Raydium AMM

Raydium is one of the longest-running DEXs on Solana, originally built around an order-book-AMM hybrid that routed liquidity into Serum’s central limit order book. After Serum’s collapse, Raydium pivoted to a standalone AMM and concentrated-liquidity venue while remaining one of Solana’s most-used trading platforms.

Raydium is also the dominant launchpad-style venue for new Solana tokens, hosting both standard pools and the AcceleRaytor program. RAY is the governance token.