Raydium (RAY)

Swapping tokens straight out of a liquidity pool is the core of Raydium, one of the first decentralised exchanges on Solana. Its early versions routed pool liquidity into the network's shared order book, which set it apart from other automated market makers; once that book disappeared, the protocol moved to standalone pools. Liquidity providers earn a share of fees, and beyond swaps the venue runs token launches and perpetual futures. RAY handles fee distribution and governance.