> ## Documentation Index > Fetch the complete documentation index at: https://docs.raydium.io/llms.txt > Use this file to discover all available pages before exploring further. # What is Raydium > A plain-English introduction to Raydium — what it does, how its product surfaces fit together, and where it sits in the Solana DeFi landscape. Raydium is Solana's most-used decentralized exchange and liquidity protocol. It started as an AMM + OpenBook-integrated DEX in 2021 and has grown into a full suite: classic AMM pools, constant-product market-makers, concentrated liquidity, token launches, and perpetuals on the UI. This page is the pitch — what Raydium does, why it exists, and where to go next. ## In one paragraph Raydium Protocol is the set of permissionless, non-custodial smart contracts that power swaps, pools, liquidity positions, and token launches on Solana. [Raydium.io](https://raydium.io) is the official web app and one-stop shop for using those markets: you can swap tokens, provide liquidity, launch tokens through LaunchLab, and access Raydium Perps from the same UI. Raydium is the largest-TVL DEX on Solana at approximately \$1.8B as of April 2026, routes the majority of Solana volume through its pools, and powers the liquidity that appears in most Solana wallets' in-app swap features. ## Core product surfaces Raydium's core product surfaces cover swaps, liquidity, token launches, incentives, and perpetuals. Some are native Raydium on-chain programs; Raydium Perps is a UI surface powered by Orderly Network. ### AMM v4 — Constant-product The original Raydium product (2021). Constant-product math (`x × y = k`) for pool pricing. It originally also bridged to OpenBook's central limit orderbook so trades could fill against either the AMM or the book, but **the OpenBook integration has since been deactivated** — pools no longer share liquidity to OpenBook, and all current swap traffic flows through the AMM curve only. Still running \~\$300M TVL and fully operational, but **no longer the recommended default for new pools**: Token-2022 isn't supported, and CPMM is cheaper and more flexible for the typical new pair. See [`products/amm-v4/overview`](/products/amm-v4/overview). ### CPMM — Modern constant-product AMM The successor to AMM v4 (2024). Same `x × y = k` math, but simpler and cheaper to use: no OpenBook dependency, Token-2022 native support, \~4× lower creation cost, all swap fees go to LPs by default. The recommended default for new pools. See [`products/cpmm/overview`](/products/cpmm/overview). ### CLMM — Concentrated liquidity Uniswap-V3-style concentrated liquidity (2022). LPs pick a price range; their liquidity is only active when the price is in that range. Same capital → much better quotes for traders → higher fee APR for LPs, at the cost of needing to manage ranges actively. The dominant product for deep-liquidity pools in 2026. See [`products/clmm/overview`](/products/clmm/overview). ### LaunchLab — Token launches **LaunchLab** is Raydium's token launch venue (2025). Projects launch tokens on a bonding curve; buyers trade against the curve directly; once a graduation threshold is met, the curve's accumulated liquidity migrates automatically to a fully-fledged CPMM pool. Primary-market and secondary-market unified. See [`products/launchlab/overview`](/products/launchlab/overview). ## Who uses Raydium * **Retail swappers**: swap tokens via [raydium.io](https://raydium.io) or via any wallet's in-app swap that routes through Solana's aggregator layer. * **LPs**: deposit into pools to earn swap fees; stake in farms for additional rewards. * **Perps traders**: trade perpetual markets through Raydium Perps, powered by Orderly Network. * **Token teams**: launch new tokens via LaunchLab, seed CPMM pools for post-launch liquidity, operate farms to incentivize LP retention. * **Aggregators**: Jupiter and most third-party routers source Raydium as a primary liquidity venue. * **Bots and protocols**: arbitrage, market-making, auto-compounders, lending-protocol liquidations — all compose with Raydium via CPI or direct RPC. ## Where Raydium liquidity shows up You're already using Raydium if you: * Use any Solana wallet's built-in swap — most route through Raydium pools (often via Jupiter). * Trade on Jupiter — \~60% of Jupiter's routed volume hits Raydium pools. * Use Drift, Kamino, MarginFi, or another DeFi protocol — several of them source price feeds and liquidation routes through Raydium CLMM. * Hold a Solana memecoin — many are launched via LaunchLab and live in a graduated CPMM pool. Aggregators and wallets all build on Raydium's public API (`api-v3.raydium.io`) and direct on-chain pool state. Raydium doesn't require any special partnership for integration — it's permissionless. ## Key differentiators Compared to other Solana DEXes: | | Raydium | Orca | Phoenix | Jupiter | | -------------- | ------------------------------------------------------ | ---------- | ---------------- | -------------------------------- | | AMM | CPMM, AMM v4 | N/A | N/A | N/A (aggregator) | | CLMM | CLMM | Whirlpools | N/A | N/A | | Orderbook | None today (AMM v4's OpenBook integration deactivated) | N/A | Native orderbook | N/A | | Token launches | LaunchLab | WaveBreak | N/A | N/A | | Farms | Yes | Yes | N/A | N/A | | TVL (Apr 2026) | \~\$1.8B | \~\$800M | \~\$200M | Aggregator; routes multiple B/mo | Compared to Ethereum DEXes like Uniswap: * **Transaction finality**: \~1 second on Solana vs \~12 seconds on Ethereum. * **Transaction cost**: \$0.001–0.01 typical vs \$5–50 typical on Ethereum mainnet. * **Mempool design**: Solana has no public mempool; Ethereum does. This affects MEV, front-running patterns, and integration design. * **Token-2022**: Raydium supports native Token-2022 extensions (transfer fees, hooks, etc.); Uniswap V3 doesn't have an equivalent on ERC-20. ## Next reads by audience ### If you're a **user** wanting to swap, provide liquidity, or launch a token * [`user-flows/swap`](/user-flows/swap) * [`user-flows/add-remove-liquidity`](/user-flows/add-remove-liquidity) * [`user-flows/launch-token-launchlab`](/user-flows/launch-token-launchlab) ### If you're a **developer** integrating Raydium * [`sdk-api/typescript-sdk`](/sdk-api/typescript-sdk) — the primary integration path. * [`sdk-api/rest-api`](/sdk-api/rest-api) — for pool discovery and metadata. * [`integration-guides/aggregator`](/integration-guides/aggregator) or [`integration-guides/wallet-integration`](/integration-guides/wallet-integration) — depending on your use case. ### If you're a **protocol researcher or auditor** * [`protocol-overview/architecture`](/protocol-overview/architecture) * [`products/cpmm/overview`](/products/cpmm/overview), [`products/clmm/overview`](/products/clmm/overview), etc. * [`algorithms/constant-product`](/algorithms/constant-product), [`algorithms/clmm-math`](/algorithms/clmm-math) * [`security/audits`](/security/audits) ### If you're a **builder composing at the CPI level** * [`sdk-api/rust-cpi`](/sdk-api/rust-cpi) * [`integration-guides/cpi-integration`](/integration-guides/cpi-integration) ## Pointers * [`introduction/history-and-milestones`](/introduction/history-and-milestones) — the timeline. * [`introduction/ecosystem-position`](/introduction/ecosystem-position) — Raydium vs the broader Solana DEX landscape. * [`protocol-overview/architecture`](/protocol-overview/architecture) — how Raydium products fit together technically. Sources: * Raydium TVL: [DefiLlama](https://defillama.com/protocol/raydium). * Volume share: computed from on-chain data. * Aggregator coverage: Jupiter routing stats.