Raydium (RAY)
Unlock Schedule
Raydium (RAY) Token Unlock & Vesting Schedule
As of October 17, 2026, 269.96 million of the 555 million RAY (48.64%) have been released. No further releases are scheduled; the schedule was fully unlocked on February 22, 2024.
The chart shows gross modeled releases of every allocation: vesting unlocks, new issuance and reserve distributions, each allocation counted once. These have different meanings; a scheduled release is not evidence that tokens entered circulation or were sold. Review the coverage, sources and assumptions below.
Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.
Tokenomics & Utility
Supply and distribution
RAY is a Solana SPL token with a maximum supply of 555 million. Its mint address is 4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R. Raydium’s token documentation says the mint authority is disabled, so that address cannot be used to create more RAY. (docs.raydium.io)
The original supply plan assigned 34% to a mining reserve for rewards, 30% to partnerships and ecosystem work, 20% to the team, 8% to liquidity, 6% to community and seed purposes, and 2% to advisers. Team and seed allocations followed a lock-up and daily release schedule that ended on February 21, 2024. Reward programs continue to draw on the mining reserve. (docs.raydium.io)
Staking and fee-funded purchases
Holders can stake RAY through Raydium and claim additional RAY rewards. RAY can also be deposited into trading pools, where it serves as one of the assets available for swaps. Farms may offer token rewards to people who supply liquidity to selected pools. These are different activities: staking RAY uses the token itself, while joining a liquidity pool involves depositing the assets required by that pool. (docs.raydium.io)
Raydium directs 12% of pool trading fees toward purchases of RAY. That figure is a share of the fee charged by a pool, rather than 12% of every trade. In CPMM and CLMM pools, the documented fee split sends 84% to liquidity providers and 4% to the treasury. RAY acquired through buybacks is held at a public on-chain address. (docs.raydium.io)
Assumptions
Raydium allocated its 555 million RAY maximum across mining incentives, partnerships, the team, liquidity, community and seed participants, and advisors. The team’s daily vesting and the Bonfida community-sale cliff have documented dates, while actual mining rewards, treasury spending, other community distributions and advisor awards cannot be fully dated or quantified. The chart can show the dated vesting and an explicitly estimated initial mint, but it cannot turn the reserve’s six-month spending limits into actual monthly releases. Its creation total is not a circulating-supply total: the exact initial mint, research-date burn total and remaining undated distributions have not been reconciled.
- Mining reserve: liquidity and growth incentives: New issuance depends on network activity, such as staking, so it cannot be dated in advance.
- Mining reserve: liquidity and growth incentives: Releases depend on future governance or treasury decisions.
- Partnership and ecosystem treasury: Releases depend on future governance or treasury decisions.
- Team: Releases depend on recipients claiming tokens or on grants being awarded.
- Liquidity allocation: The sources give the amount but no release dates.
- Other community allocation within community and seed: The sources give the amount but no release dates.
- Advisor allocation: Releases depend on recipients claiming tokens or on grants being awarded.
- Solana Season Hackathon: Raydium prize: Releases depend on recipients claiming tokens or on grants being awarded.
- 1. https://docs.raydium.io/raydium/zhong-wen/ray-dai-bi/the-ray-token
- 2. https://impressive-horses-5641a8b530.media.strapiapp.com/Raydium_Token_Transparency_Framework_Q2_2025_e0ccaf70a0.pdf
- 3. https://blockworks.com/token-transparency/filing/raydium
- 4. https://explorer.solana.com/address/4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R
- 5. https://raydium.medium.com/compensation-plan-and-next-steps-367246a62277
- 6. https://raydium.medium.com/introducing-fusion-pools-and-dual-yield-ebf1197d77c4
- 7. https://github.com/raydium-io/ray-gauges
- 8. https://github.com/solana-labs/solana-season
Tokenomics Overview
Market Data
Tile coloring: Green indicates positive changes, red indicates negative changes, and neutral indicates no significant trend or unavailable data.
Perpetuals: 3 markets on Binance, OKX and Lighter · $13.6M open interest
 Binance (CEX) | 5.6M | 103K/169K |
 OKX (CEX) | 3.8M | 55K/94K |
 HTX (CEX) | 1.6M | 30K/1K |
 Coinbase (CEX) | 1.1M | 78K/173K |
 Kraken (CEX) | 868K | 50K/117K |
 Bitget (CEX) | 813K | 50K/62K |
Binance (CEX) | 575K | 34K/47K |
 KuCoin (CEX) | 545K | 25K/35K |
Binance (CEX) | 399K | 35K/31K |
 Gate.io (CEX) | 277K | 53K/84K |
OKX (CEX) | 218K | 23K/21K |
 MEXC (CEX) | 199K | 4.6K/4K |
Kraken (CEX) | 121K | 17K/31K |
MEXC (CEX) | 28K | 4.3K/2K |
OKX (CEX) | 12K | 1.7K/1.7K |
 Raydium (Solana) | 6.7K | 976/973 |
 Orca (Avalanche) | 1.8K | 308/307 |
Raydium (Solana) | 571 | 20/20 |
 Meteora (Solana) | 324 | 84/84 |
Meteora (Solana) | 139 | 27/27 |
Orca (Avalanche) | 91 | 32/32 |
Raydium (Solana) | 65 | 47/47 |
Meteora (Solana) | 45 | 46/46 |
Meteora (Solana) | 35 | 29/28 |
Allocations
Parts of this allocation with their own release dates are charted as their own allocations; the chart shows the rest here.
Not yet scheduled: 285,036,427.265 tokens of its parts have no release date yet. The chart shows them as TBD from today, not as unlocked.
Tokenomics Overview
Market Data
Tile coloring: Green indicates positive changes, red indicates negative changes, and neutral indicates no significant trend or unavailable data.
Perpetuals: 3 markets on Binance, OKX and Lighter · $13.6M open interest
Binance (CEX) | 5.6M | 103K/169K |
OKX (CEX) | 3.8M | 55K/94K |
HTX (CEX) | 1.6M | 30K/1K |
Coinbase (CEX) | 1.1M | 78K/173K |
Kraken (CEX) | 868K | 50K/117K |
Bitget (CEX) | 813K | 50K/62K |
Binance (CEX) | 575K | 34K/47K |
KuCoin (CEX) | 545K | 25K/35K |
Binance (CEX) | 399K | 35K/31K |
Gate.io (CEX) | 277K | 53K/84K |
OKX (CEX) | 218K | 23K/21K |
MEXC (CEX) | 199K | 4.6K/4K |
Kraken (CEX) | 121K | 17K/31K |
MEXC (CEX) | 28K | 4.3K/2K |
OKX (CEX) | 12K | 1.7K/1.7K |
Raydium (Solana) | 6.7K | 976/973 |
Orca (Avalanche) | 1.8K | 308/307 |
Raydium (Solana) | 571 | 20/20 |
Meteora (Solana) | 324 | 84/84 |
Meteora (Solana) | 139 | 27/27 |
Orca (Avalanche) | 91 | 32/32 |
Raydium (Solana) | 65 | 47/47 |
Meteora (Solana) | 45 | 46/46 |
Meteora (Solana) | 35 | 29/28 |