Raydium

RAY serves multiple functions within the Raydium ecosystem:​

Staking: Users can stake RAY tokens to earn a portion of the protocol's fees. ​

Participation in Initial DEX Offerings (IDOs): Staking RAY grants users allocations in IDOs conducted through Raydium's AcceleRaytor platform. ​

Governance: RAY token holders can participate in governance decisions, influencing the protocol's future developments. ​

Raydium launched its mainnet on February 21, 2021, with an initial creation of 555,000,000 RAY tokens.

In August 2021, Raydium conducted an airdrop campaign distributing $100,000 worth of RAY tokens. Participants completed tasks such as connecting their Solana wallets, making swaps, and engaging in social media activities. The first 4,000 participants received $10 worth of RAY each, with additional rewards available through a lucky draw and referral program. ​