Raydium changed the machinery beneath one familiar name. Pool positions earn pool fees, a Fee Key can carry the right to harvest fees from locked LP, and the protocol buys RAY into its own address. Holding RAY alone does not confer those claims.
In February 2021, AMM v4 linked constant-product liquidity with Serum's order book. That hybrid premise became Raydium's standard one-line description.
The order-book path is now inactive. Existing AMM v4 pools continue, but CPMM is the separate default for new constant-product liquidity.
CPMM keeps x·y=k across all prices. Depositors receive fungible LP tokens and realize accumulated fees when redeeming their pool share.
CLMM divides prices into ticks. Its depositor chooses a range and receives a position NFT; capital outside the current range earns no swap fee.
A router may use either program, but ownership and fee accounting remain inside the pool and position actually traversed.
Standard CPMM and CLMM assign 84% of a trade fee to LPs, 12% to RAY purchases and 4% to treasury. AMM v4 assigns 88% and 12%; these are shares of the fee, not volume.
At a 0.25% pool fee the buyback share is 0.03% of volume. CPMM can add a separate creator fee, and mutable AmmConfig accounts require a live check.
Raydium publishes collection accounts and a RAY accumulation address. The current flow says the protocol holds purchased tokens there, with no automatic burn or pro-rata holder payment.
LaunchLab begins on a bonding curve before an AMM pool exists. Once the reserve of the quote asset paid by buyers reaches the configured graduation threshold, the launch migrates once into CPMM.
Curve creator fees and post-migration rights depend on PlatformConfig and CPMM configuration. A Fee Key controls collection of fees from locked LP; it does not permit withdrawal of the locked principal and is separate from CPMM creator-fee collection.
The burn in this ledger destroys graduated-pool LP tokens. It does not reduce RAY supply.
At review, the RAY mint had six decimals, 554,997,563.232443 units, and no mint or freeze authority. The app still offers staking for additional RAY.
Those facts create no documented vote over program code. The 3/4 upgrade multisig and 3/5 treasury multisig retain different powers.
RAY can be held or staked and buybacks may affect its market balance; LP redemption, creator fees, treasury assets and upgrades remain separate rights or powers.
The Serum-connected constant-product AMM begins.
LP staking bootstraps liquidity and the legacy program remains for RAY staking.
Price ranges and NFT position accounting arrive.
After an AMM v4 authority incident, roles move to Squads multisigs.
The no-order-book constant-product program becomes recommended.
Bonding-curve launches graduating to CPMM replace AcceleRaytor.
Last evidence review: 2026-09-04
Raydium began in February 2021 as a Solana constant-product AMM connected to Serum. That connection is now inactive. The name now covers separate programs: legacy AMM v4, CPMM for new constant-product pools, CLMM for price-range positions, and LaunchLab for bonding-curve launches that graduate into CPMM.
RAY is the six-decimal SPL token at mint 4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R. Owning it differs from owning a CPMM LP token, CLMM position NFT or LaunchLab Fee Key. Documented RAY staking and protocol buybacks do not establish ownership of pool assets, treasury balances or bought-back tokens.
Old summaries make Raydium unusually easy to misread. Serum liquidity sharing is inactive, AcceleRaytor is retired, CPMM has no order-book dependency, CLMM concentrates capital in ranges, and LaunchLab uses a bonding curve followed by CPMM graduation.
The fee slogan also needs its denominator. Twelve percent applies to the trade-fee bucket. At a 0.25% pool fee, the effective buyback is 0.03% of volume. Current documentation says purchased RAY is held at a public protocol address; it does not say it is automatically burned or paid to every RAY wallet.
AMM v4 and CPMM spread liquidity across a constant-product curve and issue fungible LP tokens. CLMM lets an LP choose ticks and issues a position NFT; it earns fees and configured rewards only while active in range. Each pool in a routed swap charges its own fee.
The published standard CPMM/CLMM split is 84% of trade fees to LPs, 12% to RAY purchases and 4% to treasury. AMM v4 uses 88% and 12%. CPMM may add a separate creator fee. CPMM and CLMM rates live in mutable AmmConfig accounts, so actual pool state matters.
LaunchLab begins on a bonding curve before an AMM pool exists. Once the reserve of the quote asset paid by buyers reaches the configured graduation threshold, the launch migrates once into CPMM. Curve creator fees and post-migration rights depend on PlatformConfig and CPMM configuration. A Fee Key controls collection of fees from locked LP; it does not permit withdrawal of the locked principal and is separate from CPMM creator-fee collection. Platform settings also determine vesting and locked or burned LP allocation. A Fee Key is not RAY, and burning LP tokens is not a RAY burn.
RAY can be staked for additional RAY. Current architecture documents no token-voting program. A 3/4 multisig with a 24-hour timelock upgrades programs; a separate 3/5 treasury multisig without timelock handles narrower fee, config and treasury powers.
No direct distribution is documented. Twelve percent of the fee bucket funds purchases, and current documents place bought RAY at a protocol address.
No. The current flow holds purchased RAY. LaunchLab may burn pool LP tokens, which is a separate instrument.
The official flow offers additional RAY rewards. It does not create an LP position or treasury claim.
Current architecture documents no token-voting program. Multisigs execute upgrades and fee/config actions.
CPMM uses fungible LP tokens for a proportional pool share; CLMM uses an NFT whose earnings depend on its selected active range.
No. Curve fees, the post-migration CPMM creator and LP allocation depend on each launch and platform configuration.
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