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Raydium: score, security record and what it is for

73/100SCORE · BMixed record Grade B, very good

Raydium is one of the main native liquidity sources on Solana and remains significant infrastructure there. In 2022 an attacker obtained the pool owner authority key and drained about 4.4 million dollars, a key management failure rather than a contract flaw, and affected liquidity providers were compensated. Most people now access it indirectly through Jupiter, which routes for a better price anyway.

The facts

LIVE SINCE: 2021
TYPE: AMM
CHAINS: Solana
SWAP FEE: Typically 0.25 percent.
AUDITS: Audited. The 2022 incident was a key compromise rather than a contract flaw.
WHO CAN CHANGE IT: RAY token, with more centralised control than the leading EVM protocols.

How the score breaks down

security19/30

liquidity22/25

chains8/15

costs14/15

decentralisation10/15

Where it is strong and where it is not

✓ Strengths

Deep native liquidity on Solana
Very cheap and fast
Compensated liquidity providers after the 2022 incident

✗ Weaknesses

A private key compromise in 2022 is a governance failure, not bad luck
More centralised control than the leading protocols
Solana only

Exploit history

2022

Around 4.4 million dollars was drained after the pool owner authority private key was compromised. Contract logic was not at fault. Raydium compensated affected liquidity providers.

Our read

Important Solana infrastructure with a real liquidity base. The 2022 loss came from a compromised admin key rather than a contract bug, which is arguably worse because it was preventable. They did compensate providers. Most Solana users reach it through Jupiter anyway.

BEFORE YOU SWAP

Swap keeps failingSlippage, approvals, taxes and thin liquidity. Revoke approvalsEvery swap leaves a permission behind. Clear them. Gas tokensWhy you need the chain's native coin first. Pick a walletYou need self custody before you can use any DEX.

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