Raydium · RAY
A leading automated market maker and DEX on Solana
A leading Solana AMM/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 quietly outpaces the last of the emission.
RAY is the token of Raydium, a Solana AMM and DEX — ~269M circulating of a 555M hard cap, fully unlocked since 2024. RAY minting is switched off for good, and only a fixed mining reserve still pays rewards.
Sell pressure. A fixed mining reserve pays out ~0.51M RAY over 90 days as staking and farming rewards — the only new float.
Buy pressure. A fee-funded buyback takes about 2.33M RAY off the market and holds it, funded by 12% of all trading fees.
Net. About −0.68% off market over 90 days — the buyback clearly outpaces the reserve emission, so the open float is shrinking.
A fixed mining reserve pays out about 0.51M RAY over 90 days as staking and farming rewards — the only new float. RAY minting is switched off for good, so these are pre-issued reserve coins entering circulation, not freshly created supply.
Team and seed allocations finished vesting on Feb 21 2024, so the token is fully unlocked and no cliff reaches the market.
No public evidence of release in window — monitored. Five project-held allocation wallets sit outside circulation and every one read flat across the window: the mining reserve (~123.3M, unmoved since 2024), partnership and ecosystem (~138.6M), team (~7.3M), advisors (~11.1M) and community and seed (~2.3M). The buyback wallet is a sixth tracked overhang at ~83.3M and has only grown. A Jun 10 2026 exploit of five retired 2021 pools took 150,177 RAY plus SOL and USDC, covered from treasury — already-circulating coins, not new supply.
No bankruptcy estate or court-ordered distribution applies to RAY.
12% of every pool's trading fee automatically buys RAY on the open market. The buyback wallet grew from 80.99M to 83.32M RAY over the 90 days to Jul 19 2026 — 2.33M RAY bought and held, not burned, so they leave the open float while total supply stays put.
There is no burn path. Bought-back RAY accumulates in a public wallet rather than being destroyed, and total supply has not moved, so nothing is permanently removed.
No discretionary open-market buying outside the automatic fee buyback — monitored.
Staking is user-initiated and can be withdrawn at any time, and no new multi-year lock or escrow was announced in the window — monitored.
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