Raydium is the largest automated market maker on Solana by total value locked, holding somewhere between $1.5B and $2.2B through 2026 and processing tens of billions in quarterly volume. It runs several distinct pool types rather than one: concentrated liquidity pools for deep pairs, constant-product pools for everything else including most memecoins, and LaunchLab, its own bonding-curve launch venue added in 2025. For a memecoin trader the practical relevance is that a large share of Solana pairs live in Raydium pools, and which pool type a token sits in determines how its price behaves under pressure.
Key Facts
- Largest-TVL DEX on Solana, in the $1.5B-$2.2B range across 2026 depending on the measurement source.
- Processed over $51.9 billion in volume in Q3 2025 alone.
- CLMM — concentrated liquidity — is the dominant product for deep pairs.
- CPMM — constant product — was revamped in May 2024 with Token-2022 support and a built-in price oracle.
- LaunchLab, added in 2025, runs bonding curves that migrate into CPMM pools at graduation.
- As of 1 July 2026, CLMM fees split 88% to liquidity providers and 12% to the protocol.
- LaunchLab pre-graduation fees split 50% to pool seed and 50% to the LaunchLab treasury.
Why Raydium Has Several Pool Types
Different assets need different liquidity shapes. A stablecoin pair trades in a tight band, so spreading liquidity across every possible price is wasteful — concentrated liquidity lets providers place capital in the range where trading actually happens, producing far better depth for the same money. A brand-new memecoin has no known range at all and might move a hundredfold in an hour, which makes concentration actively harmful.
So Raydium runs both. CLMM serves the pairs where a price range is predictable; CPMM serves everything volatile, using the same constant-product formula that underpins how a basic AMM pool works. Most memecoins live in the second category for their entire life.
CLMM vs CPMM in Practice
| CLMM | CPMM | |
|---|---|---|
| Liquidity placement | Within a chosen price range | Across all prices, evenly |
| Capital efficiency | High within range | Low but universal |
| Typical use | Stables, SOL pairs, major tokens | Memecoins, new and volatile pairs |
| LP complexity | Requires active range management | Deposit and forget |
| Behaviour on a violent move | Depth vanishes outside the range | Depth thins gradually |
| Token-2022 support | Varies | Yes, since the 2024 revamp |
The “behaviour on a violent move” row is the one that reaches traders. In a CLMM pool, once the price leaves the range where providers placed their liquidity, depth can disappear almost instantly and price impact spikes. A CPMM pool degrades smoothly instead. This is a large part of why memecoins with sharp moves are better served by the simpler pool type, despite it being less efficient in calm conditions.
LaunchLab and the Launchpad Question
Raydium historically received graduating Pump.fun tokens, until Pump.fun built its own AMM and kept those migrations in-house. LaunchLab, introduced in 2025, is Raydium’s answer: its own bonding curve where projects launch, with accumulated liquidity migrating automatically into a CPMM pool once a graduation threshold is met. Mechanically it resembles the graduation model traders already know, with fees before graduation split evenly between seeding the eventual pool and the LaunchLab treasury.
The competitive picture matters less than the practical one: a Solana memecoin can now originate on several different venues and end up in several different pool types, so checking where a pair actually lives is a real step rather than an assumption.
Raydium and Aggregators
Most traders reach Raydium pools without visiting Raydium. Aggregator routing queries every venue and splits an order across whichever pools give the best combined price, so a single swap may touch a Raydium CPMM pool, a CLMM pool and something else entirely. That is usually the right way to trade — comparing a direct Raydium quote against an aggregated one almost always favours the latter on anything but the deepest pairs. Comparative TVL sits on DefiLlama and per-pair depth on DEXScreener, which together tell you whether a token’s liquidity is concentrated in one Raydium pool or spread thin across several venues.
Where a Token Like $DOLAN Lives
DOLAN Duck ($DOLAN) has a fixed 98.3M supply and roughly 10,700 holders, and like most Solana memecoins it trades against wrapped SOL in constant-product liquidity rather than a concentrated range. That is the appropriate shape for a volatile token: depth thins gradually as price moves rather than evaporating at a range boundary, so a large sell produces predictable price impact instead of a cliff. Knowing which pool type you are trading against is genuinely useful before sizing anything — the same order can behave completely differently in a CLMM pool near its range edge than in a CPMM pool of identical headline TVL. Check the pair, not just the number.
Raydium is the largest automated market maker on Solana by total value locked, holding roughly $1.5B to $2.2B through 2026 and running several pool types plus its own launch venue.
CLMM concentrates liquidity within a chosen price range for capital efficiency. CPMM spreads it across all prices, which suits volatile tokens where no range can be predicted.
Usually CPMM, the constant-product type. Concentrated liquidity is unsuitable for tokens that can move a hundredfold, because depth disappears once price leaves the chosen range.
LaunchLab is Raydium’s own token launch venue, added in 2025. Projects launch on a bonding curve and the accumulated liquidity migrates automatically into a CPMM pool at graduation.
They did originally. Pump.fun later launched its own AMM and routed graduations there instead, which is part of why Raydium built LaunchLab as its own launch pipeline.
As of 1 July 2026, CLMM fees split 88% to liquidity providers and 12% to the protocol. CPMM protocol share is configurable, and LaunchLab pre-graduation fees split 50/50 between pool seed and treasury.
Usually not directly. Aggregators query every venue and split orders across pools for the best combined price, which beats a single-venue quote on all but the deepest pairs.