Propose an edit: Raydium

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Title Category One sentence summary Infobox, one "key: value" per line Article body, markdown, use [[wiki links]] and end with a ## References section

## Function

Raydium is an automated market maker and liquidity network on Solana, offering standard constant product pools, concentrated liquidity pools, a swap interface, farms, and the AcceleRaytor and LaunchLab launch products. Its RAY token accrues value through fee driven buybacks. As one of the deepest liquidity venues on the network, it is a core routing destination for [[Jupiter]] and for every trading bot and terminal.

## Use in the trenches

For most of the memecoin era, Raydium was where tokens went to become real. When a [[pump.fun]] token completed its [[bonding curve]], its liquidity migrated to a Raydium pool, an event the trenches simply call [[graduation]], and the moment a token became tradable by the wider market and snipeable by bots. Trenches traders also provide liquidity on volatile pairs for fee income and watch new Raydium pools as a discovery feed. Since April 2025 the [[letsbonk.fun]] launchpad has run on Raydium's LaunchLab rails, keeping Raydium central to launch culture.

## History

Raydium launched in February 2021 as Solana's first major AMM, built by a team from algorithmic trading backgrounds. In December 2022 an attacker used a compromised admin private key to drain about 4.4 million dollars from pools; the team removed the single points of control and reimbursed affected users. The pump.fun partnership era made Raydium the largest DEX on Solana by volume, but in March 2025 pump.fun ended the integration and moved graduations to its own [[PumpSwap]] exchange. Raydium answered on April 16, 2025 with LaunchLab, a token launchpad competing directly with pump.fun, which Decrypt described as a response to the split. LaunchLab's infrastructure subsequently powered third party launchpads during the launchpad wars of 2025.

## Status in 2026

Raydium remains one of Solana's principal liquidity venues in 2026, with its DEX, LaunchLab, and buyback program active, though it now shares graduation flow with PumpSwap and other venues.

## References

- https://decrypt.co/315140/raydium-solana-token-launchpad-pumpfun-split
- https://messari.io/report/state-of-raydium-q2-2025
- https://www.datawallet.com/crypto/what-is-raydium-ray
- https://blockworks.com/news/raydium-launching-pumpfun-version
- https://www.lbank.com/explore/raydium-ray-inside-solanas-first-automated-market-maker

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