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
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.
Economic brief
Three answers before the ledger.
- What users pay for
- Users create economic activity by swapping, creating pools, providing liquidity, and using LaunchLab.
- What the token gets
- Twelve percent of the trading fee—not trade volume—is routed to RAY buybacks.
- What gross flow hides
- Raydium combines meaningful organic fee activity with continuing RAY mining-reserve emissions.
Protocol-directed
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
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 revenue
unavailableNot 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
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.
The diagram and table use the same values. Color is reinforced by labels and classifications.
01 · PayerPool traders and swappers
Users create economic activity by swapping, creating pools, providing liquidity, and using LaunchLab.
02 · Fee base$4.2M
Trailing 30 days ending 15 Jul 2026 (UTC)
observedLiquidity providers84.5%
Participant income · $3.5M of the normalized fee base
RAY buyback12.1%
Holder-linked · $502.9K of the normalized fee base
Treasury / protocol3.4%
Treasury · $141.3K of the normalized fee base
| Recipient | Share | Per $100 | Classification |
|---|---|---|---|
| Liquidity providers | 84.5% | $84.5 | Participant income |
| RAY buyback | 12.1% | $12.1 | Holder-linked |
| Treasury / protocol | 3.4% | $3.4 | Treasury |
Normalized statement
Every number keeps its boundary.
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
observedNormalized swap/protocol fee coverage; official API volume is shown separately as traction. [1]
Method, period & unit
DefiLlama trailing-30-day fees adapter total.
Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16
Protocol-directed flow
observedNet protocol revenue
unavailableHolder-linked value
observedLP / supply-side income
observedValidator / node income
unavailableSolana validator fees are network costs and are not Raydium revenue. [3]
Method, period & unit
No defensible period-matched figure available.
Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16
Token incentives
source conflictTreasury income
derivedUnclassified residual
derivedTwo-dollar adapter/rounding difference. [1]
Method, period & unit
$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
unavailableToken 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
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.
Risk register
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.
- Normalized third-party data
Raydium metrics and adapter methodology ↗
- Retrieved
- 2026-07-16
- Source updated
- Trailing snapshot through 15 Jul 2026
- Official API
Raydium official protocol info API ↗
- Retrieved
- 2026-07-16
- Source updated
- Live at retrieval
- Official documentation
Raydium protocol fees ↗
- Retrieved
- 2026-07-16
- Source updated
- Page reported updated 10 Jul 2026
- Official documentation
RAY buybacks and verification addresses ↗
- Retrieved
- 2026-07-16
- Source updated
- Living documentation
- Official documentation
Raydium treasury and collection addresses ↗
- Retrieved
- 2026-07-16
- Source updated
- Living documentation
- Official documentation
RAY supply, allocation, vesting, and emissions ↗
- Retrieved
- 2026-07-16
- Source updated
- Living documentation