A narrative description of the purpose of the project and its operation in layman's terms is provided.
Raydium Protocol is a permissionless, decentralized exchange on Solana, enabling fast, low-cost trading and liquidity provision.
A narrative description of the Project's primary sources of revenue is provided, broken out by entity (e.g. Foundation, Labs, DAOs, or other).
Raydium Protocol generates revenue through trading fees from its various pools. For Standard AMM (AMM V4) pools, a 0.25% fee is charged per trade, while Concentrated Liquidity (CLMM) pools offer tiered fees ranging from 0.01% to 2%, and Constant Product (CPMM) pools have fees between 0.25% and 4%. Across all pool types, 12% of the trading fees are allocated to RAY token buybacks, automatically triggered when the value hits $10, with the funds used to programmatically repurchase RAY tokens. For AMM V4, the remaining 88% of fees are distributed to liquidity providers proportionally. For CLMM and CPMM pools, 84% goes to liquidity providers, and 4% is directed to the protocol’s treasury, where fees are swapped to USDC and held in accounts controlled by the protocol’s multisig. Raydium also generates revenue from pool creation fees (0.15 SOL) on AMM V4 and CPMM pools, which is earmarked for protocol infrastructure. Excess SOL is staked to Raydium's validator, securing the Solana network and providing an additional source of revenue for the protocol. Raydium charges a 1% trading fee on its bonding curve program (LaunchLab) for tokens that originate from Raydium's platformID. The LaunchLab program allows any third-party to host and monetize their own GUI, of which Raydium generates 0.25% in fees on all trading volume. https://docs.raydium.io/raydium/protocol/the-ray-token/protocol-fees
The Project must clearly disclose the rights, value accrual mechanisms, and distinctions between token holders and DevCo equity holders. Any value allocated specifically to equity holders (e.g., dividends, profit-sharing) must be communicated separately from value accruing to token holders.
Raydium does not have equity value accrual; revenue is distributed to token holders through RAY buybacks. Any additional revenue is controlled by the protocol’s multisig and used for audits, bug bounties, and infrastructure costs. Non-circulating RAY tokens are managed by the community.
If core team members are compensated by any Tokens allocated to the Foundation through advisory services or similar agreements, or by any other payment method (i.e. fiat), these payments must be disclosed. Note, foundation team members known and exclusively compensated by the Foundation are excluded.
Team and seed (25.9% of total) were fully locked for the first 12 months after TGE and unlocked linearly each day over months 13 - 36. Vesting concluded on February 21, 2024.
The identities of key team members (e.g., founders, CEO, CTO, COO of Labs, President of Foundation, etc.) are publicly disclosed.
The identities of key team members are not publicly disclosed.
The Project must provide publicly accessible documentation covering the Token's governance rights, rights to value accrual, any additional utility, and the mechanism by which token governance is implemented (e.g. an insider multi-sig).
Raydium currently offers limited token-based governance via Solana Realms that implemented off-chain by core members of the team. 1,000,000 RAY is the minimum requirement to create a proposal with a quorum threshold of 1% of total supply. Value and revenue from the protocol accrues to $RAY and is controlled by the protocol multi-sig. Program updates to facilitate further on-chain programmatic governance, decentralization, and token utility have been published in Raydium's public GitBook but an implementation timeline has not been publicly commented on. https://github.com/raydium-io/ray-gauges https://docs.raydium.io/raydium/protocol/the-ray-token/ray-buybacks https://docs.raydium.io/raydium/protocol/the-ray-token/protocol-fees https://docs.raydium.io/raydium/protocol/the-ray-token
Disclosed information explaining the launch and initial supply that includes: the total number of tokens issued, the category of the recipient (team, investor, foundation, community), the total supply of the token and if it is capped, and the initial vesting schedule.
$RAY has a 555,000,000 hard cap, with an initial allocation breakdown of:
All Insider Token allocations (team, investor, foundation) must be transparent, per the disclosed Initial Allocation. If vesting occurs at a custodian, clearly disclose the employee categories and associated vesting schedules clearly in your documentation.
Team, community, and seed (25.9% of total supply) are fully vested. Non-circulating supply are ear-marked as the Raydium Protocol Treasury. https://solscan.io/account/8pFhUqCU7Fkxfg2DLytRDf7a9oK4XGtN92PrYwtVQc6G
Addresses that hold any Unissued Tokens (e.g. foundation, future contributors, treasury) must be publicly labelled (address listed in docs) and be held in distinct wallets. This includes the foundation allocation. The party (e.g. team, foundation, DAO) that controls the funds must also be disclosed.
All non-issed tokens are held in publicly labeled wallets. https://solscan.io/token/4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R#holders https://docs.raydium.io/raydium/protocol/the-ray-token
The project must disclose all airdrop eligibility criteria clearly and provide a full CSV list of recipients, including addresses and amount received.
Raydium did not conduct an airdrop.
Disclose information on insiders (Team, Investors, Foundation, Advisors) tokens that are locked and can earn rewards.
Insider Tokens that were locked or unvested could not generate rewards until they were fully vested and unlocked.
The project commits that any future token issuance (e.g., minting or emissions outside scheduled vesting) will be publicly disclosed and justified on an official platform (e.g., governance forum, blog, or docs).
New token issuance is publicly disclosed in official documents https://docs.raydium.io/raydium/protocol/the-ray-token and any change is disclosed and justified on Raydium's official platforms. Example: https://app.realms.today/dao/Raydium/proposal/GoMJfxYpUFnZcNyCRKbM8TFxf8HKExEdyj5gU4e8HWa4
The team discloses all tokens launched by its key team members in the past and explicitly lays out its philosophy around launching new tokens, related to the project or otherwise. (e.g. "We do not plan to launch additional tokens" or "Any additional tokens will be given 1:1 to existing token holders who can then vote on proposals submitted by the management team.")
Raydium makes clear that no subsequent tokens will be issued.
The project commits to disclosing any material Related Party & Insider Transaction within 30 days and includes: The nature of the transaction, the Related Person, the basis on which the person is a Related Person, and the number of tokens involved in the transaction. This includes tokens issued by the foundation.
Raydium commits to disclosing related party transactions within 30 days.
Disclosed information of previous fundraising rounds, material OTC rounds to investors, or discounted market maker sales involving the Project and its Token that includes: the date of sale, number of tokens sold, and the vesting schedule of these tokens. The Project commits to disclosing any material OTC deal involving token sales and purchases by the foundation within 30 days.
Seed investors were fully locked for the first 12 months after TGE and vested linearly each day over months 13-36 so that all tokens were vested 3 years after TGE on February 21, 2023. Tokens sold in the Bonfida community sale were locked for the first 12 months after TGE and fully vested on February 21, 2022. https://docs.raydium.io/raydium/protocol/the-ray-token
Projects must disclose key details of market making and centralized exchange agreements affecting token liquidity, including: names of all market makers & centralized exchanges involved, the token allocation for each (as % of total supply), and the duration of each agreement.
Raydium Foundation does not have active market making agreements affecting token liquidity. Should this change, the names of all market makers involved, the token allocation per market maker (as % of total supply), and the duration of each agreement will be made public to the extent permitted by the market maker. 'Raydium does not have any active Centralized Exchange Listing agreements affecting token liquidity. Raydium does not pay for exchange listings. 'Raydium commits to disclosing any OTC deal involving token sales by the foundation within 30 days. Each disclosure must include the amount of tokens sold and the vesting terms on those tokens.
The Project commits to providing updates to token holders on a quarterly basis via forum posts, live dashboards, or reports that cover core project KPIs, changes to Token supply or allocations, and disclosure of top line revenue and expenses. The Project may engage third-party contractors to prepare and deliver these updates.
Raydium currently provides updates to token holders on a quarterly basis via reports (Messari, https://messari.io/project/raydium) that cover core project KPIs, changes to Token supply or allocations, and disclosure of top line revenue and key expenses. Raydium also provides token holders access to public dashboards, detailing the protocols financial overview, core KPIs, token supply metrics, and disclosure of top line revenue and expenses. Blockworks: https://blockworks.co/analytics/raydium Artemis: https://app.artemis.xyz/asset/raydium?from=sectors Token Terminal: https://tokenterminal.com/explorer/projects/raydium Top Ledger: https://analytics.topledger.xyz/raydium/public/dashboards/dmOdxtVTiAMZQL6A2OqgA5pgZXKnBfcJyxEAYmBk?p_Date%20Type=Day
The foundation's assets or working capital are held onchain and publicly labelled, providing the ability to track asset holdings, revenue, and expenses. Or, the foundation publishes a quarterly, publicly available financial report of its assets, working capital, revenue and expenses.
Raydium's assets and working capital are held onchain and publicly labelled. Multi-sig holdings: https://v3.squads.so/vault/assets/RVhaWTdGUGNjTnVFdmdIWk1DTXB3dzJGZW44b0xXQlNKemRnQ3NYM0Rqd20= Buybacks: https://solscan.io/account/DdHDoz94o2WJmD9myRobHCwtx1bESpHTd4SSPe6VEZaz Buyback details: https://docs.raydium.io/raydium/protocol/the-ray-token/ray-buybacks RAY Treasury: https://solscan.io/account/8pFhUqCU7Fkxfg2DLytRDf7a9oK4XGtN92PrYwtVQc6G
This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. Raydium is solely responsible for the content, accuracy, and legality of its disclosures.
