射线（射线）

Raydium（Ray）是最大的自动化做市商（AMM）分散的交易所（DEX），按数量计算。

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）是最大的自动化做市商（AMM）分散的交易所（DEX），按数量计算。 Raydium于2021年首次推出，允许用户无权创建新的流动性池，为现有池提供流动性，发射令牌，交换令牌和贸易永久期货。流动性提供商在池中的每个交换以及协议的令牌和/或其他令牌上都赚取交易费用，如果泳池被激励。射线也可以粘贴以获得额外的射线令牌。

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应用程序与经过改建的恒定产品营销商（CPMM）池一起启动，该池支持代币-2022代币计划，并包括内置价格Oracle。除了CPMM池及其传统标准AMM池（AMM V4）外，Raydium还提供集中的流动性营销商（CLMM）池，可在特定价格点以流动性集中。 CLMM为交易者提供较低的滑倒，并为LP提供较高的收入收入，尽管这种设计会放大较高无常损失的风险。交易和路由也可通过Raydium API获得。

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.

最近的进展包括Raydium于2025年1月9日发布了其永久期货交易平台Raydium Perps，以及2025年4月16日的令牌发布平台LaunchLab。

Website / X / Discord / Telegram

网站 / X / Discord / Telegram

Key Metrics

关键指标

Performance Analysis

绩效分析

Volume and Market Share

数量和市场份额

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.

作为索拉纳（Solana）的领先DEX，Raydium的交易量是该网络整体活动的关键指标。在2025年第1季度，每日平均销量增长了12.7％，达到36亿美元，这是由于一月份创下了1958亿美元的数量。 1月17日，唐纳德·特朗普（Donald Trump）总统的成员特朗普（Trump）发起后，每天的数量在1月19日达到160亿美元。

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.

跨更广泛的加密市场的代币价格和交易活动目前也达到了顶峰。此后，Raydium的每日交易量急剧下降，3月31日结束时的数量为7.096亿美元。为了进一步阐明这一趋势，Raydium在1月份的每日63亿美元平均为63亿美元，而3月份为11亿美元，而每天的每日32亿美元低于32亿美元的Q4 2024 2024 2024的每日销量均低于32亿美元。

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连续第四季度，作为Solana Daily Dex量的领导者，为46.9％，低于第四季度的56.0％。随着Solana DEX量份额的这种下降，Raydium未能捕获第1季度Solana的DEX量的大部分，这是第三季度和第四季度2024年以前实现的壮举。

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越过第1季度按数量占据的第二大Solana Dex，这在很大程度上是由于该协议上的许多引人注目的令牌发射，包括唐纳德·特朗普的特朗普，梅拉尼亚·特朗普的梅拉尼亚和天秤座。 METEORA的每日销量在2月14日达到了天秤座推出后的31.8％。在天秤座的价格崩溃，内幕访问的证据以及流动性和市场操纵之后，Meteora联合创始人本·乔（Ben Chow）于2月17日辞去了该协议的立场。从那天到四分之一的关闭，Meteora平均占Solana Dex量份额的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.

代币类型的数量共享是了解哪些令牌在Raydium上趋势的重要指标。同比，雷迪（Raydium）的模因量从第1季度的14.3％增加到第1季度2025年的20.0％。但是，Raydium的模因量份额从第四季度的27.9％下降。所有其他代币类别都增加了其在第一季度的数量份额。最值得注意的是，AI代币继续激增，QOQ的量份额从第四季度的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.

与所有其他令牌类型相比，诸如AI之类的叙事类别类别之间的体积份额增长差异加强了人们普遍认为的观点，即注意力推动了加密货币的交易活动，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上启动Raydium上的流动性池，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量中的份额从第四季度的17.4％下降到第1季度的15.1％，而PancakesWap的数量份额