Raydium Token Transparency Filing

Project and Team

Description of Project

Definition: A narrative description of the purpose of the project and its operation in layman's terms is provided. Weighting

0: A simple description is not provided.
1: A simple description is provided.

Raydium Protocol is a permissionless, decentralized exchange on Solana, enabling fast, low-cost trading and liquidity provision. Score Received: 1/1

Disclosure of Revenue Streams

Definition: A narrative description of the Project's primary sources of revenue is provided, broken out by entity (e.g. Foundation, Labs, DAOs, or other). Weighting

0: A simple description is not provided.
2: A simple description is provided.

Raydium Protocol generates revenue through trading fees from its various pools. For Standard AMM (AMM V4) pools, a 0.25% fee is charged per trade, while Concentrated Liquidity (CLMM) pools offer tiered fees ranging from 0.01% to 2%, and Constant Product (CPMM) pools have fees between 0.25% and 4%. Across all pool types, 12% of the trading fees are allocated to RAY token buybacks, automatically triggered when the value hits $10, with the funds used to programmatically repurchase RAY tokens. For AMM V4, the remaining 88% of fees are distributed to liquidity providers proportionally. For CLMM and CPMM pools, 84% goes to liquidity providers, and 4% is directed to the protocol’s treasury, where fees are swapped to USDC and held in accounts controlled by the protocol’s multisig. Raydium also generates revenue from pool creation fees (0.15 SOL) on AMM V4 and CPMM pools, which is earmarked for protocol infrastructure. Excess SOL is staked to Raydium's validator, securing the Solana network and providing an additional source of revenue for the protocol. Raydium charges a 1% trading fee on its bonding curve program (LaunchLab) for tokens that originate from Raydium's platformID. The LaunchLab program allows any third-party to host and monetize their own GUI, of which Raydium generates 0.25% in fees on all trading volume.http s://docs.raydium.io/raydium/protocol/the-ray-token/protocol-fees Score Received: 2/2

Equity-Token Relationship

Definition: The Project must clearly disclose the rights, value accrual mechanisms, and distinctions between token holders and DevCo equity holders. Any value allocated specifically to equity holders (e.g., dividends, profit-sharing) must be communicated separately from value accruing to token holders. Weighting

0: Rights and value mechanisms are unclear or undisclosed, or there is no distinction between token and equity holders.
1.5: Rights, value accrual, and differences between token and equity holders are clearly and explicitly defined with the constraints of existing regulations.
3: Rights, value accrual, and differences between token and equity holders are clearly and explicitly defined with the constraints of existing regulations. Team makes specific representations like "We do not plan to return cash flow to equity through including through dividends and share repurchases" or identifies that the Development Entity is not for profit.

Raydium does not have equity value accrual; revenue is distributed to token holders through RAY buybacks. Any additional revenue is controlled by the protocol’s multisig and used for audits, bug bounties, and infrastructure costs. Non-circulating RAY tokens are managed by the community. Score Received: 3/3

Disclosure of Advisory Billings to the Foundation

Definition: If core team members are compensated by any Tokens allocated to the Foundation through advisory services or similar agreements, or by any other payment method (i.e. fiat), these payments must be disclosed. Note, foundation team members known and exclusively compensated by the Foundation are excluded. Weighting

0: No acknowledgment or visibility of advisory payments from Advisory.
1.5: Advisory payments are mentioned, but details (amount, recipient, services) are unclear or incomplete.
3: All advisory payments to insiders are fully disclosed, including the recipient, scope, and amount.

Team and seed (25.9% of total) were fully locked for the first 12 months after TGE and unlocked linearly each day over months 13 - 36. Vesting concluded on February 21, 2024. Score Received: 3/3

Known Project Team

Definition: The identities of key team members (e.g., founders, CEO, CTO, COO of Labs, President of Foundation, etc.) are publicly disclosed. Weighting

This does not affect the overall transparency score, but should be accessible to the public.

The identities of key team members are not publicly disclosed. Score Received: 0/1

Token Supply and Allocation

Governance & Token Documentation Provided

Definition: The Project must provide publicly accessible documentation covering the Token's governance rights, rights to value accrual, any additional utility, and the mechanism by which token governance is implemented (e.g. an insider multi-sig). Weighting

0: None of the three areas are documented.
0.5: Not all three areas are documented.
1: All three areas are clearly documented.

Raydium currently offers limited token-based governance via Solana Realms that implemented off-chain by core members of the team. 1,000,000 RAY is the minimum requirement to create a proposal with a quorum threshold of 1% of total supply. Value and revenue from the protocol accrues to $RAY and is controlled by the protocol multi-sig. Program updates to facilitate further on-chain programmatic governance, decentralization, and token utility have been published in Raydium's public GitBook but an implementation timeline has not been publicly commented on.http s://github.com/raydium-io/ray-gauges.h tt ps://docs.raydium.io/raydium/protocol/the-ray-token/ray-buybacks. htt ps://docs.raydium.io/raydium/protocol/the-ray-token/protocol-fees. htt ps://docs.raydium.io/raydium/protocol/the-ray-token Score Received: 1/1

Initial Allocation

Definition: Disclosed information explaining the launch and initial supply that includes: the total number of tokens issued, the category of the recipient (team, investor, foundation, community), the total supply of the token and if it is capped, and the initial vesting schedule. Weighting

0: No initial allocation schedule is provided.
1: An initial allocation schedule is provided, but some information is absent.
2: A complete initial allocation schedule is provided.

$RAY has a 555,000,000 hard cap, with an initial allocation breakdown of:

Mining Reserve (Liquidity & Growth Incentives): 188,700,000 (34%)
Partnership & Growth (Treasury): 166,500,000 (30%)
Team: 111,000,000 (20%, fully vested)
Liquidity: 44,000,000 (6%, fully vested)
Community & Seed: 33,300,000 (6%, fully vested)
Advisors: 11,100,000 (6%, unallocated) Team, community, and seed (25.9% of total supply) were fully locked for the first 12 months after TGE and unlocked linearly each day over 13-36 months. Vesting concluded on February 21, 2024. ht tps://docs.raydium.io/raydium/protocol/the-ray-token Score Received: 2/2

Vesting Insider Tokens

Definition: All Insider Token allocations (team, investor, foundation) must be transparent, per the disclosed Initial Allocation. If vesting occurs at a custodian, clearly disclose the employee categories and associated vesting schedules clearly in your documentation. Weighting

0: None of the these areas are clearly documented.
1: Some of these areas are clearly documented.
2: Most of these areas are clearly documented.
3: All areas are clearly documented.

Team, community, and seed (25.9% of total supply) are fully vested. Non-circulating supply are ear-marked as the Raydium Protocol Treasury. https://solscan.io/account/8pFhUqCU7Fkxfg2DLytRDf7a9oK4XGtN92PrYwtVQc6G Score Received: 2/3

Labelled Unissued Token Wallets

Definition: Addresses that hold any Unissued Tokens (e.g. foundation, future contributors, treasury) must be publicly labelled (address listed in docs) and be held in distinct wallets. This includes the foundation allocation. The party (e.g. team, foundation, DAO) that controls the funds must also be disclosed. Weighting

0: No wallets labeled. No ownership disclosure.
1.5: Some wallets are labeled, but the info is partial, unclear, or outdated. Categories may overlap.
3: 100% of relevant wallets are labeled and verifiable, with wallet ownership disclosed.

All non-issed tokens are held in publicly labeled wallets. ht tps://solscan.io/token/4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R#holders htt ps://docs.raydium.io/raydium/protocol/the-ray-token Score Received: 3/3

Airdrop Process

Definition: The project must disclose all airdrop eligibility criteria clearly and provide a full CSV list of recipients, including addresses and amount received. Weighting

0: Airdrop process is opaque or arbitrary.
1: Some criteria are disclosed, but details are incomplete, unclear, or hard to access. The recipient list may be provided, but not in an auditable format.
2: All criteria are fully disclosed, and the recipient list is clear, accessible, and auditable.

Raydium did not conduct an airdrop. Score Received: 2/2

Locked Staking Reward to Insiders

Definition: Disclose information on insiders (Team, Investors, Foundation, Advisors) tokens that are locked and can earn rewards. Weighting

0: None of these areas are clearly documented.
1.5: Some of these areas are clearly documented.
3: All areas are clearly documented.

Insider Tokens that were locked or unvested could not generate rewards until they were fully vested and unlocked. Score Received: 3/3

Future Token Issuance

Definition: The project commits that any future token issuance (e.g., minting or emissions outside scheduled vesting) will be publicly disclosed and justified on an official platform (e.g., governance forum, blog, or docs). Weighting

0: No public disclosure of token issuance.
1: Issuance is announced but lacks detail, is disclosed late, or is not in a permanent, verifiable location.
2: All token issuances are disclosed before or at issuance with full details (amount, reason, recipient, context) in an official, permanent public channel.

New token issuance is publicly disclosed in official documents https://docs.raydium.io/raydium/protocol/the-ray-token and any change is disclosed and justified on Raydium's official platforms. Example: https://app.realms.today/dao/Raydium/proposal/GoMJfxYpUFnZcNyCRKbM8TFxf8HKExEdyj5gU4e8HWa4 Score Received: 2/2

Future & Related Token Launches

Definition: The team discloses all tokens launched by its key team members in the past and explicitly lays out its philosophy around launching new tokens, related to the project or otherwise. (e.g. "We do not plan to launch additional tokens" or "Any additional tokens will be given 1:1 to existing token holders who can then vote on proposals submitted by the management team.") Weighting

0: Language around new tokens is vague, non-committal, or missing entirely.
1: Plans around additional tokens are defined clearly. The team explains its past reasoning around token transactions and bridges from these transactions to its existing policy.
2: The Team represents that it will not launch additional tokens.

Raydium makes clear that no subsequent tokens will be issued. Score Received: 2/2

Transactions & Market Structure

Insider & Related Person Transactions

Definition: The project commits to disclosing any material Related Party & Insider Transaction within 30 days and includes: The nature of the transaction, the Related Person, the basis on which the person is a Related Person, and the number of tokens involved in the transaction. This includes tokens issued by the foundation. Weighting

0: The project does not commit to disclosing related party transactions within 30 days.
3: The project commits to disclosing related party transactions within 30 days.

Raydium commits to disclosing related party transactions within 30 days. Score Received: 3/3

Prior Token Sales & Fundraising

Definition: Disclosed information of previous fundraising rounds, material OTC rounds to investors, or discounted market maker sales involving the Project and its Token that includes: the date of sale, number of tokens sold, and the vesting schedule of these tokens. The Project commits to disclosing any material OTC deal involving token sales and purchases by the foundation within 30 days. Weighting

0: No prior sales are disclosed.
1: All prior sales are disclosed, but terms are absent.
2: All prior sales are disclosed with terms provided.

Seed investors were fully locked for the first 12 months after TGE and vested linearly each day over months 13-36 so that all tokens were vested 3 years after TGE on February 21, 2023. Tokens sold in the Bonfida community sale were locked for the first 12 months after TGE and fully vested on February 21, 2022. https://docs.raydium.io/raydium/protocol/the-ray-token Score Received: 2/2

Transparent Market Maker Deals & Exchange Listings

Definition: Projects must disclose key details of market making and centralized exchange agreements affecting token liquidity, including: names of all market makers & centralized exchanges involved, the token allocation for each (as % of total supply), and the duration of each agreement. Weighting

0: No public information on market makers (MM) or centralized exchanges (CEX)
1: Some MM or/and CEX details are disclosed, but not all three elements are provided.
2: All three key elements are fully disclosed for MM & CEX.

Raydium Foundation does not have active market making agreements affecting token liquidity. Should this change, the names of all market makers involved, the token allocation per market maker (as % of total supply), and the duration of each agreement will be made public to the extent permitted by the market maker. 'Raydium does not have any active Centralized Exchange Listing agreements affecting token liquidity. Raydium does not pay for exchange listings. 'Raydium commits to disclosing any OTC deal involving token sales by the foundation within 30 days. Each disclosure must include the amount of tokens sold and the vesting terms on those tokens. Score Received: 2/2

Financial Disclosure

Disclosure of Assets and Cash Flow

Definition: The Project commits to providing updates to token holders on a quarterly basis via forum posts, live dashboards, or reports that cover core project KPIs, changes to Token supply or allocations, and disclosure of top line revenue and expenses. The Project may engage third‑party contractors to prepare and deliver these updates. Weighting

0: The project does not commit to disclosing Token Holder Relations Reports.
3: The project commits to disclosing Token Holder Relations Reports.

Raydium currently provides updates to token holders on a quarterly basis via reports (Messari, https://messari.io/project/raydium) that cover core project KPIs, changes to Token supply or allocations, and disclosure of top line revenue and key expenses. Raydium also provides token holders access to public dashboards, detailing the protocols financial overview, core KPIs, token supply metrics, and disclosure of top line revenue and expenses. Blockworks: https://blockworks.co/analytics/raydium Artemis: https://app.artemis.xyz/asset/raydium?from=sectors Token Terminal: https://tokenterminal.com/explorer/projects/raydium Top Ledger: https://analytics.topledger.xyz/raydium/public/dashboards/dmOdxtVTiAMZQL6A2OqgA5pgZXKnBfcJyxEAYmBk?p_Date%20Type=Day Score Received: 3/3

Public Token Holder Relations Reports

Definition: The foundation's assets or working capital are held onchain and publicly labelled, providing the ability to track asset holdings, revenue, and expenses. Or, the foundation publishes a quarterly, publicly available financial report of its assets, working capital, revenue and expenses. Weighting

0: Foundation wallets are not publicly labeled.
1: Treasury wallets are tagged, but revenue and expense flows are incomplete or fragmented.
2: Wallets that touch any assets and revenue streams are labelled onchain, with clear, traceable expenses. Quarterly reports detailing assets, revenue, and expenses are provided.

Raydium's assets and working capital are held onchain and publicly labelled. Multi-sig holdings: h ttps://v3.squads.so/vault/assets/RVhaWTdGUGNjTnVFdmdIWk1DTXB3dzJGZW44b0xXQlNKemRnQ3NYM0Rqd20= Buybacks: h ttps://solscan.io/account/DdHDoz94o2WJmD9myRobHCwtx1bESpHTd4SSPe6VEZaz Buyback details: h ttps://docs.raydium.io/raydium/protocol/the-ray-token/ray-buybacks RAY Treasury: h ttps://solscan.io/account/8pFhUqCU7Fkxfg2DLytRDf7a9oK4XGtN92PrYwtVQc6G Score Received: 2/2

This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. Raydium is solely responsible for the content, accuracy, and legality of its disclosures.