Glossary
Raydium
An early Solana AMM that combines liquidity pools with the on-chain order book — historically the largest DEX on Solana by TVL and trading volume.
Raydium launched in 2021 as one of Solana's flagship DEXes. Its original innovation was bridging AMM liquidity into the Serum on-chain order book, so the same pools served both AMM swaps and limit-order traders.
After Serum's collapse in late 2022, Raydium migrated to OpenBook and added its own concentrated-liquidity pools (CLMM) and permissionless pool creation. It remains a top-three Solana DEX by volume.