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| Time | Type | USD | Amount RAY | Total SOL | Price | Maker | Tx |
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| Date | Type | USD | RAY | Price | Current value | TXN |
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Raydium is Solana's most-used decentralized exchange and liquidity protocol. It started as an AMM + OpenBook-integrated DEX in 2021 and has grown into a full suite: classic AMM pools, constant-product market-makers, concentrated liquidity, token launches, and perpetuals on the UI.
Raydium is Solana's most-used decentralized exchange and liquidity protocol. It started as an AMM + OpenBook-integrated DEX in 2021 and has grown into a full suite: classic AMM pools, constant-product market-makers, concentrated liquidity, token launches, and perpetuals on the UI.
Raydium Protocol is the set of permissionless, non-custodial smart contracts that power swaps, pools, liquidity positions, and token launches on Solana. Raydium.io is the official web app and one-stop shop for using those markets: you can swap tokens, provide liquidity, launch tokens through LaunchLab, and access Raydium Perps from the same UI.
Raydium's core product surfaces cover swaps, liquidity, token launches, incentives, and perpetuals. Some are native Raydium on-chain programs; Raydium Perps is a UI surface powered by Orderly Network.
AMM v4 — Constant-product The original Raydium product (2021). Constant-product math (x × y = k) for pool pricing. It originally also bridged to OpenBook's central limit orderbook so trades could fill against either the AMM or the book, but the OpenBook integration has since been deactivated — pools no longer share liquidity to OpenBook, and all current swap traffic flows through the AMM curve only.
CPMM — Modern constant-product AMM The successor to AMM v4 (2024). Same x × y = k math, but simpler and cheaper to use: no OpenBook dependency, Token-2022 native support, ~4× lower creation cost, all swap fees go to LPs by default. The recommended default for new pools.
CLMM — Concentrated liquidity Uniswap-V3-style concentrated liquidity (2022). LPs pick a price range; their liquidity is only active when the price is in that range. Same capital → much better quotes for traders → higher fee APR for LPs, at the cost of needing to manage ranges actively. The dominant product for deep-liquidity pools in 2026.
LaunchLab — Token launches LaunchLab is Raydium's token launch venue (2025). Projects launch tokens on a bonding curve; buyers trade against the curve directly; once a graduation threshold is met, the curve's accumulated liquidity migrates automatically to a fully-fledged CPMM pool. Primary-market and secondary-market unified.
Who uses Raydium Retail swappers: swap tokens via raydium.io or via any wallet's in-app swap that routes through Solana's aggregator layer. LPs: deposit into pools to earn swap fees; stake in farms for additional rewards. Perps traders: trade perpetual markets through Raydium Perps, powered by Orderly Network. Token teams: launch new tokens via LaunchLab, seed CPMM pools for post-launch liquidity, operate farms to incentivize LP retention. Aggregators: Jupiter and most third-party routers source Raydium as a primary liquidity venue. Bots and protocols: arbitrage, market-making, auto-compounders, lending-protocol liquidations — all compose with Raydium via CPI or direct RPC.
Wider market sentiment — context for sizing, not a property of this token.
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