MrNasdog
RRAY · Raydium
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MrNasdog Pressure Framework

RAY · buyback is the only active flow.

Raydium is Solana's leading AMM + CLMM + CPMM DEX + LaunchLab platform. 555M fixed total supply; mint authority revoked at TGE; ~269.16M circulating. All 3-year linear vesting (Team / Investor / Partner / Liquidity-Mining) finished long ago. 12% of every swap fee auto-routes to open-market RAY buybacks, transferred to a single accumulation wallet — bought RAY is HELD, not burned. Last 90D holders-revenue ~$2.0-2.5M (down from the 2025 peaks on softer Solana DEX volumes) → ~3.5M RAY / 90D at current ~$0.64 price. Cumulative ~71M RAY bought for ~$58.2M USDC all-time.

Inflation
Last 90 Days
-1.30%
updated · Jun 4 2026
Net flow: 1.30% of supply taken off the market over 90 days
Next 90 Days
-1.30%
estimate
Net flow: 1.30% of supply taken off the market next 90 days
Supply shrinking · projected to keep shrinking
monitor gap · Deep walk Jun 3 2026 PM: end-checker reads +0.13% / 90D (+361K circulating). Primary derivation credits the documented 12%-of-fees buyback (~3.5M RAY / 90D triangulated from DeFiLlama holders-revenue × RAY price + cumulative $58.2M / 71M historical anchor) as Buy #1; the aggregator's circulating-supply field does NOT subtract these because the bought tokens accumulate in a treasury wallet (DdHDoz…) rather than being burned. This is the same methodology gap documented for DYDX — both sides describe the same on-chain reality, they differ only on whether buybacks-to-treasury count as 'off market.' The framework credits the buyback as Buy flow (it does remove the tokens from sell-side availability); the aggregator does not. Per-90D mining reserve drip in Sell #3 was not transparently published this session and is left opaque rather than back-calculated. On-chain wallet flow verification pending — Solscan blocked in this session, would refine the number further.
Sell pressure
1. Protocol inflation

RAY is an SPL token with no mint authority — the on-chain mint was revoked at TGE in 2021. Total supply is permanent at 555M.

0 RAY
permanent · no change
2. Vesting unlocks

Team, Investor, Partner, and Liquidity-Mining allocations vested on a 3-year linear schedule from TGE in 2021. Fully expired; no future cliffs possible without a fork.

0 RAY
permanent · no change
3. Foundation + unscheduled unlocks

Non-circulating reserve (~286M; mining reserve + ecosystem + partner allocations) sits outside circulating supply. Per-90D drip rate NOT transparently published in surface fetches this session. Bought-back RAY also accumulates in the buyback wallet (DdHDoz…); direct on-chain query of that wallet's outflows is pending — Solscan blocked in this session. An outflow from either pool enters Sell #3 at the next refresh.

opaque RAY
checked · Jun 3 2026
4. Long-term locked or bankruptcy

No bankruptcy estate. Non-circulating reserve is captured in Row #3 — not a long-term lock per framework definition.

0 RAY
checked · Jun 3 2026
Buy pressure
1. Programmatic buyback

12% of every swap fee across the AMM / CLMM / CPMM products auto-routes to open-market RAY buybacks; bought RAY transferred to a single accumulation wallet (DdHDoz…) — held, not burned. Last-90D buyback budget ~$2.0-2.5M (recent 30d $839K + older 60d extrapolated; aggregator holders-revenue endpoint) at ~$0.64 RAY ≈ ~3.5M / 90D. Cross-check: cumulative ~71M RAY bought for ~$58.2M USDC all-time. On-chain wallet flow verification PENDING (Solscan blocked this session).

~3.5M RAY
checked · Jun 3 2026
2. Protocol fee burn

RAY has no burn function. Bought-back RAY is held in the buyback wallet, never destroyed.

0 RAY
permanent · no change
3. Foundation buy

The programmatic buyback in Row #1 is the entire buy-side mechanism. No separate discretionary accumulation programme.

0 RAY
checked · Jun 3 2026
4. New long-term lock

Accumulation in the buyback wallet is captured in Row #1. No fresh staking-cap or lockup programme announced.

0 RAY
checked · Jun 3 2026

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Algorithm check · raw inputs & outputs
 
Last 90D
Next 90D
Sell total (M RAY)
0.000
0.000
Buy total (M RAY)
3.500
3.500
Sell % of circ
0.000%
0.000%
Buy % of circ
+1.300%
+1.300%
Inflation (sell − buy) %
-1.300%
-1.300%
Score (0–6)
6
6
Verdict
favor
favor
Circulating supply: 269.160M RAY · inflation = (sell − buy) / circulating × 100
Read the full Pressure Framework analysis
RAY: buyback the only active flow.
12%-of-fees auto-buyback into treasury, fixed cap, finished vesting. ~5 min.

MrNasdog Pressure Framework analysis of RAY, Metric 1 (Inflation Monitor). Data + explanation only. Not financial advice. Updated Jun 3, 2026.