Raydium · RAY
An automated market maker and DEX on Solana
A mid-pack Solana DEX where a fee-funded buyback quietly outpaces the last of the emission, so supply barely grows — but RAY is mostly optional to use, and DeFi-general carries only a modest VC story.
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RAY · the fee buyback parks six times what the reserve pays out.
RAY is the token of Raydium, a Solana AMM and DEX — ~269.5M circulating of a 555M hard cap, fully unlocked since Feb 21 2024. The right to create new RAY is switched off on-chain, so the only supply still moving is a fixed mining reserve paying staking and farm rewards.
Sell pressure. The mining reserve paid holders about 0.43M RAY over 90 days — the only new float, and still running.
Buy pressure. A fee-funded buyback took 2.67M RAY off the market and parked it, paid for by 12% of every trading fee. The coins are held, not destroyed.
Net. About −0.83% off market over 90 days — the buyback outpaces the reserve about six to one, so the tradable float keeps shrinking.
New RAY can never be created — the mint switch is off on-chain — so the only supply still reaching the market is the fixed mining reserve paying staking and farm rewards. Every reward vault was read at both ends of the 90-day window, so this is what holders actually received, not a headline rate. The staking vault was topped up on Jun 24 2026 and again on Aug 10 2026 and still holds about 30 days of rewards, so the stream is live.
Team and seed allocations finished vesting on Feb 21 2024, so RAY is fully unlocked and no cliff of any size falls inside the window. Minting is switched off on-chain for good, so no schedule can be restarted.
Tracked team-controlled overhangs: the buyback wallet holding ~84.7M RAY across six accounts, which only grew and shows no outflow at all; the reward hopper that funds staking and farm payouts, ~0.58M RAY; and ~282.7M RAY of reserve and ecosystem allocations under one authority that did not move a single token in the window and has no published release plan. The fee treasury takes its share in dollars, so it holds no RAY. No public evidence of release in window — monitored.
There is no bankruptcy estate and no trustee release plan attached to RAY, so this row has nothing that can fire.
12% of every trading fee automatically buys RAY on the open market. The coins are HELD in a public protocol wallet, never burned — they leave the tradable float but still exist, and what happens to them later is a decision for holders. Both ends of the window were read from the wallet itself, and every transaction it signed was checked: nothing left. The pile is now ~84.7M RAY, about 31% of the tradable float.
RAY has no fee burn. The 12% fee share buys and parks RAY; the 4% treasury share is taken in dollars. One stray 35.8 RAY was destroyed on Jul 17 2026, and across the token's whole life only about 2,429 RAY of the 555M cap has ever been destroyed.
The fee-funded buyback is the only protocol buying. The two fee treasury wallets hold no RAY at all, so there is no separate treasury purchase to count.
No new lockup contract and no staking cap was announced in the window. RAY staking can be withdrawn at will, so it is not a long-term lock.
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