upon exceeding a capitalisation of $69,000. At the peak of late 2024, Raydium reached $16 billion volume in a single day and surpassed $1 trillion in total cumulative volume.
In January 2025, RAY reached its all-time high of approximately $12, whilst Raydium averaged $6.3 billion daily volume. On 21st February 2025, team and seed allocations, which represented 25.9% of total supply, completed their vesting. However, on 20th March 2025, pump.fun launched PumpSwap, its own AMM, breaking the integration with Raydium. Tokens from pump.fun ceased automatically migrating to Raydium, and PumpSwap accumulated $31.7 billion in volume in less than a month.
In response to the break with pump.fun, Raydium launched LaunchLab in April 2025, its own token launch platform that allows creating tokens free of charge with customisable bonding curves (linear, exponential, logarithmic). Upon exceeding 85 SOL on the curve, liquidity automatically migrates to a Raydium AMM pool, and 25% of fees goes towards RAY buybacks. By July 2025, Raydium had surpassed $1 trillion in total cumulative volume and $292 million in cumulative net revenue, whilst LaunchLab had hosted over 900,000 token launches.
Raydium functions as a decentralised exchange (DEX) on the Solana blockchain that utilises an automated market maker (AMM) model. Users can exchange tokens directly from their wallets without centralised intermediaries, taking advantage of transaction confirmations of approximately 400 milliseconds and fees below 0.01 USD that Solana offers. The protocol operates with three types of liquidity pools: AMM v4 (traditional constant product pools, the most widespread on Solana), CPMM (constant product with multiple fee levels from 0.25% to 4%) and CLMM (concentrated liquidity that allows providers to focus their capital on specific price ranges, with up to 8 fee levels from 0.01% to 2%).
Liquidity providers (LPs) deposit token pairs into these pools and receive LP tokens in return that represent their proportional participation in the common fund. When users perform exchanges, they pay fees that are distributed systematically: 84% to liquidity providers, 12% for RAY token buybacks on the open market and 4% to the protocol treasury. RAY holders can stake their tokens to obtain a portion of the fees generated by the protocol and participate in governance decisions. Additionally, Raydium incorporates LaunchLab, a functionality launched in 2025 that allows tokens to be created through a free bonding curve: when a token reaches 85 SOL on the bonding curve, its liquidity migrates automatically to a permanent AMM pool and the LP tokens are burnt to guarantee permanent liquidity.
Data verified against external sources. Some values may have changed since the last update.