# RAY buybacks

12% of all trading fees across Raydium are used to programmatically buy back RAY.

Buybacks trigger automatically following different logics for each AMM contract. Purchased RAY is held by the protocol.

For on-chain addresses and fund flow details, see [Treasury addresses](https://docs.raydium.io/raydium/protocol/treasury-addresses).

{% content-ref url="../protocol-fees" %}
[protocol-fees](https://docs.raydium.io/raydium/protocol/protocol-fees)
{% endcontent-ref %}