RAY-USD · catalysts, narrative & risks

Snapshot (as of 2026-10-21)

RAY is the native utility token of Raydium, the largest-TVL decentralized exchange / automated-market-maker protocol on the Solana blockchain, used for staking (protocol-fee share, IDO allocations, governance) and increasingly for tokenized-equity trading [14], [23], [25]. As of Oct 21, 2026 it trades near $2.02 [14], [15], roughly 88% below its all-time high of $16.83 (Sep 12, 2021) [10], [14], with a market cap of ~$540–544M and 269.96M RAY (~49%) in circulation against a 555M max supply [10], [14].