> ## 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.

# Glossary

> Definitions of terms used throughout Raydium's documentation. Each entry has a one-line definition and a pointer to the page where the term is explained in depth.

<Info>
  A flat list of terms. Use Ctrl-F; each term links to the page with the full treatment. Terms are alphabetized within letter sections; Solana-native concepts (account, PDA, etc.) are included since they're referenced pervasively.
</Info>

## A

**AcceleRaytor** — Raydium's original 2021-2023 token launchpad. Retired when LaunchLab replaced it. See [`introduction/history-and-milestones`](/introduction/history-and-milestones).

**Account** — A row of data on Solana, identified by a pubkey, owned by a program, holding data bytes and lamports. See [`solana-fundamentals/account-model`](/solana-fundamentals/account-model).

**Address Lookup Table (ALT)** — A published account that lets transactions reference accounts by 1-byte index, saving bytes. Raydium SDK uses ALTs for multi-hop routes. See [`solana-fundamentals/transactions-and-fees`](/solana-fundamentals/transactions-and-fees).

**AmmConfig** — Configuration account for CPMM/CLMM defining fee tier and protocol-fee share. Multiple configs can coexist; pools reference one at creation. See [`ray/protocol-fees`](/ray/protocol-fees).

**AMM v4** — Raydium's original constant-product AMM (2021). Initially a hybrid design that mirrored the curve onto OpenBook; the OpenBook integration has been deactivated and pools now operate as pure constant-product AMMs. Still fully operational; no longer the recommended default for new pools. See [`products/amm-v4/overview`](/products/amm-v4/overview).

**Anchor** — A Rust framework for Solana programs that handles account validation, error handling, and generates IDLs. Used by CPMM, CLMM, Farm v6, LaunchLab. See [`solana-fundamentals/programs-and-anchor`](/solana-fundamentals/programs-and-anchor).

**Anchor discriminator** — 8-byte prefix on Anchor-managed accounts and instructions, derived from the account/instruction name. Identifies account types. See [`solana-fundamentals/account-model`](/solana-fundamentals/account-model).

**Arbitrage** — Exploiting price differences between venues (Raydium ↔ Orca ↔ CEX) to keep prices in line. Fundamental to AMM price discovery.

**Associated Token Account (ATA)** — Conventional PDA-derived token account for a (user, mint) pair. See [`solana-fundamentals/spl-token-and-token-2022`](/solana-fundamentals/spl-token-and-token-2022).

## B

**Bonding curve** — A pricing function for a token that deterministically sets price as a function of supply. Used in LaunchLab pre-graduation. See [`products/launchlab/bonding-curve`](/products/launchlab/bonding-curve).

**BPF Loader (Upgradable)** — The Solana loader program that deploys and upgrades programs. See [`solana-fundamentals/programs-and-anchor`](/solana-fundamentals/programs-and-anchor).

**Bump** — Single byte appended to seeds to derive a PDA off-curve. Canonical bump is the highest value that produces an off-curve address. See [`solana-fundamentals/pdas-and-cpis`](/solana-fundamentals/pdas-and-cpis).

## C

**Canonical bump** — The bump found by decrementing from 255. Raydium's programs always use the canonical bump. See [`solana-fundamentals/pdas-and-cpis`](/solana-fundamentals/pdas-and-cpis).

**CLMM** — Concentrated Liquidity Market Maker, Raydium's 2022 Uniswap-V3-style product. See [`products/clmm/overview`](/products/clmm/overview).

**Compute Budget** — Per-transaction limit on compute units. Default 200k, max 1.4M. Set via `ComputeBudget::SetComputeUnitLimit`. See [`solana-fundamentals/transactions-and-fees`](/solana-fundamentals/transactions-and-fees).

**Compute Unit (CU)** — Solana's unit of computational cost. Priority fees are charged per CU. See [`integration-guides/priority-fee-tuning`](/integration-guides/priority-fee-tuning).

**Constant product** — The AMM invariant `x × y = k`. See [`algorithms/constant-product`](/algorithms/constant-product).

**CPI (Cross-Program Invocation)** — One Solana program calling another within a single transaction. See [`solana-fundamentals/pdas-and-cpis`](/solana-fundamentals/pdas-and-cpis).

**CPMM** — Raydium's modern constant-product AMM (2024). Replaces AMM v4 for new pools. See [`products/cpmm/overview`](/products/cpmm/overview).

**Creator fee (LaunchLab)** — Optional percentage of swap fees routed to the token creator during bonding-curve phase. See [`products/launchlab/overview`](/products/launchlab/overview).

## D

**DLMM** — Dynamic Liquidity Market Maker. Meteora's CLMM variant. Not Raydium.

**Discriminator** — See "Anchor discriminator".

## E

**Emissions (Farm)** — Rate at which farm rewards are distributed, in tokens-per-second. See [`products/farm-staking/overview`](/products/farm-staking/overview).

**Escrow** — A PDA-held token account holding funds until a condition is met. Common integration pattern. See [`integration-guides/cpi-integration`](/integration-guides/cpi-integration).

**Executable account** — Solana account with `executable = true`, holding program bytecode. See [`solana-fundamentals/account-model`](/solana-fundamentals/account-model).

## F

**Farm v3 / v5 / v6** — Successive generations of Raydium's reward-farming program. v6 is current; v3/v5 legacy. See [`products/farm-staking/overview`](/products/farm-staking/overview).

**Fee growth (CLMM)** — Global fee-per-unit-liquidity counter, tracked in `fee_growth_global_X` and `fee_growth_global_Y`. See [`products/clmm/math`](/products/clmm/math).

**Fee tier** — A specific swap-fee percentage offered by a pool. E.g., CLMM 0.05% tier. See [`reference/fee-comparison`](/reference/fee-comparison).

**Finalization** — Solana's strongest commitment level, \~13 seconds after tx landing. See [`solana-fundamentals/transactions-and-fees`](/solana-fundamentals/transactions-and-fees).

**Freeze authority** — Power to freeze (lock) token accounts for a given mint. Risk for users LPing into tokens with active freeze authority.

## G

**Graduation (LaunchLab)** — Event where a bonding-curve launch reaches a threshold and auto-migrates to a CPMM pool. See [`products/launchlab/overview`](/products/launchlab/overview).

## H

**Hybrid AMM** — An AMM that integrates with an external orderbook to route trades through whichever has better prices. AMM v4 was originally hybrid (against OpenBook), but its orderbook side has since been deactivated, so AMM v4 now operates as a pure AMM. CPMM is not hybrid.

## I

**IDL** — Interface Description Language. Anchor's JSON description of a program's instructions, accounts, events, errors. See [`sdk-api/anchor-idl`](/sdk-api/anchor-idl).

**Impermanent loss (IL)** — The difference in LP's token value vs holding the underlying tokens, due to price divergence. Fundamental to AMMs. See [`algorithms/constant-product`](/algorithms/constant-product).

**Invoke / invoke\_signed** — Solana syscalls for CPI. `invoke_signed` is used for PDA-authorized CPIs. See [`solana-fundamentals/pdas-and-cpis`](/solana-fundamentals/pdas-and-cpis).

## J

**Jito** — Solana block-engine that supports bundled transactions for MEV protection. See [`integration-guides/routing-and-mev`](/integration-guides/routing-and-mev).

**Jupiter** — The dominant Solana DEX aggregator. Routes \~60% of its volume through Raydium. See [`introduction/ecosystem-position`](/introduction/ecosystem-position).

## K

**Kudelski** — Audit firm that has audited Raydium programs. See [`security/audits`](/security/audits).

## L

**Lamport** — Smallest SOL unit. 1 SOL = 1,000,000,000 lamports.

**LaunchLab** — Raydium's token-launch platform (2024). Bonding-curve launches that graduate to CPMM. See [`products/launchlab/overview`](/products/launchlab/overview).

**Liquidity L (CLMM)** — A position's contribution to pool pricing, in the units defined by Uniswap V3 math. See [`algorithms/clmm-math`](/algorithms/clmm-math).

**LP (Liquidity Provider)** — A user who deposits tokens into a pool in exchange for LP tokens (or an NFT for CLMM) and a claim on future fees.

**LP token** — SPL token representing an LP's share in a CPMM or AMM v4 pool. CLMM uses NFTs instead.

## M

**MadShield** — Audit firm that has audited Raydium programs. See [`security/audits`](/security/audits).

**Master-chef pattern** — Reward-tracking design based on SushiSwap's MasterChef contract. `reward_per_share` accumulator style. Used by Farm v6.

**Memecoin** — Informal term for a community/speculation-driven token. Many launch via LaunchLab.

**MEV (Maximal Extractable Value)** — Value extractable by transaction ordering (front-running, sandwich, back-running). See [`integration-guides/routing-and-mev`](/integration-guides/routing-and-mev).

**Mint** — A Token Mint account defining a token. Don't confuse with "minting" the verb (issuing new supply).

**Multisig** — Multi-signature account requiring N-of-M signers. Raydium uses Squads multisigs for authorities. See [`security/admin-and-multisig`](/security/admin-and-multisig).

## N

**Non-transferable (Token-2022)** — Extension that prevents token transfers. Blocked by Raydium pool creation.

**NFT** — Non-Fungible Token. CLMM positions are NFTs; so are some LaunchLab artifacts.

## O

**Observation / ObservationState** — CLMM's on-chain price-history account. Stores cumulative price weighted by time, enabling TWAP oracles. See [`products/clmm/accounts`](/products/clmm/accounts).

**OpenBook** — Formerly Serum. Solana's central limit orderbook. AMM v4 *originally* integrated with OpenBook, but that integration has been deactivated; CPMM and CLMM never integrated with it. See [`products/amm-v4/overview`](/products/amm-v4/overview).

**Oracle** — External price feed. Pyth, Jupiter, and (for internal use) CLMM's ObservationState TWAP. See [`security/oracle-and-token-risks`](/security/oracle-and-token-risks).

**Orca** — Rival Solana DEX. Whirlpools is Orca's CLMM product.

## P

**PDA (Program-Derived Address)** — An address derived deterministically from a program + seeds. No private key; the owning program signs via `invoke_signed`. See [`solana-fundamentals/pdas-and-cpis`](/solana-fundamentals/pdas-and-cpis).

**Permanent delegate (Token-2022)** — Extension granting a designated wallet unconditional transfer/burn power. Blocked by Raydium pool creation.

**Phoenix** — Native Solana orderbook DEX. Peer, not direct competitor.

**PnL (AMM v4)** — Historically: Profit and Loss from OpenBook fills, accrued into AMM v4 pools and settled via `MonitorStep` cranks. With the OpenBook integration deactivated, no new orderbook PnL accrues — `state_data.total_pnl_*` counters carry historical values only. The 0.03% protocol-fee path that uses `need_take_pnl_*` is unaffected and still active.

**Pool authority** — PDA that signs for pool vault transfers. One per program (not per pool). See [`solana-fundamentals/pdas-and-cpis`](/solana-fundamentals/pdas-and-cpis).

**Pool state** — On-chain account holding a pool's reserves, fees, configuration. Central data structure per product.

**Priority fee** — Per-CU fee paid to validators to prioritize a transaction within a block. See [`integration-guides/priority-fee-tuning`](/integration-guides/priority-fee-tuning).

**Program account** — Account holding a program's metadata / bytecode. See [`solana-fundamentals/programs-and-anchor`](/solana-fundamentals/programs-and-anchor).

**Program Derived Address** — See PDA.

**Protocol fee** — Portion of swap fees routed to RAY buybacks or treasury rather than LPs. See [`ray/protocol-fees`](/ray/protocol-fees).

**Pyth** — Solana oracle network. Used by frontends for USD display; not by Raydium pool math.

## Q

**Q64.64 (sqrt\_price\_x64)** — Fixed-point representation: 64 integer + 64 fractional bits. Used by CLMM for sqrt-price to avoid floating-point drift. See [`algorithms/clmm-math`](/algorithms/clmm-math).

## R

**\$RAY** — Raydium's native SPL token. See [`ray/index`](/ray).

**Realized fee (CLMM)** — Fees accrued to a position since last `collectFee`. Claimed via `collectFee`. See [`products/clmm/math`](/products/clmm/math).

**Remaining accounts** — Additional accounts appended to an instruction's account list, interpreted by position. Used for variable-length account lists (tick arrays, transfer-hook extras). See [`solana-fundamentals/pdas-and-cpis`](/solana-fundamentals/pdas-and-cpis).

**Rent** — Solana charges storage rent, but all modern accounts must be rent-exempt (hold enough lamports to pre-pay rent forever). See [`solana-fundamentals/account-model`](/solana-fundamentals/account-model).

## S

**Sandwich attack** — MEV tactic: front-run a user's swap, then back-run to extract price impact. See [`integration-guides/routing-and-mev`](/integration-guides/routing-and-mev).

**Serum** — The predecessor to OpenBook. Not currently active; see "OpenBook".

**Slippage** — Difference between quoted and actual output, from price impact + price movement. Controlled via `min_out` parameter on swaps.

**SOL** — Solana's native token.

**SPL Token** — The legacy Solana token program. Address `Tokenkeg...`. See [`solana-fundamentals/spl-token-and-token-2022`](/solana-fundamentals/spl-token-and-token-2022).

**sqrt\_price\_x64** — See Q64.64.

**Squads** — Multisig platform Raydium uses for operational and upgrade authorities. See [`security/admin-and-multisig`](/security/admin-and-multisig).

**Swap / SwapV2** — Raydium instruction variants. `SwapV2` supports Token-2022; legacy `Swap` does not. See [`solana-fundamentals/spl-token-and-token-2022`](/solana-fundamentals/spl-token-and-token-2022).

## T

**Tick (CLMM)** — Discrete price level. Positions span a range of ticks. See [`algorithms/clmm-math`](/algorithms/clmm-math).

**Tick array** — PDA holding 60 consecutive ticks' state. Enables chunked storage of the tick lattice. See [`products/clmm/ticks-and-positions`](/products/clmm/ticks-and-positions).

**Tick spacing** — The integer gap between usable ticks in a pool. Tied to the fee tier (0.01% → 1, 0.25% → 60, etc.). See [`algorithms/clmm-math`](/algorithms/clmm-math).

**Timelock** — Delay between approval and execution of a sensitive action. Raydium upgrades have a 24-hour timelock. See [`security/admin-and-multisig`](/security/admin-and-multisig).

**Token-2022** — The newer token program with extensions. Address `TokenzQ...`. See [`solana-fundamentals/spl-token-and-token-2022`](/solana-fundamentals/spl-token-and-token-2022).

**Transfer fee (Token-2022)** — Extension charging a percentage on every token transfer. Accounted for in Raydium CPMM/CLMM via `SwapV2`.

**Transfer hook (Token-2022)** — Extension invoking a program on every transfer. Supported by Raydium with caveats.

**TVL (Total Value Locked)** — Sum of pool/farm balances in USD. Raydium's TVL as of April 2026: \~\$1.8B.

**TWAP (Time-Weighted Average Price)** — Average price weighted by time, derived from CLMM ObservationState. See [`products/clmm/accounts`](/products/clmm/accounts).

## U

**UserLedger (Farm v6)** — PDA storing a user's stake balance and reward debt in a farm.

## V

**Vault** — A Token Account owned by a pool program's PDA authority, holding pool reserves. Each pool has two vaults (one per side).

**Versioned transaction (v0)** — Current Solana transaction format supporting ALTs. Legacy transactions are version 0xff. See [`solana-fundamentals/transactions-and-fees`](/solana-fundamentals/transactions-and-fees).

## W

**Whirlpools** — Orca's CLMM product. Similar design to Raydium CLMM; different codebase.

**Wrapped SOL (wSOL)** — SOL wrapped as an SPL Token for use in token-account-only contexts. Created and closed per-transaction. See [`user-flows/swap`](/user-flows/swap).

## X

**x × y = k** — The constant-product invariant. See [`algorithms/constant-product`](/algorithms/constant-product).

## Pointers

* [`introduction/what-is-raydium`](/introduction/what-is-raydium) — start here.
* [`solana-fundamentals/account-model`](/solana-fundamentals/account-model) — Solana concepts.
* [`products/cpmm/overview`](/products/cpmm/overview), [`products/clmm/overview`](/products/clmm/overview), etc. — per-product detail.
* [`reference/fee-comparison`](/reference/fee-comparison) — fees.
* [`reference/program-addresses`](/reference/program-addresses) — program IDs.

Sources:

* Definitions reflect usage across Raydium's codebase and ecosystem docs as of April 2026.