Raydium wallet

What is Raydium (RAY)?

RAY is the native token of Raydium, an automated market maker on Solana. Raydium started out as the AMM that fed its liquidity into Serum's on-chain order book; Serum itself is no longer maintained, and today Raydium runs its own pool types, standard constant-product pools and concentrated liquidity pools, plus a launchpad for new Solana projects. The token can be staked inside the protocol, and it has a fixed maximum supply of 555 million.

What holding RAY involves

On its home network RAY is an SPL token. That has two practical consequences. First, transaction fees are paid in SOL, so a wallet that holds RAY needs a small SOL balance next to it, or nothing can be moved. Second, Solana creates a dedicated token account for RAY in your address the first time you receive it, and a small amount of SOL is locked as rent for that account; the transaction fails if the SOL is not there.

RAY also exists outside Solana as a bridged representation on Ethereum. That version is an ERC-20 minted against RAY locked on Solana; it carries the same ticker, but it is a different token on a different network, and an exchange or protocol expecting one will not credit the other. Before sending, it is worth confirming which network the recipient actually wants.

Supported networks in Tangem (2): Ethereum, Solana. Because RAY comes in more than one form, the Tangem app displays the outgoing network and address on the send screen, so you can compare them with what the recipient expects before tapping the card to sign. For an asset that can arrive on your address by two different routes, that per-network view is the reason keeping RAY in Tangem works well.