Executive summary

Founded in 2021, Raydium $RAY launched on Solana with a hybrid AMM model, originally combining onchain liquidity pools with a Central Limit Order Book (CLOB). While this legacy architecture (OpenBook) now functions solely as a traditional AMM, it remains the project's foundational layer, retaining roughly 76% of Raydium's TVL. As Solana's trading ecosystem matured, Raydium expanded its product suite, introducing Stable Swap for correlated assets, and subsequently deploying improved liquidity pools (CLMM and CPMM). In April 2025, Raydium introduced LaunchLab (its native launchpad), moving beyond trading to asset issuance itself. Consequently, Raydium's legacy pools maintain TVL depth, while newer products drive the majority of swap volume and fee generation.

🔑 Key metrics (Q3 2025)

  • Total value locked: $1.49B (+18.25% QoQ)

  • Trading volume: $112.92B (+8.33% QoQ)

  • Fees: $158.89M (+48.50% QoQ)

  • Revenue: $25.06M (+101.93% QoQ)

  • Monthly active users: 16.2M (-40.22% QoQ)

Total value locked

Total value locked (TVL) measures the total USD value of tokens deposited into Raydium's liquidity pools on Solana. Q3 TVL averaged $1.49B, up from $1.26B in Q2. OpenBook held the largest share at $1.14B (+19.02% QoQ), reflecting liquidity concentrated in Raydium's legacy AMM. CLMM pools accounted for $206.38M (–14.46% QoQ) and CPMM pools grew to $126.77M (+110.53% QoQ). LaunchLab averaged $14.73M (+391.65% QoQ) following its April launch, while Stable Swap pools increased to $4.32M (+363.80% QoQ).

👥 Raydium team commentary

"Raydium closed Q3 2025 with $2.5B in Total Value Locked (TVL), a 35% increase from the $1.8B recorded at the start of July. While average TVL settled at $1.5B due to price seasonality, TVL in SOL terms remained consistently above 11M SOL. This marks the second consecutive quarter of >30% sequential growth, reinforcing Raydium’s standing as Solana’s largest liquidity hub and validating continued user confidence in its pool architecture."

Trading volume

Trading volume measures the USD value of tokens traded on Raydium across its various products. Q3 trading volume totaled $112.92B, increasing from $104.24B in Q2. CLMM pools captured the majority of volume at $81.91B (+4.75% QoQ), followed by CPMM pools at $15.17B (+205.39% QoQ) and OpenBook at $10.59B (–46.39% QoQ). LaunchLab contributed $4.7B (+316.77% QoQ) following its April 2025 launch, while Stable Swap pools generated $546.99M (+189.64% QoQ).

👥 Raydium team commentary

"Raydium processed $112.92B in total trading volume for Q3 2025, an 8.3% increase from Q2. While retail-driven meme activity remains dominant, the liquidity base is showing clear signs of maturation. Rising participation in SOL-Stablecoin and project-token pairs indicates early institutional diversification and a stronger revenue baseline independent of speculative cycles. Notably, Raydium captured 76.5% ($200.5M) of the ecosystem's tokenized-asset volume, proving the effectiveness of its CLMM allowList framework in anchoring compliant liquidity."

Fees

Fees measure the total USD value of fees paid by users across Raydium’s trading products. Q3 fees totaled $158.89M, up from $107M in Q2. LaunchLab represented the largest share of Q3 fees, accounting for over one-third of total fee generation.

Revenue

Revenue measures the total USD value of trading fees retained by Raydium after compensating liquidity providers. Q3 revenue totaled $25.06M, up from $12.41M in Q2. LaunchLab was also the largest contributor to revenue in Q3, representing nearly half of total revenue.

👥 Raydium team commentary

"Raydium generated $25.06M in revenue in Q3 2025, a ~102% increase from $12.41M in Q2. This surge was primarily driven by LaunchLab, which generated $11.93M and grew to represent ~48% of total revenue (up from 23%). This shift confirms LaunchLab as the company's new primary growth engine.

Revenue is derived from three main sources:

  • Swap Revenue: Fees earned from AMM, CPMM, and CLMM pools.

  • Pool Launch Revenue: A 0.15 SOL fee per new AMM/CPMM pool, earmarked for infrastructure costs.

  • LaunchLab Revenue: A 0.25% fee on LaunchLab-powered trades (e.g., via letsbonk.fun), with an additional 0.75% fee for trades directly on Raydium.

Accrued revenue supports RAY Buybacks and Treasury Fund Accumulation (USDC reserves). Cash flow allocation varies by pool type: AMM fees (0.03%) go entirely to buybacks, while CPMM and CLMM protocols allocate 12% of fees to buybacks and 4% to the treasury."

Monthly active users & market share

Monthly active users (MAU) measures the number of unique users who executed at least one trade on Raydium within a rolling 30-day period. Q3 MAU averaged 16.2M, down 40.22% from Q2. Despite declining user counts, Raydium maintained its dominant position in the Solana DEX ecosystem, capturing 48.73% of trading volume market share in Q3, up 0.55% from Q2.

👥 Raydium team commentary

"Monthly active users declined in Q3 on par with Solana seasonality and suppressed prices but Raydium maintained its position as the leading DEX on Solana, accounting for 48.73% of total volume."

Outlook

👥 Raydium team commentary

"Raydium remains Solana’s leading liquidity engine, closing Q3 with $25.06M in revenue (+101.93% QoQ) and a 48.7% market share. However, the quarter highlighted the transient nature of speculative user loyalty, evidenced by rapid volume migration to new entrants like BonkFun and the rise of proprietary AMMs (pAMMs) in low-fee pairs like SOL-USDC.

To counter this, Raydium prioritized program-level upgrades for permissioned assets, positioning itself at the intersection of TradFi and DeFi. This strategy is already proven: Raydium facilitated the majority of Solana's tokenized equity volume in Q3 as a launch partner for xStocks (per Blockworks Research). Beyond RWAs, volume grew in non-memecoin markets as projects increasingly utilized Raydium for primary liquidity during TGEs. This infrastructure for institutional and project-based assets is creating a foundation of sticky, high-value liquidity resilient to speculative cycles."

Definitions

Products:

  • OpenBook (Legacy AMM): Raydium’s legacy AMM that originally bridged onchain liquidity pools with a Central Limit Order Book (CLOB). It now functions solely as a traditional AMM but remains the project's foundational layer.

  • Stable Swap: Raydium’s optimized AMM pools designed for low-slippage swaps between assets with closely correlated prices, such as stablecoins.

  • CLMM: Raydium’s concentrated-liquidity automated market maker, which allows liquidity providers to allocate liquidity within specific price ranges to improve capital efficiency.

  • CPMM: Raydium's latest iteration of constant product pools. CPMM pools are anchor-compatible, support Token-2022, and offer several fee configs.

  • LaunchLab: Raydium’s token launchpad, introduced in April 2025, that enables permissionless token creation and supports liquidity bootstrapping for newly launched assets.

Metrics:

  • Total value locked: measures the total USD value of assets deposited into Raydium’s liquidity pools on Solana.

  • Trading volume: measures the total USD value of token swaps executed across Raydium’s CLMM, CPMM, OpenBook, LaunchLab, and Stable Swap products.

  • Fees: measures the total USD value of trading fees paid by users across Raydium’s products, calculated by applying pool-specific fee rates to trading volume.

  • Revenue: measures the total USD value of trading fees retained by Raydium after compensating liquidity providers.

  • Monthly active users: measures unique addresses that executed trades on Raydium within a 30-day rolling window.

About this report

This report is published quarterly and produced leveraging Token Terminal’s end-to-end onchain data infrastructure. All metrics are sourced directly from blockchain data. Charts and datasets referenced in this report can be viewed on the corresponding Raydium dashboard on Token Terminal.