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Solana AMM / CLMM exchange · Solana

Raydium

Raydium provides AMM v4, CPMM, and concentrated-liquidity pools on Solana, plus launch and routing infrastructure. Pool-specific swap fees are divided among LPs, RAY buybacks, and applicable treasury destinations.

User-paid fees

observed

$4.2M

Normalized swap/protocol fee coverage; official API volume is shown separately as traction. [1]

Trailing 30 days ending 15 Jul 2026 (UTC) · retrieved 2026-07-16

Protocol-directed flow

observed

$644.8K

Buyback plus treasury-directed flow before costs. [1][3]

Trailing 30 days ending 15 Jul 2026 (UTC) · retrieved 2026-07-16

Holder-linked value

observed

$504.3K

RAY bought and held by the protocol; not labeled as burn or cash distribution. [1][4]

Trailing 30 days ending 15 Jul 2026 (UTC) · retrieved 2026-07-16

Net protocol revenue

unavailable

Not available

Operating expenses and full treasury outflows are not period-matched. [1][5]

Trailing 30 days ending 15 Jul 2026 (UTC) · retrieved 2026-07-16

Economic activity

What users pay for

Users create economic activity by swapping, creating pools, providing liquidity, and using LaunchLab. Solana transaction fees, priority fees, rent, and Token-2022 transfer fees remain separate from Raydium protocol fees.

Money flow

$100 observed trailing-30-day fee allocation

Observed aggregate mix. Official CLMM/CPMM rules are 84% LP, 12% buyback, 4% treasury; legacy AMM v4 is 88% LP and 12% buyback, so one universal treasury percentage would be misleading.

Current traction context

Official 24h volume$123.8M[2]
Official TVL$1.068B[2]
Normalized 30d DEX volume$3.51B[1]

Official API activity and normalized accounting metrics have different scopes; they are not combined.

Normalized statement

Every number keeps its definition.

Trailing 30 days ending 15 Jul 2026 (UTC). USD. Review and retrieval: 2026-07-16. Missing data is never displayed as zero.

User-paid fees

observed
$4.2M

Normalized swap/protocol fee coverage; official API volume is shown separately as traction. [1]

Method and period

DefiLlama trailing-30-day fees adapter total.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Protocol-directed flow

observed
$644.8K

Buyback plus treasury-directed flow before costs. [1][3]

Method and period

DefiLlama protocol revenue classification.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Net protocol revenue

unavailable
Not available

Operating expenses and full treasury outflows are not period-matched. [1][5]

Method and period

No defensible period-matched figure available.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Holder-linked value

observed
$504.3K

RAY bought and held by the protocol; not labeled as burn or cash distribution. [1][4]

Method and period

DefiLlama holder-revenue classification, cross-checked against the documented 12% fee-share route.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

LP / supply-side income

observed
$3.5M

LP fee income across covered pool programs. [1][3]

Method and period

DefiLlama supply-side revenue.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Validator / node income

unavailable
Not available

Solana validator fees are network costs and are not Raydium revenue. [3]

Method and period

No defensible period-matched figure available.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Token incentives

source conflict
Not available

Official docs report approximately 1.9M RAY/year current emissions, but a reliable period-matched USD program cost is not available. [6][1]

Method and period

Sources or definitions do not support one comparable 30-day value.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Treasury income

derived
$140.5K

Normalized residual attributed to treasury/protocol; pool-program mix makes it lower than a universal 4% assumption. [1][3][5]

Method and period

$644,783 protocol-directed flow − $504,292 holder-linked buyback flow.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Unclassified residual

derived
$0

Two-dollar adapter/rounding difference. [1]

Method and period

$4,155,855 fees − $3,511,074 LP − $644,783 protocol flow = −$2; rounded to $0.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Economic profit

unavailable
Not available

Incentive and operating costs are incomplete. [1][6][5]

Method and period

No defensible period-matched figure available.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Token value capture

What the token actually gets

Twelve percent of the trading fee—not trade volume—is routed to RAY buybacks. Bought RAY accumulates at a public address. This creates usage-linked demand but is not an executed burn.

Sustainability

What gross flow still hides

Raydium combines meaningful organic fee activity with continuing RAY mining-reserve emissions. Buyback value should be compared with the token quantity and market value of emissions, not with gross trading volume.

Recipients

Who receives value

  • LPs receive 84% of CLMM/CPMM fees or 88% of AMM v4 fees.
  • The buyback route receives 12% of trading fees.
  • CLMM/CPMM treasury destinations receive 4% of trading fees.
  • Token creators and farm participants may receive separate launch/reward flows that are not organic protocol revenue.

Governance levers

What can change

  • Program AmmConfig accounts determine pool fee tiers and recipient shares.
  • The protocol multisig controls fee collection/treasury operations; this is not presented as token-holder DAO control.
  • Mining-reserve reward programs determine RAY subsidy outflow.

Key risks

What can break the thesis

  • Buyback holdings can be mistaken for burned supply.
  • Mining-reserve emissions can outweigh fee-funded buyback demand in token terms.
  • Multiple pool generations and creator fees complicate aggregation.
  • Official API and DefiLlama scope/timing produced different TVL/volume figures.
  • Speculative launch activity can inflate volume without durable economic demand.

Model history

How the economics changed

  • AMM v4 established Raydium's legacy 88/12 fee split.
  • CPMM and CLMM use configurable tiers with an 84/12/4 split.
  • Team/seed vesting concluded in February 2024; mining-reserve emissions continue.
  • Current docs publish fee collection, treasury, and RAY holding addresses.

Source ledger

Follow every material claim.

Primary sources establish mechanisms. DefiLlama supplies a consistent cross-protocol time series and is labeled as third-party normalization.

  1. Normalized third-party data

    Raydium metrics and adapter methodology ↗

    Retrieved
    2026-07-16
    Source updated
    Trailing snapshot through 15 Jul 2026
  2. Official API

    Raydium official protocol info API ↗

    Retrieved
    2026-07-16
    Source updated
    Live at retrieval
  3. Official documentation

    Raydium protocol fees ↗

    Retrieved
    2026-07-16
    Source updated
    Page reported updated 10 Jul 2026
  4. Official documentation

    RAY buybacks and verification addresses ↗

    Retrieved
    2026-07-16
    Source updated
    Living documentation
  5. Official documentation

    Raydium treasury and collection addresses ↗

    Retrieved
    2026-07-16
    Source updated
    Living documentation
  6. Official documentation

    RAY supply, allocation, vesting, and emissions ↗

    Retrieved
    2026-07-16
    Source updated
    Living documentation

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