Editing Raydium

**Raydium** is an automated market maker (AMM) on [[Solana]] and **RAY** is its token. Until March 2025 it was where [[pump.fun]] coins went when they left the [[Bonding curve|bonding curve]], and since April 2025 it also runs the LaunchLab token launcher.

## Lore
Raydium's mainnet launched in February 2021. Its pools originally posted liquidity as limit orders on the Serum order book, and its core team uses pseudonyms such as AlphaRay and XRay. RAY's supply is capped at 555 million.[^1]

### Graduation venue
Pump.fun coins that completed their curve were moved into a Raydium [[Liquidity pool|liquidity pool]], with projects paying 6 SOL to graduate; Raydium charged a 0.25% swap fee. Only about 1.4% of pump.fun tokens made it to Raydium.[^2] [[Moonshot]] also migrated its tokens to Raydium.[^3] When reports of a test pump.fun AMM surfaced on 24 February 2025, RAY fell 22% in a day to $3.28.[^2] Pump.fun launched PumpSwap on 20 March 2025, making migration instant and free, and RAY fell 7.6% within five minutes.[^4]

### LaunchLab
Raydium answered with LaunchLab, unveiled around 16 April 2025, which lets users launch tokens straight into Raydium pools, lets third-party platforms set their own fees, and sends 25% of fees to buying back RAY; RAY rose about 8%.[^5] [[LetsBonk]] is built on LaunchLab, and on 6 July 2025 it created 19,620 tokens in a day against pump.fun's 9,249, the first time a Solana launchpad had out-launched pump.fun.[^6] Raydium was one of seven Solana apps to earn more than $100 million in revenue in 2025.[^7]

## Timeline
- 2021-02: Raydium mainnet launch[^1]
- 2022-12-16: about $4.4 million drained from eight pools via a compromised admin account[^8]
- 2024-06-24: Moonshot launches, graduating tokens to Raydium[^3]
- 2025-02-24: RAY falls 22% on reports of a pump.fun AMM[^2]
- 2025-03-20: PumpSwap replaces Raydium for pump.fun graduations[^4]
- 2025-04-16: LaunchLab unveiled[^5]
- 2025-07-06: LetsBonk, on LaunchLab, out-launches pump.fun for a day[^6]

## Controversies
In December 2022 an attacker took control of Raydium's pool owner admin account and withdrew about $4.4 million from eight constant-product pools. Security firm OtterSec suggested a compromised private key; Raydium suspected a trojan on the machine where the account was deployed and offered a 10% bounty for the funds' return.[^8]

## See also
- [[SunPump]]
- [[Fomo]]
- [[Jupiter]]
- [[Meteora]]
- [[Hyperliquid]]
- [[Launch Coin]]
- [[Alon Cohen]]
- [[Ben Chow]]

## References
1. [What Is Raydium (RAY)?](https://www.kraken.com/learn/what-is-raydium-ray), Kraken, n.d.
2. [Raydium Token Dips 22% as Rumors Swirl on Pump.Fun Changes](https://decrypt.co/307437/raydium-token-dips-22-as-rumors-swirl-on-pump-fun-changes), Decrypt, 2025-02-24
3. [Memecoins flood Dexscreener's newly released Pump.fun competitor Moonshot](https://www.theblock.co/post/301748/dexscreener-released-a-pump-fun-competitor-moonshot), The Block, 2024-06-25
4. [Solana Meme Coin Launchpad Pump.fun Debuts PumpSwap Exchange](https://decrypt.co/310933/solana-pump-fun-pumpswap-exchange), Decrypt, 2025-03-20
5. [RAY token up 8% as Raydium rolls out Pump.fun competitor 'LaunchLab'](https://www.theblock.co/post/351033/ray-token-up-8-as-raydium-rolls-out-pump-fun-competitor-launchlab), The Block, 2025-04-16
6. [BONK Meme Coin Launchpad Flips Pump.fun for Solana Tokens Created](https://decrypt.co/328822), Decrypt, 2025-07-07
7. ['The year of revenue, assets, and trading': Ethereum and Solana boast growth in 2025](https://www.theblock.co/post/384535/the-year-of-revenue-assets-and-trading-ethereum-and-solana-boast-growth-in-2025), The Block, 2026-01-06
8. [Solana-based exchange Raydium suffers $4.4 million exploit](https://www.theblock.co/post/195712/solana-based-exchange-raydium-suffers-2-million-exploit), The Block, 2022-12-16
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