Raydium

Raydium is a decentralized exchange and automated market maker built on the Solana blockchain, designed to let anyone trade tokens or supply liquidity without a traditional intermediary. It targets traders and liquidity providers who want fast, low-cost swaps, as well as project teams seeking a venue to launch new tokens. The protocol addresses the fragmented liquidity problem common in decentralized finance by connecting its own liquidity pools to a central limit order book.

Raydium runs entirely on Solana, which handles settlement at the base layer with a block time recorded here as effectively zero minutes, reflecting Solana's sub-second finality. The protocol places liquidity from its pools directly onto Serum's central limit order book, so trades can be filled either by pool liquidity or by standing orders from other market participants. The RAY token is used within the protocol for yield farming incentives and grants holders a share of fees collected by the platform.

Fees are paid by traders each time they swap tokens, with the protocol collecting 310,132 USD in fees over the most recent 24-hour period and 7,991,357 USD over the trailing 30 days. Of that 30-day fee total, the protocol retained 1,255,600 USD as revenue — a take rate of roughly 15.71 percent — while 6,735,757 USD over the same period went to liquidity providers as supply-side revenue. RAY token holders received 966,749 USD over the trailing 30 days from the protocol's share. Fees grew 69.09 percent and revenue grew 75.4 percent over the last 30 days, reflecting recent changes in trading volume.