Who can upgrade AMM v4, CLMM, CPMM
Squads 3 of 4 · no delay
- Type
- Squads 3 of 4
- Threshold
- 3 of 4 signers
- Signers
- 4 listed
- Time lock
- None
- Config authority
- None: changes go through the multisig
- Effective delay
- no delay
- Address
- tr8r…Hb4u
Solana · Spot DEX
Raydium
- TVL
- $1.14B
- Context only: never changes a rating
- 24h volume
- $135.67M
- −6.3% vs 7 days earlier
- Upgrade controller
- Squads 3 of 4 · no delay
- Weakest control over the core programs
- Stage
- Stage 0
- 3 requirements missing for Stage 1
- Last on-chain change
- None recorded
- Snapshot 2026-10-24 · read at Solana slot 460,979,631
Six risk factors independent ratings, never combined into one score
- Upgrade controlMedium675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8: 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
- Upgrade delayHigh675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8: time lock 0 s; CAMMCzo5YL8w4VFF8KVHrK22GGUsp5VTaW7grrKgrWqK: time lock 0 s; CPMMoo8L3F4NbTegBCKVNunggL7H1ZpdTHKxQB5qKP1C: time lock 0 s
- Admin powersHigh`owner` can change parameters, held by single key proj…k416
- Code transparencyMedium675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8: 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
- Oracle dependencyNot applicablethe registry lists no price feeds; the evidence is the core programs' upgrade reads
- DependenciesLowcalls no other programs with user funds
Summary
- Solana
- Spot DEX
- Squads-controlled
Raydium is a spot DEX on Solana. This page shows who can change it, how fast, and the on-chain account behind every rating.
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<a href="https://celebtir.com/protocols/raydium-amm/"><img src="https://celebtir.com/badges/raydium-amm.svg" alt="Raydium on Celebtir: Stage 0"></a>Markdown
[](https://celebtir.com/protocols/raydium-amm/)Value
Show as table
| Date | TVL |
|---|---|
| 2026-10-21 | $1.2B |
| 2026-10-24 | $1.14B |
Asset groups
Asset groups unavailable: DefiLlama has no per-token breakdown for this protocol.
Tokens used
| Token | Used as | Worst rating |
|---|---|---|
| SOL | lp | Lowno freeze, pause or seize power; native to Solana; mint authority renounced: supply is fixed; no transfer restrictions |
| USDC | lp | Highbalances can be frozen by single key 7dGb…Crar; new supply can be minted by single key BJE5…5ruG |
Activity
Show as table
| Date | Volume |
|---|---|
| 2026-09-25 | $296.81M |
| 2026-09-26 | $198.97M |
| 2026-09-27 | $183.98M |
| 2026-09-28 | $272.14M |
| 2026-09-29 | $294.62M |
| 2026-09-30 | $309.85M |
| 2026-10-01 | $276.04M |
| 2026-10-02 | $267.94M |
| 2026-10-03 | $136.77M |
| 2026-10-04 | $149.59M |
| 2026-10-05 | $175.83M |
| 2026-10-06 | $184.69M |
| 2026-10-07 | $231.3M |
| 2026-10-08 | $233.18M |
| 2026-10-09 | $152.05M |
| 2026-10-10 | $106.11M |
| 2026-10-11 | $128.65M |
| 2026-10-12 | $169.58M |
| 2026-10-13 | $178.09M |
| 2026-10-14 | $168.85M |
| 2026-10-15 | $241.67M |
| 2026-10-16 | $194.71M |
| 2026-10-17 | $99.6M |
| 2026-10-18 | $103.74M |
| 2026-10-19 | $166.44M |
| 2026-10-20 | $210.53M |
| 2026-10-21 | $193.68M |
| 2026-10-22 | $154.23M |
| 2026-10-23 | $142.11M |
| 2026-10-24 | $135.67M |
Show as table
| Date | Fees |
|---|---|
| 2026-09-25 | $1.12M |
| 2026-09-26 | $640.83K |
| 2026-09-27 | $457.12K |
| 2026-09-28 | $835.47K |
| 2026-09-29 | $922K |
| 2026-09-30 | $791.39K |
| 2026-10-01 | $716.12K |
| 2026-10-02 | $751.5K |
| 2026-10-03 | $320.61K |
| 2026-10-04 | $396.87K |
| 2026-10-05 | $455.6K |
| 2026-10-06 | $461.41K |
| 2026-10-07 | $543.45K |
| 2026-10-08 | $504.35K |
| 2026-10-09 | $300.3K |
| 2026-10-10 | $222.77K |
| 2026-10-11 | $294.47K |
| 2026-10-12 | $424.67K |
| 2026-10-13 | $408.63K |
| 2026-10-14 | $319.89K |
| 2026-10-15 | $497.46K |
| 2026-10-16 | $451.23K |
| 2026-10-17 | $217.28K |
| 2026-10-18 | $197.97K |
| 2026-10-19 | $407.55K |
| 2026-10-20 | $471.29K |
| 2026-10-21 | $362.52K |
| 2026-10-22 | $290.65K |
| 2026-10-23 | $245.96K |
| 2026-10-24 | $213.79K |
Risk summary
- HighAn approved upgrade takes effect immediately. Withdrawal completion within that period is not established by these configuration facts.
- HighProtocol parameters can be changed by the holder of key proj…k416 using
owner. - MediumCore program code can be replaced by 3 of 4 votersA multisig member with the Vote permission. Celebtir counts signers, not all members, when it compares a threshold. of multisigAn account that acts only when enough of its members approve. On Solana this is usually a Squads multisig. tr8r…Hb4u.
- MediumThe deployed code of 675k…1Mp8 has not been verified against its public source.
- MediumThe deployed code of CAMM…rWqK has not been verified against its public source.
- MediumThe deployed code of CPMM…KP1C has not been verified against its public source.
Risk analysis
Upgrade control
MediumTo improve: a multisig of 5+ voters at a 60%+ thresholdHow many signers of a multisig must approve before it can act. → LOW, or make the program immutableNo key can change it: the upgrade authority was removed, or the program was deployed with a loader that cannot upgrade.
Technical evidence (6 accounts)
- A7ZG…aCQV upgrade_authority Solana slot 460,978,690
- tr8r…Hb4u threshold, time_lock, members, config_authority Solana slot 460,978,691
- HzD2…3LXx upgrade_authority Solana slot 460,978,690
- tr8r…Hb4u threshold, time_lock, members, config_authority Solana slot 460,978,691
- DMaw…tHhU upgrade_authority Solana slot 460,978,690
- tr8r…Hb4u threshold, time_lock, members, config_authority Solana slot 460,978,691
Upgrade delay
HighTo improve: a time lock of 24 h+ → MEDIUM; 5 days+ → LOW
Technical evidence (6 accounts)
- A7ZG…aCQV upgrade_authority Solana slot 460,978,690
- tr8r…Hb4u threshold, time_lock, members, config_authority Solana slot 460,978,691
- HzD2…3LXx upgrade_authority Solana slot 460,978,690
- tr8r…Hb4u threshold, time_lock, members, config_authority Solana slot 460,978,691
- DMaw…tHhU upgrade_authority Solana slot 460,978,690
- tr8r…Hb4u threshold, time_lock, members, config_authority Solana slot 460,978,691
Admin powers
Highowner can change parameters, held by single key proj…k416To improve: hold every admin keyA key stored in a protocol's own accounts that can change parameters, pause the protocol or move funds, without upgrading its code. in a multisig of 3+ voters at a 50%+ threshold → MEDIUM
Technical evidence (1 account)
- 4BLN…iUpw owner Solana slot 460,979,549
Code transparency
Medium1 program: source public at raydium-io/raydium-amm, but the deployed build is not verified
1 program: source public at raydium-io/raydium-clmm@119ed36, but the deployed build is not verified
1 program: source public at raydium-io/raydium-cp-swap@cfdb70a, but the deployed build is not verified
To improve: verify the deployed build against public source (OtterSec) → LOW
Oracle dependency
Not applicablethe registry lists no price feeds; the evidence is the core programs' upgrade reads
To improve: not applicable: nothing to improve
Technical evidence (6 accounts)
- A7ZG…aCQV upgrade_authority Solana slot 460,978,690
- tr8r…Hb4u threshold, time_lock, members, config_authority Solana slot 460,978,691
- HzD2…3LXx upgrade_authority Solana slot 460,978,690
- tr8r…Hb4u threshold, time_lock, members, config_authority Solana slot 460,978,691
- DMaw…tHhU upgrade_authority Solana slot 460,978,690
- tr8r…Hb4u threshold, time_lock, members, config_authority Solana slot 460,978,691
Dependencies
Lowcalls no other programs with user funds
To improve: none: LOW is the lowest risk level
Technical evidence (1 account)
- 675k…1Mp8 transaction sample (126 transactions) Solana slot 460,979,631
Stage
Stage 0 · 3 missing for Stage 1
StagesA protocol's headline level, from Stage 0 (the team can change everything quickly) to Stage 2 (users are protected even from the team). Stages describe control, not code security. describe who can change the protocol and how fast. They don't measure code security.
- Stage 0 (current)
- Stage 1
- Stage 2
Stage 0 3 of 3 met
- Met: core programs identified in the registry
- Met: public source for every core program
- Met: upgrade control readable for every core program
Stage 1 3 of 6 met
- Met: upgrade control rated Low or Medium
Satisfied criterion and evidence
MEDIUM: 675k…1Mp8: Squads v4 multisig, 3 of 4 voters, time lock 0 s; CAMM…rWqK: Squads v4 multisig, 3 of 4 voters, time lock 0 s; CPMM…KP1C: Squads v4 multisig, 3 of 4 voters, time lock 0 s
Published Stage criteria - Missing: upgrade delay of the Stage 1 minimum, unless upgrades need an emergency multisig
Unmet criterion
675k…1Mp8: effective time lock 0 s; CAMM…rWqK: effective time lock 0 s; CPMM…KP1C: effective time lock 0 s; needs 5 days+ or an emergency multisig of 8+ voters at 75%+
Published Stage criteria - Missing: admin powers rated Low or Medium
Unmet criterion
HIGH:
Published Stage criteriaownercan change parameters, held by single key proj…k416 - Met: no multisig has a single-key config authorityA key that can change a Squads multisig's members, threshold and time lock without a vote. If it is set, it, not the multisig, is the real controller.
- Missing: verified buildsProof that the deployed program was built from a public commit, checked by OtterSec's verification service. for all core programs
- Met: every factor could be read (Unknown caps the Stage at 0)
Stage 2 1 of 2 met
- Missing: core programs immutable, or upgradeable only through on-chain governance with a long delay
Unmet criterion
upgradeable without 30 days+ governance delay: 675k…1Mp8, CAMM…rWqK, CPMM…KP1C
Published Stage criteria - Met: no key can move or freeze user funds
Control graph
Click a box for its facts and evidenceThe on-chain account, field and slot a fact was read from, with a link to check it on Solscan.. Arrows point from who holds a power to what it controls. Controllers shared across protocols
Loading the interactive graph…
List view
- Key Single key 7dGb…Crar High
- can freeze · no delay → USDC
- Key Single key BJE5…5ruG High
- can mint · no delay → USDC
- Key Single key proj…k416 High
- can change parameters · no delay → owner
- Multisig Squads 3 of 4 · no delay tr8r…Hb4u Medium
- Program AMM v4 675k…1Mp8 Medium
- core program → Raydium
- ← Squads 3 of 4 · no delay can upgrade · no delay
- Program CLMM CAMM…rWqK Medium
- core program → Raydium
- ← Squads 3 of 4 · no delay can upgrade · no delay
- Program CPMM CPMM…KP1C Medium
- core program → Raydium
- ← Squads 3 of 4 · no delay can upgrade · no delay
- Admin account owner 4BLN…iUpw High
- admin account → Raydium
- ← Single key can change parameters · no delay
- Token USDC EPjF…Dt1v High
- used as liquidity → Raydium
- ← Single key can freeze · no delay
- ← Single key can mint · no delay
- Token SOL So11…1112 Low
- used as liquidity → Raydium
Permissions
Single key 7dGb…Crar
Show in control graph| Power | Over | Delay | Evidence |
|---|---|---|---|
| Freeze tokens | USDC (Circle) | no delay |
|
Single key BJE5…5ruG
Show in control graph| Power | Over | Delay | Evidence |
|---|---|---|---|
| Mint tokens | USDC (Circle) | no delay |
|
Single key proj…k416
Show in control graph| Power | Over | Delay | Evidence |
|---|---|---|---|
| Change parameters | owner on 4BLN…iUpw | no delay |
|
Squads 3 of 4 · no delay tr8r…Hb4u
Show in control graph| Power | Over | Delay | Evidence |
|---|---|---|---|
| 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)) (renounced or immutable)
- Mint tokens: SOL (Solana (native mint)) (renounced or immutable)
Programs
| Program | Role | Loader | Upgrade controller | Verification | Last upgrade |
|---|---|---|---|---|---|
| AMM v4 675k…1Mp8 | Core | Upgradeable loader | Squads 3 of 4 · no delay | Public source, not verified (source) | None found yet |
| CLMM CAMM…rWqK | Core | Upgradeable loader | Squads 3 of 4 · no delay | Public source, not verified (source) | None found yet |
| CPMM CPMM…KP1C | Core | Upgradeable loader | Squads 3 of 4 · no delay | Public source, not verified (source) | None found yet |
Upgrades & governance
- Upgrades
- 0
- Last upgrade
- None
- Average interval
- Not enough upgrades
- Last 30 days
- 0
History is still filling: 1,089 of 1,800 transactions examined so far.
No upgrades were found in the transactions examined so far.
Updates
No changes have been recorded for this protocol since tracking began.
Dependencies and sources
Called programs
The sampled transactions called no other programs with user funds.
Registry sources
- admin owner 4BLN…iUpw source
- multisig Squads v4 tr8r…Hb4u source
- program AMM v4 675k…1Mp8 source
- program CLMM CAMM…rWqK source
- program CPMM CPMM…KP1C source
Registry entry last reviewed 2026-10-19 by celebtir-loop-draft. Report an error · Markdown version