射線（射線）

Raydium（Ray）是最大的自動化做市商（AMM）分散的交易所（DEX），按數量計算。

Primer

底漆

Raydium (RAY) is the largest automated market maker (AMM) decentralized exchange (DEX) by volume on Solana. First launched in 2021, Raydium allows users to permissionlessly create new liquidity pools, provide liquidity to existing pools, launch tokens, swap tokens, and trade perpetual futures. Liquidity providers earn trading fees on each swap made in a pool as well as RAY, the protocol’s token, and/or other tokens if the pool is incentivized. RAY can also be staked to earn additional RAY tokens.

Raydium（Ray）是最大的自動化做市商（AMM）分散的交易所（DEX），按數量計算。 Raydium於2021年首次推出，允許用戶無權創建新的流動性池，為現有池提供流動性，發射令牌，交換令牌和貿易永久期貨。流動性提供商在池中的每個交換以及協議的令牌和/或其他令牌上都賺取交易費用，如果泳池被激勵。射線也可以粘貼以獲得額外的射線令牌。

In May 2024, the Raydium V3 application launched alongside revamped Constant Product Market Maker (CPMM) pools that support the Token-2022 token program and include a built-in price oracle. In addition to CPMM pools and its legacy standard AMM pools (AMM V4), which offer uniform liquidity distribution, Raydium offers Concentrated Liquidity Market Maker (CLMM) pools that allow for liquidity concentration at specific price points. CLMM provides lower slippage for traders and higher fee earnings for LPs, though the risk of higher impermanent loss is magnified by this design. Trading and routing are also available via the Raydium API.

2024年5月，Raydium V3應用程序與經過改建的恆定產品營銷商（CPMM）池一起啟動，該池支持代幣-2022代幣計劃，並包括內置價格Oracle。除了CPMM池及其傳統標準AMM池（AMM V4）外，Raydium還提供集中的流動性營銷商（CLMM）池，可在特定價格點以流動性集中。 CLMM為交易者提供較低的滑倒，並為LP提供較高的收入收入，儘管這種設計會放大較高無常損失的風險。交易和路由也可通過Raydium API獲得。

More recent developments include Raydium’s release of its perpetual futures trading platform, Raydium Perps, on Jan. 9, 2025, and its token launch platform, LaunchLab, on April 16, 2025.

最近的進展包括Raydium於2025年1月9日發布了其永久期貨交易平台Raydium Perps，以及2025年4月16日的令牌發布平台LaunchLab。

Website / X / Discord / Telegram

網站 / X / Discord / Telegram

Key Metrics

關鍵指標

Performance Analysis

績效分析

Volume and Market Share

數量和市場份額

As the leading DEX by volume on Solana, Raydium’s trading volumes are a key indicator of the network's overall activity. In Q1 2025, daily average volume grew 12.7% QoQ to $3.6 billion, due to a record $195.8 billion in volume in January. Daily volume peaked at $16 billion on Jan. 19 following the launch of President Donald Trump’s memecoin, TRUMP, on Jan. 17.

作為索拉納（Solana）的領先DEX，Raydium的交易量是該網絡整體活動的關鍵指標。在2025年第1季度，每日平均銷量增長了12.7％，達到36億美元，這是由於一月份創下了1958億美元的數量。 1月17日，唐納德·特朗普（Donald Trump）總統的成員特朗普（Trump）發起後，每天的數量在1月19日達到160億美元。

Token prices and trading activity across the broader crypto market also peaked at this time. Thereafter, daily trading volume on Raydium declined sharply, with $709.6 million in volume at Q1 end on March 31. To further illuminate this trend, Raydium averaged a record $6.3 billion in daily volume in January compared to $1.1 billion in March, which is 66% below the $3.2 billion in daily volume Raydium averaged in Q4 2024.

跨更廣泛的加密市場的代幣價格和交易活動目前也達到了頂峰。此後，Raydium的每日交易量急劇下降，3月31日結束時的數量為7.096億美元。為了進一步闡明這一趨勢，Raydium在1月份的每日63億美元平均為63億美元，而3月份為11億美元，而每天的每日32億美元低於32億美元的Q4 2024 2024 2024的每日銷量均低於32億美元。

Q1 was Raydium’s fourth straight quarter as the leader in Solana daily DEX volume at 46.9%, down from 56.0% in Q4. With this decline in Solana DEX volume share, Raydium failed to capture the majority of Solana’s DEX volume in Q1, a feat the protocol previously achieved in Q3 and Q4 2024.

Q1是Raydium連續第四季度，作為Solana Daily Dex量的領導者，為46.9％，低於第四季度的56.0％。隨著Solana DEX量份額的這種下降，Raydium未能捕獲第1季度Solana的DEX量的大部分，這是第三季度和第四季度2024年以前實現的壯舉。

Meteora overtook Orca as the second-largest Solana DEX by volume in Q1, due in large part to a number of high-profile token launches on the protocol, including Donald Trump’s TRUMP, Melania Trump’s MELANIA, and LIBRA. Meteora’s daily volume share peaked on Feb. 14 at 31.8% after the launch of LIBRA. Following LIBRA’s price collapse, evidence of insider access, and liquidity and market manipulation, Meteora Co-Founder Ben Chow resigned on Feb. 17 from his position at the protocol. From that day forward to quarter close, Meteora averaged 11.8% of Solana DEX volume share.

Meteora越過第1季度按數量佔據的第二大Solana Dex，這在很大程度上是由於該協議上的許多引人注目的令牌發射，包括唐納德·特朗普的特朗普，梅拉尼亞·特朗普的梅拉尼亞和天秤座。 METEORA的每日銷量在2月14日達到了天秤座推出後的31.8％。在天秤座的價格崩潰，內幕訪問的證據以及流動性和市場操縱之後，Meteora聯合創始人本·喬（Ben Chow）於2月17日辭去了該協議的立場。從那天到四分之一的關閉，Meteora平均佔Solana Dex量份額的11.8％。

Volume share by token type is an important metric to understand which tokens are trending on Raydium. Year-over-year, meme volume share on Raydium increased from 14.3% in Q1 2024 to 20.0% in Q1 2025. However, Raydium’s meme volume share declined from 27.9% in Q4. All other token categories increased their volume share in Q1. Most notably, AI tokens continued to surge, with a 130% QoQ increase in volume share from 1.2% in Q4 to 2.9% in Q1.

代幣類型的數量共享是了解哪些令牌在Raydium上趨勢的重要指標。同比，雷迪（Raydium）的模因量從第1季度的14.3％增加到第1季度2025年的20.0％。但是，Raydium的模因量份額從第四季度的27.9％下降。所有其他代幣類別都增加了其在第一季度的數量份額。最值得注意的是，AI代幣繼續激增，QOQ的量份額從第四季度的1.2％增加到130％。

The difference in volume share growth between narratively hot categories like AI, compared to all other token types, reinforces the commonly held view that attention drives trading activity in crypto, particularly on Solana. Outside of memes and AI, some notable tokens to first launch liquidity pools on Raydium in Q1 include Sonic’s SONIC, First Digital Labs’ FDUSD, Portal’s PORTAL, and APOLLO’s zBTC.

與所有其他令牌類型相比，諸如AI之類的敘事類別類別之間的體積份額增長差異加強了人們普遍認為的觀點，即註意力推動了加密貨幣的交易活動，尤其是在Solana上。在Memes和AI之外，一些值得注意的令牌首先在Q1上啟動Raydium上的流動性池，包括Sonic的Sonic，First Digital Labs的FDUSD，Portal's Portal和Apollo的ZBTC。

Raydium’s share of global DEX volume declined from 17.4% in Q4 to 15.1% in Q1, while PancakeSwap’s volume share

Raydium在全球DEX量中的份額從第四季度的17.4％下降到第1季度的15.1％，而PancakesWap的數量份額