Raydium is an automated market maker (AMM) and liquidity provider on Solana, built to work with the Serum decentralized exchange (DEX). Instead of typical AMM-style pools only, Raydium supplies on-chain liquidity to a central limit orderbook by turning deposited funds into limit orders placed on Serum’s order books. This lets Raydium liquidity providers access Serum’s order flow and their existing liquidity as well. RAY is Raydium’s native utility token, used for: - Staking to earn protocol fees - Staking to receive IDO allocations - Voting on protocol governance decisions Trade & Swap Raydium enables a trading experience similar to a centralized exchange (CEX) through its integration with Serum. It aims to address frustrations with other DEXs that lack an order book, charting, or dependable limit orders. Swap RaydiumSwap offers a fast “Swap” for SPL tokens, letting users exchange any SPL token for another. Raydium’s Best Price Swaps chooses whether the optimal route is within a liquidity pool or via the Serum order book, then executes the trade accordingly. Liquidity Liquidity on Raydium comes from its own liquidity pools and from the broader Serum order book shared across Serum users, which can improve liquidity and reduce slippage. Each Raydium trade or swap includes a 0.25% fee: - 0.22% is returned to the liquidity pool as a reward for liquidity providers - 0.03% goes to the staking pool as a reward for users staking RAY tokens