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Raydium

The primary Solana AMM for tokens launched outside Pump.fun's bonding curve, or graduated before PumpSwap's March 2025 launch. CPMM and CLMM pool types. Still the destination for manually-deployed token pairs and the previous graduation target for all Pump.fun tokens.

See also
Tokenomics AMM (Automated Market Maker) A decentralized exchange mechanism that prices assets algorithmically based on the ratio of reserves in a liquidity pool rather than an order book. PumpSwap, Raydium, Meteora, and Orca are the primary Solana memecoin AMMs. → Tools Meteora A Solana AMM with Dynamic Liquidity Market Maker (DLMM) pools. The single-sided LP extraction technique used in LIBRA, MELANIA, WOLF, and the NYC Token exploited Meteora's DLMM architecture — operators deposit only the token side and drain accumulating buyer SOL by closing the position. → Tools PumpSwap Pump.fun's in-house AMM launched March 2025. Replaced Raydium as the destination for bonding-curve graduations. LP tokens are burned automatically on migration, closing the hard rug vector. Post-migration price action is determined by existing holders selling, not by LP structure. →
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