RAY
Raydium · Solana DEX
Key facts
- Circulating 270.0M, 49%
- Locked or unvested 285.0M, 51%
- Max 555.0M
Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.
Assessment
Raydium's buyback is hardwired: 12% of trading fees plus a quarter of LaunchLab launch fees go to on-market RAY purchases, ~90.8M RAY (~$216M) since 2022, but the bought RAY sits in a governance-controlled wallet, neither burned nor distributed. Supply is fixed at 555M with the mint authority revoked. The weakness is control: 282.7M RAY, 51% of supply, sits in team-controlled mining and partnership reserves with no release schedule, and one multisig can upgrade the AMM programs with no timelock; a legacy pool lost $1.34M in Jun 2026. Its standing turns on the buyback stack: burning or distributing it would turn a held treasury into holder value.
How value reaches holders
12% of all trading fees fund automatic on-market RAY buybacks (84/12/4 CLMM/CPMM split; 88/12 AMM v4), plus 25% of LaunchLab's 1% launch fee: hardwired, ~90.8M RAY (~$216M) acquired since 2022, roughly a third of circulating supply. Bought RAY is held at a governance-controlled wallet, never burned or distributed. Mint authority is disabled; 282.7M RAY sits in the Mining Reserve and Partnership allocations with no schedule (Blockworks Q2 2026)
Score anatomy
Demand
9 / 45: the stronger of two routes, plus adoptionWhy would anyone hold it: does value reach the token, and is the network or product used today?
Small or discretionary flows, plumbing under 25%, or buy-and-hold into a treasury
Realized protocol revenue $26.5M over the trailing year (DefiLlama), annualizing ~$44M over the last 90 days, just inside band 3.
$25-100M/yrhigh confidenceHow this is scored
Governance and buyback exposure; ~$0.1M of RAY posted at lenders.
Trading onlyhigh confidenceHow this is scored
Raydium volume $94B TTM vs $491B the year before (-81%) and fees -84%, share fell from 10% to 3% of DEX volume: down 60%+ caps it at 1
Marginal or fading: negligible use for its size, usage down 60%+ year on year, or a lost forkhigh confidenceHow this is scored
Two routes, the stronger counts
Soundness
20 / 40Can a long-term holder trust the rules: supply, float, distribution and control?
SPL mint authority revoked (read Oct 23, 2026): 555M is fixed; buybacks are held rather than burned, but no new RAY can be issued.
Hard cap or net deflationary by protocol rule, under 1%/yr gross growth, and nobody can mint past the cap or change the schedule short of a hard fork node operators adopthigh confidenceHow this is scored
Float 49% (270M of 555M); 282.7M RAY sits in Mining Reserve and Partnership wallets with no release schedule (Blockworks Q2 2026).
0.5-1.5% per month, or large foundation or treasury holdings without a schedulehigh confidenceHow this is scored
Team 20%, seed 6%, advisors 2%, partnership/ecosystem 30%, liquidity 8%; 282.7M RAY (51% of the 555M cap) sits unissued in team-controlled mining and partnership reserves; no meaningful public sale
Insiders received over 50%, or one organization directs over 30% todayhigh confidenceHow this is scored
Raydium's AMM v4, CLMM and CPMM programs share one multisig-PDA upgrade authority with no timelock (read Oct 23, 2026), and a legacy pool was exploited for $1.34M in Jun 2026
A halt, rollback or exploited consensus bug in the last 24 months, attack cost under $10M, or a foundation-selected validator set or small multisig can halt or upgrade with no meaningful exit windowhigh confidenceHow this is scored
Durability
7 / 15Is it big, proven and reachable by institutions?
$501.3M market cap (band 3), $54.3M/day median volume (band 4), no flags.
Mid-cap: $250M-1B market cap and $10M/day+How this is scored
Launched Feb 2021 (5.7 years); fell 99% ($17.8 Aug 2021 to $0.13 Dec 2022); exploits were $4.4M (Dec 2022) and $1.34M (Jun 2026).
5-8 years and survived an 80%+ drawdownhigh confidenceHow this is scored
Spot on Binance, Coinbase, Kraken, OKX and Upbit; no ETP or US filing found.
Top-tier exchanges only, or delisting pressuremedium confidenceHow this is scored
What would move it up
To reach T3 Mixed, 3 gates are still open:
- Score 36needs 40(open)
- Value engine 1needs 2(open)
- Adoption 1needs 2(open)
- Supply 5gate 1(met)
Tier outlook
Could move up ↑low likelihood
- Holder routing rises to 4 or more if governance votes to burn or distribute the ~90.8M RAY buyback stack
- Holder routing falls if governance redeploys the stack instead
- Revenue falls to 2 if trailing protocol revenue drops below $25M (Q1 2026 net revenue $5.79M, down 20.6% QoQ)
- Float falls if the 282.7M RAY in Mining Reserve and Partnership wallets moves without a published schedule
- Security rises to 2 if the AMM upgrade authority moves behind a timelock
Compare with
How the ranking works and how RAY compares: see the full ranking. This entry as JSON:
GET https://tokens.10102.io/api/v1/tokenomics?symbol=RAY