Raydium Crypto Economy Design Analysis Report Raydium is a non-custodial DeFi protocol that provides swaps, liquidity pools, concentrated liquidity positions, token launches, and farming/staking on Solana. The official documentation describes Raydium as a set of Solana on-chain programs covering AMM v4, CPMM, CLMM, Farm/Staking, LaunchLab, Perps, and API/SDK. Raydium Docs states that OpenBook integration in AMM v4 is currently disabled, and CPMM is recommended for new pools. (Raydium Docs) 1. AMM v4 on-chain state mapping: Existence. Sharing is disabled and operates based on the AMM path. Function: Provides swap, LP fee accumulation, and withdrawal functions for legacy high-liquidity pairs. 2.
Raydium has strong Solana DEX liquidity and revenue feedback, but DAO maturity and treasury transparency remain its final bottlenecks.
Investment View
Raydium's next test is not larger volume alone, but formalizing public proposals, voting, execution, and post action accounting.