Raydium
RAY
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Raydium (RAY) demonstrates solid core fundamentals across development activity, market presence, and token economics, balanced by moderate team pseudonymity and historical security challenges. Active development scored high (8.5/10) with verified August 2026 protocol updates, comprehensive changelogs, and an active SDK ecosystem. Tokenomics (7.8/10) are solid with a fixed maximum supply of 555M, disabled mint authority, complete conclusion of team/seed vesting in early 2024, and a 12% protocol fee buyback mechanism. Market and Use Case (7.5/10) reflects Raydium's established role as a leading Solana DEX and AMM with ~$1.06B in TVL and $214M market cap, though constrained by a 95% drawdown from all-time highs. Team and Governance scored 5.5/10 due to pseudonymous leadership and limited governance decentralization. Security and Audit History scored 5.0/10 due to two past security events: a $2.2M private key compromise in December 2022 and a $1.34M legacy AMM V3 exploit on June 10, 2026, though the latter was non-critical to current mainnet code and fully covered by protocol treasury compensation (thus not meeting the red-flag cap threshold). A data gap was noted in Community Support (-1.0), which lacked sufficient social/governance activity data and was excluded from the weighted score calculation.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Raydium (RAY)
Raydium (RAY) is the native utility and governance token of Raydium, an automated market maker (AMM) and decentralized exchange protocol on the Solana blockchain launched in February 2021. The protocol provides on-chain liquidity through constant-product and concentrated liquidity market maker pools, as well as integrations with order book infrastructure. The RAY token has a fixed maximum supply of 555 million with a disabled mint authority, and all initial team and seed vesting concluded in February 2024. Token utility includes staking to earn protocol fee allocations and participate in IDOs, liquidity farming incentives, and governance participation, supported by a mechanism allocating 12% of protocol trading fees toward RAY buybacks.
The protocol was founded by a pseudonymous team led by AlphaRay, XRay, and GammaRay, alongside StingRay and RayZor, who possess backgrounds in algorithmic trading and low-latency architecture. While documented governance processes exist, Raydium operates with limited on-chain decentralized governance transparency and pseudonymous leadership. The protocol maintains a significant volume of total value locked (approximately $1.06 billion) and undergoes regular smart contract audits from firms such as Kudelski Security, Halborn, Sec3, and MadShield. However, the token has experienced market headwinds, including an approximate 95% drawdown from its all-time high.
Raydium has experienced two notable security breaches resulting in cumulative losses of approximately $3.54 million. In December 2022, an attacker drained roughly $2.2 million from Raydium liquidity pools via compromised private administrator keys. On June 10, 2026, an attacker exploited validation vulnerabilities in Raydium's deprecated Legacy AMM V3 smart contract, minting unauthorized liquidity tokens and extracting roughly $1.34 million in USDC, SOL, and RAY. The protocol reported that active mainnet contracts were unaffected and committed to fully reimbursing impacted balances from treasury funds.