Deep Dive
1. Orb Explorer Launch (4 November 2025)
Overview: Orb Explorer provides granular analytics for Raydium swaps, liquidity pools, and memecoin launches, displaying metrics like slippage, LP concentrations, and real-time volume.
This tool leverages upgraded indexer infrastructure to process Solana’s high-throughput data, offering traders and developers actionable insights without third-party platforms.
What this means: Neutral for RAY – improves user decision-making but doesn’t directly impact protocol revenue. Enhances Raydium’s position as a data-rich DEX.
(Source)
2. CLMM AllowList Upgrades (Q3 2025)
Overview: Concentrated Liquidity Market Maker (CLMM) pools now support allowList functionality, letting projects restrict liquidity provision to whitelisted partners during token launches.
This update prevents front-running by limiting early pool access, addressing a key pain point for LaunchLab projects.
What this means: Bullish for RAY – reduces predatory trading and encourages more projects to use Raydium for fairer token distributions.
(Source)
3. LaunchLab Fee Sharing (20 August 2025)
Overview: Creators now receive 0.05%-0.10% of trading fees in SOL after their tokens migrate to Raydium AMM pools, replacing the previous RAY-denominated rewards.
The update supports Token22 standard assets with transfer fees, aligning with Solana’s latest token program.
What this means: Bullish for RAY – incentivizes long-term project commitment to Raydium while reducing sell pressure from creator RAY rewards.
(Source)
4. V3 Beta Integration (8 July 2025)
Overview: Merges AMM liquidity with OpenBook’s order book data through new smart contracts, letting traders access 40% more liquidity across Solana DeFi.
The hybrid model uses wrapper contracts for backward compatibility, requiring no action from existing LPs.
What this means: Neutral for RAY – liquidity depth improves, but success depends on OpenBook’s adoption as Serum’s successor.
(Source)
Conclusion
Raydium’s codebase evolution prioritizes liquidity depth (V3 integration), creator incentives (LaunchLab upgrades), and institutional-grade tooling (Orb Explorer). With 76.5% market share in Solana’s tokenized asset volume, these updates aim to solidify its position as the chain’s liquidity hub. Will expanded fee-sharing mechanisms attract sustainable project participation amid memecoin volatility?