# RAY Token

## Overview <a href="#overview" id="overview"></a>

The basic tokenomics for RAY are as follows:

* RAY has a fixed maximum supply (hard cap) of **555 million tokens**
* The **mining reserve** accounts for **34% of the total supply**, or **188.7 million RAY**
* **12% of all trading fees** generated by the protocol are used to buy back RAY

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## RAY mint address <a href="#ray-mint-address" id="ray-mint-address"></a>

Always double-check the RAY mint address before interacting with the token.

**RAY (Solana SPL) mint address:** `4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R`

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## Circulating supply and emissions <a href="#circulating-supply-and-emissions" id="circulating-supply-and-emissions"></a>

The majority of the remaining locked supply is allocated to the **mining reserve**, **partnership and ecosystem**, and **advisor** allocations.

The protocol currently emits approximately **1.9 million RAY per year** from the mining reserve.

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## Allocation <a href="#allocation" id="allocation"></a>

The table below outlines the full RAY token allocation, including associated on-chain addresses.

<table><thead><tr><th>Allocation</th><th width="122.02734375">Percentage</th><th width="158.32421875">Amount (RAY)</th><th>Address</th></tr></thead><tbody><tr><td>Mining reserve</td><td>34%</td><td>188,700,000</td><td>fArUAncZwVbMimiWv5cPUfFsapdLd8QMXZE4VXqFagR</td></tr><tr><td>Partnership &#x26; ecosystem</td><td>30%</td><td>166,500,000</td><td>DmKR61BQk5zJTNCK9rrt8fM8HrDH6DSdE3Rt7sXKoAKb</td></tr><tr><td>Team (vested)</td><td>20%</td><td>111,000,000</td><td>HoVhs7NAzcAaavr2tc2aaTynJ6kwhdfC2B2Z7EthKpeo</td></tr><tr><td>Liquidity</td><td>8%</td><td>44,400,000</td><td>85WdjCsxksAoCo6NNZSU4rocjUHsJwXrzpHJScg8oVNZ</td></tr><tr><td>Community &#x26; seed (vested)</td><td>6%</td><td>33,300,000</td><td>HuBBhoS81jyHTKMbhz8B3iYa8HSNShnRwXRzPzmFFuFr</td></tr><tr><td>Advisors</td><td>2%</td><td>11,100,000</td><td>5unqG9sYX995czHCtHkkJvd2EaTE58jdvmjfz1nVvo5x</td></tr><tr><td><strong>Total</strong></td><td><strong>100%</strong></td><td><strong>555,000,000</strong></td><td></td></tr></tbody></table>

### Locked token distribution <a href="#locked-token-distribution" id="locked-token-distribution"></a>

* Team and seed allocations, representing 25.9% of the total supply, were fully locked for the first 12 months following the token generation event (TGE).
* Tokens then unlocked linearly on a daily basis from months 13 through 36.
* **All vesting concluded on February 21, 2024**.