# Raydium

> Not investment advice. Ratings describe on-chain configuration only and may contain errors.

Snapshot 2026-10-24, methodology v0.2. Source: Celebtir, CC BY 4.0.

## Summary

- Chain: Solana
- Category: dex
- Stage: Stage 0
- TVL: $1.14B
- Website: https://raydium.io/
- Core programs controlled by a Squads multisig

## Value

Asset groups unavailable: DefiLlama has no per-token breakdown for this protocol.
- SOL (lp): worst rating Low. no freeze, pause or seize power; native to Solana; mint authority renounced: supply is fixed; no transfer restrictions
- USDC (lp): worst rating High. balances can be frozen by single key 7dGb…Crar; new supply can be minted by single key BJE5…5ruG

## Activity

- 24h volume: $135.67M (−6.3% over 7 days)
- 24h fees: $213.79K (−16.2% over 7 days)

## Risk summary

- High: An approved upgrade takes effect immediately. Withdrawal completion within that period is not established by these configuration facts.
- High: Protocol parameters can be changed by the holder of key projjosVCPQH49d5em7VYS7fJZzaqKixqKtus7yk416 using `owner`.
- Medium: Core program code can be replaced by 3 of 4 voters of multisig tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u.
- Medium: The deployed code of 675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8 has not been verified against its public source.
- Medium: The deployed code of CAMMCzo5YL8w4VFF8KVHrK22GGUsp5VTaW7grrKgrWqK has not been verified against its public source.
- Medium: The deployed code of CPMMoo8L3F4NbTegBCKVNunggL7H1ZpdTHKxQB5qKP1C has not been verified against its public source.

## Risk analysis

- Upgrade control: **Medium**. 675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8: Squads v4 multisig, 3 of 4 voters, time lock 0 s; CAMMCzo5YL8w4VFF8KVHrK22GGUsp5VTaW7grrKgrWqK: Squads v4 multisig, 3 of 4 voters, time lock 0 s; CPMMoo8L3F4NbTegBCKVNunggL7H1ZpdTHKxQB5qKP1C: Squads v4 multisig, 3 of 4 voters, time lock 0 s. To improve: a multisig of 5+ voters at a 60%+ threshold → LOW, or make the program immutable.
  - Evidence: [A7ZG7ByDi8DpzT9Ab7CiXhvgYTJQmaDPJkMDoPitaCQV](https://solscan.io/account/A7ZG7ByDi8DpzT9Ab7CiXhvgYTJQmaDPJkMDoPitaCQV) `upgrade_authority` at slot 460978690
  - Evidence: [tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u](https://solscan.io/account/tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u) `threshold, time_lock, members, config_authority` at slot 460978691
  - Evidence: [HzD2cCXXT3UQNjMMY6kDv9w6gZ9qquSdfoGXrLL3LXx](https://solscan.io/account/HzD2cCXXT3UQNjMMY6kDv9w6gZ9qquSdfoGXrLL3LXx) `upgrade_authority` at slot 460978690
  - Evidence: [tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u](https://solscan.io/account/tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u) `threshold, time_lock, members, config_authority` at slot 460978691
  - Evidence: [DMawCQzbgNTmbzaESc7o6pvL1KAeetY8zA7jNpzntHhU](https://solscan.io/account/DMawCQzbgNTmbzaESc7o6pvL1KAeetY8zA7jNpzntHhU) `upgrade_authority` at slot 460978690
  - Evidence: [tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u](https://solscan.io/account/tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u) `threshold, time_lock, members, config_authority` at slot 460978691
- Upgrade delay: **High**. 675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8: time lock 0 s; CAMMCzo5YL8w4VFF8KVHrK22GGUsp5VTaW7grrKgrWqK: time lock 0 s; CPMMoo8L3F4NbTegBCKVNunggL7H1ZpdTHKxQB5qKP1C: time lock 0 s. To improve: a time lock of 24 h+ → MEDIUM; 5 days+ → LOW.
  - Evidence: [A7ZG7ByDi8DpzT9Ab7CiXhvgYTJQmaDPJkMDoPitaCQV](https://solscan.io/account/A7ZG7ByDi8DpzT9Ab7CiXhvgYTJQmaDPJkMDoPitaCQV) `upgrade_authority` at slot 460978690
  - Evidence: [tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u](https://solscan.io/account/tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u) `threshold, time_lock, members, config_authority` at slot 460978691
  - Evidence: [HzD2cCXXT3UQNjMMY6kDv9w6gZ9qquSdfoGXrLL3LXx](https://solscan.io/account/HzD2cCXXT3UQNjMMY6kDv9w6gZ9qquSdfoGXrLL3LXx) `upgrade_authority` at slot 460978690
  - Evidence: [tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u](https://solscan.io/account/tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u) `threshold, time_lock, members, config_authority` at slot 460978691
  - Evidence: [DMawCQzbgNTmbzaESc7o6pvL1KAeetY8zA7jNpzntHhU](https://solscan.io/account/DMawCQzbgNTmbzaESc7o6pvL1KAeetY8zA7jNpzntHhU) `upgrade_authority` at slot 460978690
  - Evidence: [tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u](https://solscan.io/account/tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u) `threshold, time_lock, members, config_authority` at slot 460978691
- Admin powers: **High**. `owner` can change parameters, held by single key proj…k416. To improve: hold every admin key in a multisig of 3+ voters at a 50%+ threshold → MEDIUM.
  - Evidence: [4BLNHtVe942GSs4teSZqGX24xwKNkqU7bGgNn3iUiUpw](https://solscan.io/account/4BLNHtVe942GSs4teSZqGX24xwKNkqU7bGgNn3iUiUpw) `owner` at slot 460979549
- Code transparency: **Medium**. 675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8: source public at https://github.com/raydium-io/raydium-amm, but the deployed build is not verified; CAMMCzo5YL8w4VFF8KVHrK22GGUsp5VTaW7grrKgrWqK: source public at https://github.com/raydium-io/raydium-clmm/tree/119ed36bf9f33, but the deployed build is not verified; CPMMoo8L3F4NbTegBCKVNunggL7H1ZpdTHKxQB5qKP1C: source public at https://github.com/raydium-io/raydium-cp-swap/tree/cfdb70a8ca9ea62bb5c304d4492ac0fc371ae8ce, but the deployed build is not verified. To improve: verify the deployed build against public source (OtterSec) → LOW.
  - Evidence: [675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8](https://solscan.io/account/675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8) `verified_build` at slot 460978690
  - Evidence: [CAMMCzo5YL8w4VFF8KVHrK22GGUsp5VTaW7grrKgrWqK](https://solscan.io/account/CAMMCzo5YL8w4VFF8KVHrK22GGUsp5VTaW7grrKgrWqK) `verified_build` at slot 460978690
  - Evidence: [CPMMoo8L3F4NbTegBCKVNunggL7H1ZpdTHKxQB5qKP1C](https://solscan.io/account/CPMMoo8L3F4NbTegBCKVNunggL7H1ZpdTHKxQB5qKP1C) `verified_build` at slot 460978690
- Oracle dependency: **Not applicable**. the registry lists no price feeds; the evidence is the core programs' upgrade reads. To improve: not applicable: nothing to improve.
  - Evidence: [A7ZG7ByDi8DpzT9Ab7CiXhvgYTJQmaDPJkMDoPitaCQV](https://solscan.io/account/A7ZG7ByDi8DpzT9Ab7CiXhvgYTJQmaDPJkMDoPitaCQV) `upgrade_authority` at slot 460978690
  - Evidence: [tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u](https://solscan.io/account/tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u) `threshold, time_lock, members, config_authority` at slot 460978691
  - Evidence: [HzD2cCXXT3UQNjMMY6kDv9w6gZ9qquSdfoGXrLL3LXx](https://solscan.io/account/HzD2cCXXT3UQNjMMY6kDv9w6gZ9qquSdfoGXrLL3LXx) `upgrade_authority` at slot 460978690
  - Evidence: [tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u](https://solscan.io/account/tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u) `threshold, time_lock, members, config_authority` at slot 460978691
  - Evidence: [DMawCQzbgNTmbzaESc7o6pvL1KAeetY8zA7jNpzntHhU](https://solscan.io/account/DMawCQzbgNTmbzaESc7o6pvL1KAeetY8zA7jNpzntHhU) `upgrade_authority` at slot 460978690
  - Evidence: [tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u](https://solscan.io/account/tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u) `threshold, time_lock, members, config_authority` at slot 460978691
- Dependencies: **Low**. calls no other programs with user funds. To improve: none: LOW is the lowest risk level.
  - Evidence: [675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8](https://solscan.io/account/675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8) `transaction sample (126 transactions)` at slot 460979631

## Stage

Stage 0. Stages describe who can change the protocol and how fast. They don't measure code security.

- [x] Stage 0: core programs identified in the registry (3 core programs)
- [x] Stage 0: public source for every core program (all core programs have public source)
- [x] Stage 0: upgrade control readable for every core program (upgrade control read for all core programs)
- [x] Stage 1: upgrade control rated Low or Medium (MEDIUM: 675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8: Squads v4 multisig, 3 of 4 voters, time lock 0 s; CAMMCzo5YL8w4VFF8KVHrK22GGUsp5VTaW7grrKgrWqK: Squads v4 multisig, 3 of 4 voters, time lock 0 s; CPMMoo8L3F4NbTegBCKVNunggL7H1ZpdTHKxQB5qKP1C: Squads v4 multisig, 3 of 4 voters, time lock 0 s)
- [ ] Stage 1: upgrade delay of the Stage 1 minimum, unless upgrades need an emergency multisig (675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8: effective time lock 0 s; CAMMCzo5YL8w4VFF8KVHrK22GGUsp5VTaW7grrKgrWqK: effective time lock 0 s; CPMMoo8L3F4NbTegBCKVNunggL7H1ZpdTHKxQB5qKP1C: effective time lock 0 s; needs 5 days+ or an emergency multisig of 8+ voters at 75%+)
- [ ] Stage 1: admin powers rated Low or Medium (HIGH: `owner` can change parameters, held by single key proj…k416)
- [x] Stage 1: no multisig has a single-key config authority (no single-key config authority)
- [ ] Stage 1: verified builds for all core programs (not verified: 675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8, CAMMCzo5YL8w4VFF8KVHrK22GGUsp5VTaW7grrKgrWqK, CPMMoo8L3F4NbTegBCKVNunggL7H1ZpdTHKxQB5qKP1C)
- [x] Stage 1: every factor could be read (Unknown caps the Stage at 0) (no Unknown factors)
- [ ] Stage 2: core programs immutable, or upgradeable only through on-chain governance with a long delay (upgradeable without 30 days+ governance delay: 675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8, CAMMCzo5YL8w4VFF8KVHrK22GGUsp5VTaW7grrKgrWqK, CPMMoo8L3F4NbTegBCKVNunggL7H1ZpdTHKxQB5qKP1C)
- [x] Stage 2: no key can move or freeze user funds (no admin key can move or freeze funds)

## Control graph

- AMM v4 → Raydium: core program
- CLMM → Raydium: core program
- CPMM → Raydium: core program
- owner → Raydium: admin account
- USDC → Raydium: used as liquidity
- SOL → Raydium: used as liquidity
- Single key → USDC: can freeze · no delay
- Single key → USDC: can mint · no delay
- Single key → owner: can change parameters · no delay
- Squads 3 of 4 · no delay → AMM v4: can upgrade · no delay
- Squads 3 of 4 · no delay → CLMM: can upgrade · no delay
- Squads 3 of 4 · no delay → CPMM: can upgrade · no delay

## Permissions

- Single key [7dGbd2QZcCKcTndnHcTL8q7SMVXAkp688NTQYwrRCrar](https://solscan.io/account/7dGbd2QZcCKcTndnHcTL8q7SMVXAkp688NTQYwrRCrar)
  - Freeze tokens: USDC (Circle), no delay
- Single key [BJE5MMbqXjVwjAF7oxwPYXnTXDyspzZyt4vwenNw5ruG](https://solscan.io/account/BJE5MMbqXjVwjAF7oxwPYXnTXDyspzZyt4vwenNw5ruG)
  - Mint tokens: USDC (Circle), no delay
- Single key [projjosVCPQH49d5em7VYS7fJZzaqKixqKtus7yk416](https://solscan.io/account/projjosVCPQH49d5em7VYS7fJZzaqKixqKtus7yk416)
  - Change parameters: owner on 4BLN…iUpw, no delay
- Squads 3 of 4 · no delay [tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u](https://solscan.io/account/tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u)
  - Upgrade the code: AMM v4, no delay
  - Upgrade the code: CLMM, no delay
  - Upgrade the code: CPMM, no delay
- Held by no one: Freeze tokens (SOL (Solana (native mint)))
- Held by no one: Mint tokens (SOL (Solana (native mint)))

## Programs

- AMM v4 [675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8](https://solscan.io/account/675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8): core, Upgradeable loader, controller Squads 3 of 4 · no delay, public source at https://github.com/raydium-io/raydium-amm, not verified, last upgrade none found
- CLMM [CAMMCzo5YL8w4VFF8KVHrK22GGUsp5VTaW7grrKgrWqK](https://solscan.io/account/CAMMCzo5YL8w4VFF8KVHrK22GGUsp5VTaW7grrKgrWqK): core, Upgradeable loader, controller Squads 3 of 4 · no delay, public source at https://github.com/raydium-io/raydium-clmm/tree/119ed36bf9f33, not verified, last upgrade none found
- CPMM [CPMMoo8L3F4NbTegBCKVNunggL7H1ZpdTHKxQB5qKP1C](https://solscan.io/account/CPMMoo8L3F4NbTegBCKVNunggL7H1ZpdTHKxQB5qKP1C): core, Upgradeable loader, controller Squads 3 of 4 · no delay, public source at https://github.com/raydium-io/raydium-cp-swap/tree/cfdb70a8ca9ea62bb5c304d4492ac0fc371ae8ce, not verified, last upgrade none found

## Upgrades & governance

- Upgrades: 0 so far (history still filling)
- Last upgrade: none
- Average interval: not enough upgrades

## Updates

No changes have been recorded for this protocol since tracking began.

## Dependencies and sources

The sampled transactions called no other programs with user funds.
- Registry source for admin owner (4BLNHtVe942GSs4teSZqGX24xwKNkqU7bGgNn3iUiUpw): https://solscan.io/account/4BLNHtVe942GSs4teSZqGX24xwKNkqU7bGgNn3iUiUpw
- Registry source for multisig Squads v4 (tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u): https://solscan.io/account/tr8rgazUrZzgdkfc6Q622nVJHMMzh29trdBE2uBHb4u
- Registry source for program AMM v4 (675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8): https://docs.raydium.io/reference/program-addresses
- Registry source for program CLMM (CAMMCzo5YL8w4VFF8KVHrK22GGUsp5VTaW7grrKgrWqK): https://docs.raydium.io/reference/program-addresses
- Registry source for program CPMM (CPMMoo8L3F4NbTegBCKVNunggL7H1ZpdTHKxQB5qKP1C): https://docs.raydium.io/reference/program-addresses
- Registry entry last reviewed: 2026-10-19 by celebtir-loop-draft

Web page: /protocols/raydium-amm/