Raydium

What Raydium does

Raydium is a decentralized exchange (DEX) protocol built on the Solana blockchain, operated by the Raydium Holding Foundation from Singapore. It enables permissionless token swaps, liquidity provision through both Concentrated Liquidity Market Maker (CLMM) pools and standard AMM pools, token launches via its LaunchLab bonding-curve platform, RAY token staking, perpetual futures trading, and 24/7 trading of tokenized real-world assets including tokenized equities (SPCX, SNDK, TSLAx, NVDAx, SPYx) and tokenized gold (XAUm). Raydium is the dominant Solana DEX by volume, processing over 55% of Jupiter-routed trades and capturing 97% of on-chain tokenized equity volume on Solana, with $976M+ in TVL, $160M+ in daily volume, $1T+ in cumulative trading volume, and $370M in lifetime protocol revenue.

The protocol generates revenue primarily through trading fees, with CLMM pools using variable fee tiers from 0.01% to 1% depending on pool volatility, and standard pools typically at 0.25%. 25% of trading fees fund programmatic RAY token buybacks, which have absorbed over $200M representing 10% of total supply. Additional revenue streams include LaunchLab token creation fees (with creator LP fee shares of 0-2.5%), and indirect revenue capture through RAY's CEX listings on Robinhood and Revolut reaching 75M+ combined users. The technology stack relies on Solana smart contracts, Wormhole cross-chain bridging, Pyth price oracles, and integration with Backpack Securities for regulated custody of tokenized equity collateral.

Raydium serves crypto-native traders and liquidity providers as its primary base, with secondary segments including token issuers (NxGen Brands, Tianrong Internet), DEX aggregators and algorithmic traders (especially Jupiter), and traditional finance retail users accessing RAY via Robinhood and Revolut. Strategic partnerships span the institutional RWA stack: Backpack Securities for tokenized equity custody, Figure Technology Solutions RWA Consortium with Kamino Finance and Chainlink, Matrixdock for tokenized gold, and Symbiosis Protocol for multi-chain routing. Operational risk is evidenced by a $1.34M Legacy AMM exploit between May and June 2026 resulting from incomplete contract retirement.

Name

Raydium

Legal name

Raydium Holding Foundation

Website

https://raydium.io

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

Raydium is a Solana-based decentralized exchange offering token swaps, concentrated liquidity pools, tokenized real-world asset trading, and token launches via LaunchLab. It processes 55%+ of Jupiter-routed trades and serves crypto traders, token issuers, and RWA participants.

Ownership category

akta.pro rank

Product category

Decentralized Exchange (DEX) Protocol

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (523210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Spot AMM DEXs (FSADABAA)

akta.pro secondary industries

Perpetuals & Derivatives DEXs (FSADABAE), Decentralized Exchanges (DEX) & AMMs (FSAPADAB), Decentralized Exchanges (DEX) & AMMs (FSADAMAB)

Keywords

• Decentralized exchange
• Automated market maker
• Concentrated liquidity pools
• Token launch platform
• Liquid staking services

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Infrastructure, Marketing or Sales, Personnel, Operations

Revenue model

1. Trading Fees (CLMM & Standard Pools): Raydium charges trading fees on swap transactions. CLMM pools have variable fee tiers (0.01% to 1%), standard pools typically 0.25%. Fee splits between liquidity providers and protocol. 25% of trading fees directed toward programmatic RAY buybacks.
2. Token Launchpad Fees (LaunchLab): Revenue from token creation and launch services on LaunchLab. Tokens graduate from bonding curve platforms to Raydium's AMM. Fees include creator LP fee share contributions. Competes with Pump.fun's PumpSwap which has threatened 30-50% of Raydium's trading volume.
3. Staking Yield (RAY): RAY token holders stake to earn ~5.4% APR in additional RAY tokens. Protocol rewards distributed from trading fee revenue and buyback mechanisms.
4. Programmatic Buyback: Over $200 million allocated to repurchase RAY tokens representing 10% of total supply, funded by 25% of trading fees. This deflationary mechanism supports token price and rewards stakers.
5. Token Listing / CEX Distribution: RAY token generates exchange listing revenue/value through Robinhood and Revolut listings, providing consumer access and potential listing fees. Raydium surpassed $1 trillion cumulative trading volume and $370 million lifetime protocol revenue.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Raydium is a decentralized exchange (DEX) protocol built on the Solana blockchain that enables permissionless token swaps, liquidity provisioning through standard AMM and Concentrated Liquidity Market Maker (CLMM) pools, token creation and launching via LaunchLab, RAY token staking, perpetuals trading, and 24/7 trading of tokenized real-world assets such as equities and gold. The protocol processes over $1 trillion in cumulative trading volume and $976M+ in TVL, generating revenue through transaction fees that are split between liquidity providers and the protocol treasury.

Product overview

Raydium is a decentralized exchange (DEX) protocol built on Solana offering a modular platform with multiple interconnected products. The core offering includes a swap interface for token trading, liquidity pools (including Concentrated Liquidity CLMM, Standard, Stable, LST, and RWA pools), and staking for RAY token holders. LaunchLab serves as the token creation and launchpad platform with AcceleRaytor accelerator, enabling projects to create tokens via bonding curves with vesting controls and graduate to Raydium pools. The platform supports tokenized stock trading of real-world equities 24/7, cross-chain bridging via Wormhole, perpetual futures trading, and portfolio tracking. The RAY token serves as the native governance and utility token. Raydium processes over 55% of Jupiter-routed trades and has achieved over $1 trillion in cumulative trading volume.

Differentiator

Problem solved

Functional benefit

Products and services

• Swap
• Liquidity Pools
• LaunchLab
• Staking
• Perpetuals
• Bridge

Quantifiable outcome

• $1T+ cumulative trading volume and $370M lifetime protocol revenue
• +5 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature6 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Sunrise (Wormhole Labs)coreTechnology or Integration · 24 June 2026Sunrise, developed by Wormhole Labs, launched tokenized SanDisk stock ($SNDK) on Solana via Backpack Securities. The token trades 24/7 on Jupiter and Raydium DEXs. This enables 24/7 trading of SanDisk shares outside traditional US market hours, creating direct bridge between blockchain-based markets and traditional brokerage accounts.
• Backpack SecuritiescoreTechnology or Integration · 12 June 2026Backpack Securities, a regulated US brokerage, partners with Raydium to enable tokenized equity trading. SpaceX SPCX and SanDisk SNDK tokens are listed on Raydium within hours of their traditional market listings, backed 1:1 by underlying shares held in regulated custody. Raydium processes tokenized equity trades 24/7, with Backpack enabling redemption to traditional brokerage accounts.
• MatrixdockminorStrategic or Co-development Partner · 10 February 2026Matrixdock deployed XAUm (tokenized gold representing 1 troy ounce of LBMA-accredited physical gold) on Solana with initial liquidity on Raydium. Price oracle support provided by Pyth. Smart contracts audited by Accretion and Sec3. This builds on Matrixdock's prior work tokenizing Bhutan's sovereign gold-backed TER token.
• Figure Technology SolutionscoreStrategic or Co-development Partner · 4 December 2025Figure Technology Solutions launched an RWA Consortium on Solana involving Kamino Finance, Chainlink, and Raydium to support PRIME, a liquid staking token built on the Hastra liquidity protocol. The consortium aims to democratize access to institutional-grade yields from $1B+ monthly on-chain loan originations, connecting traditional credit markets with DeFi on Solana.
• Kamino FinancecoreStrategic or Co-development Partner · 4 December 2025Kamino Finance is a key partner in the Figure RWA Consortium on Solana, collaborating with Raydium and Chainlink to support PRIME liquid staking token deployment and expand access to on-chain loan originations and real-world yield.
• ChainlinkcoreTechnology or Integration · 4 December 2025Chainlink provides oracle infrastructure for the Figure RWA Consortium on Solana, supporting PRIME liquid staking token deployment and enabling verifiable data feeds for on-chain loan originations and real-world asset tokenization.
• JupitercoreChannel Partner/ Reseller/ DistributorJupiter is a Solana-based liquidity aggregator that routes swaps through major DEXs including Raydium, which processes over 55% of Jupiter-routed trades. Jupiter competes with Raydium in the Solana DEX ecosystem while simultaneously being Raydium's most important distribution channel for retail trade flow.
• AP CollectiveminorGTM or Marketing PartnerAP Collective is Raydium's marketing agency, having helped Raydium achieve over 50% Solana DEX market share. AP Collective reports over 600 campaigns executed, $400M+ in client revenue generated, and $800M+ in capital raised for crypto projects including Pudgy Penguins, Abstract, Polygon, and NEAR Protocol.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Orca: Solana-based concentrated-liquidity AMM/DEX and Raydium's closest direct competitor on the same chain, with overlapping CLMM pools, token launchpad (Whirlpools), and aggregator routing relationships with Jupiter.
• Meteora: Solana-native DEX with Dynamic Liquidity Market Maker (DLMM) and concentrated-liquidity pools, competing directly with Raydium's CLMM for liquidity provider capital and swap volume on Solana.
• Phoenix: Solana on-chain central limit order book (CLOB) DEX competing for the same trader flow as Raydium, with Jupiter routing making it an alternative to Raydium's AMM-based execution.
• PancakeSwap: Multi-chain AMM/DEX with concentrated-liquidity pools, launchpad, perpetuals, and staking — a direct functional analog to Raydium's full product suite across BNB Chain, Ethereum, and other chains.
• Drift Protocol: Solana-native perpetuals DEX that directly competes with Raydium's perps product for leveraged trading flow on the same chain.

Broad incumbents

• Jupiter: Solana's dominant DEX aggregator and Raydium's largest distribution channel (>55% of routed trades), while also competing via its own perpetuals product; functions as both a channel partner and an emerging direct competitor.
• Uniswap: Largest DEX/AMM in crypto by volume and the category-defining concentrated-liquidity protocol; comparable product offering (AMM/CLMM) but operating on Ethereum and L2s rather than Solana.
• Hyperliquid: Leading decentralized perpetuals exchange with on-chain order book; comparable to Raydium's perpetuals product and a benchmark for DeFi derivatives traction that Raydium competes with cross-chain.
• Curve Finance: Specialized AMM for stable and like-kind asset swaps with concentrated-liquidity and stable pools; comparable to Raydium's Standard and Stable pool offerings on Solana.

Emerging players

• Backpack: Regulated crypto exchange and Backpack Securities partner that handles custody and issuance for Raydium's tokenized equities (SPCX, SNDK); a closely tied ecosystem player enabling Raydium's RWA product line.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/RaydiumProtocol

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds3 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Raydium