Raydium

Raydium (RAY) is an automated market maker that runs on Solana and serves the Serum decentralized exchange. It also acts as a liquidity provider within that exchange, and the project describes itself as the first AMM to operate inside Serum.

The design connects the AMM to a central limit order book, with liquidity held on-chain. It lets liquidity providers tap the whole order flow and pooled depth of Serum, which sets it apart from other AMMs.

Raydium is meant to serve as a bridge for projects and protocols that want to move onto Solana and Serum. The RAY token is positioned as a base for further work with partners, the platform itself and the wider ecosystem.

Its stated long-term goal is to remain among the leading AMMs on Serum and to draw on Solana as decentralized finance (DeFi) develops, together with partners and the community.