Raydium Protocol
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 62 → 76. Problems weighed by who is responsible: incidents the subject suffered −16, concerns that are not fraud −3.2, problems around the subject, caused by others −3; legitimacy credit well known and widely used +15, long-running +8. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -3.2 |
| Incidents it suffered (e.g. hacks) | -16 |
| Problems around it, caused by others | -3 |
| Well known and widely used | +15 |
| Long-running | +8 |
| Sum | 66 |
Score: 76/100 (kept between 0 and 100)
How scoring works →Summary
Raydium is an automated market maker (AMM) and decentralized exchange built on the Solana blockchain, launched in February 2021 and widely regarded as Solana's primary liquidity hub. On December 16, 2022, the protocol suffered a major security incident in which an attacker compromised an admin private key — suspected to be via a trojan on a team virtual machine — and drained approximately $4.4 million from eight constant product liquidity pools. Raydium responded with a patched program, a community-approved compensation plan funded by team-held RAY tokens, and has since migrated authority to a Squads multisig with hardware wallet and timelock protections.
Connected Entities
5 entities · 60 linked investigations- HggGrU…twyv→mentioned with→Raydium Protocol(50%)
- Raydium Protocol→mentioned with→Ethereum(60%)
- Raydium Protocol→mentioned with→Solana(80%)
- Raydium AMM→mentioned with→Solana(80%)
- Raydium AMM→mentioned with→Ethereum(65%)
- Raydium Protocol→mentioned with→Raydium AMM(80%)
- Solana→mentioned with→Ethereum(60%)
3 submissions awaiting moderator review.
Timeline(18 events)
February 2021
Raydium Protocol launches on Solana as the first AMM integrated with the Serum order book.
Raydium / BeInCryptoNovember 2022
OtterSec conducts a security audit of the Raydium AMM V4 program.
OtterSec / Raydium DocsDecember 2022
OtterSec conducts a security audit of the Raydium AMM V3 (concentrated liquidity) program.
OtterSec audit report16 December 2022
Admin key compromise: attacker uses trojan-obtained private key to drain approximately $4.4 million from eight constant product liquidity pools via the withdrawPNL instruction. RAY token drops ~8%; TVL falls ~27%.
Raydium Post-Mortem (Medium)16 December 2022
Raydium deploys hot patch at 14:16 UTC, revoking compromised account authority and transferring control to a hardware wallet.
Raydium Post-Mortem (Medium)17 December 2022
Raydium upgrades the AMM V4 program via multisig, removing the SyncNeedTake and SetLpSupply admin parameters that were exploited.
Raydium Post-Mortem (Medium)21 December 2022
Raydium publishes community forum post proposing a compensation plan for affected liquidity providers, funded by team-held RAY tokens.
CoinTelegraph4 January 2023
Raydium announces final compensation plan details including phase structure and RAY TWAP valuation of $0.1813.
Raydium Medium (Compensation Plan)5 January 2023
Phase 1 Claim Portal opens for individual LP positions.
Raydium Docs — Claim Portal Archive19 January 2023
Attacker deposits approximately 1,774.5 ETH (~$2.7 million) into Tornado Cash mixer, obscuring on-chain traceability of stolen funds.
The Block14 May 2023
Raydium Claim Portal closes; unclaimed compensation funds return to the Raydium Treasury.
Raydium Docs — Claim Portal ArchiveMarch 2024
Mad Shield conducts security audit of Raydium Constant Product AMM program.
Raydium Docs — SecurityMarch 2025
Pump.fun launches PumpSwap, a competing DEX on Solana, severing its routing relationship with Raydium and threatening a major share of Raydium's revenue.
CoinTelegraphApril 2025
Raydium launches LaunchLab, a competing memecoin launchpad, in response to PumpSwap.
DeFi Planet30 September 2025
Raydium reports $2.5 billion TVL at end of Q3 2025, up 35% quarter-over-quarter. LaunchLab accounts for 53% of total revenue at $12.7 million for the quarter.
Blockworks — Raydium Token Holder Report Q3 2025Decision Log
- slot 455371418 · hash 2xmYRGKrSeeE4eAXkv8yqrxocYDa8e8779jH82gXdMAr
- slot 426514748 · hash 3bHYo4rbALT43uoGJfo5iQGxuicyizFnsWtQPzcoeM4M
- slot 426514745 · hash FRpk3vasw83L6ax1k4HR2MRkmVT4fxPPNeVzGK3n5bqd
- slot 425189976 · hash 4wfsvZdTjaWTU3vhPpaunn416Um6s79Lfjh942Liqoaz
- slot 425189973 · hash 2bpyFpK8g5hWyG2xXqfN26dS2i84knYRGkp5Ym7qhKFx
- slot 424169115 · hash CmtuAAJJ1uZQ2rAgUvfZnKFsY9uSpsqiA7rzQBGJLGET
- slot 424169112 · hash HRodbF2oviPBNbigwMd9jdxbmjGdWNbAoeVUBUmQgx1C
- slot 423640416 · hash 7H4WHJrkyGkqEHNTCmfTDfUBwSN9cEb3jjqPox6kHNx8
This investigation is cryptographically anchored to the Solana blockchain (8 decisions). 16 of 17 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 6/1/2026, 5:48:56 PM
last updated: 10/10/2026, 6:51:07 PM
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