[Asset Onboarding Application] - $RAY - Raydium

Author(s): @Bob
Asset Name: Raydium
Asset Code: RAY
Submission Date: 2022-11-01
Ratification Date: n/a
Status: Rejected
Forum URL: https://forum.jetprotocol.io/t/asset-onboarding-application-ray-raydium/1116

Application Profile

1. What is your motivation for submitting this application?

The RAY token would be a valuable asset to the Jet ecosystem. RAY is an actively traded token in the Solana ecosystem with deep liquidity both on-chain on decentralized exchanges and on centralized exchanges.

2. What is your association with the proposed asset?

No association other than swapping the asset a few times, I believe it will be a good protocol to vote on.

3. What are the key benefits for the Jet Protocol to onboard the asset?

Onboarding RAY to Jet Protocol will increase the accessibility of the token. At the same time, it adds value to the protocol by allowing users to make deposits to RAY.

4. What are the known limitations of the asset?

Volatility can be considered a limitation for RAY. See price chart: Here

Project Profile

1. Please provide a brief, high-level description of the asset’s native ecosystem (project), including the protocol’s type (peer-to-peer/ peer-to-liquidity/ etc.).

Raydium is an automated market maker (AMM) built on the Solana blockchain which leverages the central order book of the Serum decentralized exchange (DEX) to enable lightning-fast trades, shared liquidity and new features for earning yield.

2. Who are the founding members? What is their current involvement with the project?

Raydium Team can be seen here.

3. Please indicate the ICO date, initial price, valuation of the token, and total capital raised (both in USD and crypto amounts).

February 21, 2022, tokens were distributed via a Bonfida Pool $RAYPOOL.
The $RAYPOOL address is At18UCgMkUJMsapZMT5cEczf44cwy9iahr2dqjCMJ2Eq
Given the infancy of Solana at the time, Bonfida Pools allowed project teams to sell a basket of tokens to the community with a 1 year lock-up period. The $2,000,000 in the pool was used to purchase 6,342,857 RAY, which were completely unlocked on February 21, 2022.

4. How much of the capital raised via the ICO was converted into FIAT (in terms of FIAT currency and amount of tokens)?

No report by Raydium

5. What was the way of issuing and distributing the tokens? Were there pre-ICO investors?

Liquidity mining. Yes.

6. What is the current token distribution (project team vs. investors vs. public)?

Current Breakdown (Circulating)

Total: Percentage of Circ: 100% - Amount: 131,807,448
Community: Percentage of Circ: 70% - Amount: 92,383,590
Team: Percentage of Circ: 20% - Amount: 26,800,000
Investors: Percentage of Circ: 10% - Amount: 12,624,858

7. Are there any fees generated by the protocol? If yes, please provide details and amounts.

Every time a user swaps between a pool, a 0.25% fee is taken on the trade. 0.22% of that trade goes back to the LP pool as fees earned and 0.03% of that goes to RAY buybacks

8. Is the protocol audited? By what firms? Please provide link(s) to the audit documentation.

Raydium’s AMM and staking programs have been reviewed by engineers from Solana and fully audited by Kudelski Security and can be found here. These programs have since undergone updates, and while a full re-audit has not been done, members from the Neodyme team have done extensive reviews via a bug bounty agreement. OtterSec is currently providing the third and final round of audits.
AcceleRaytor, the stable-curve AMM programs have not yet been audited however Raydium is planning for an additional full audit in Q3 of 2022 that will review all upgrades and more recent programs.

9. Is the protocol open source? If yes, please provide links to the repository.

Raydium’s Github repository is available here.
While the program code is currently not yet open sourced, Raydium’s frontend is. Raydium’s SDK can also be leveraged for integration, full documentation is coming soon.
Frontend: GitHub - raydium-io/raydium-frontend: Raydium Frontend V2
SDK: https://sdk.raydium.io/

10. Other relevant project data or comments:

N/A

Asset Profile

1. Asset name:

RAY

2. Asset type (native/ wrapped):

Native

3. Please provide a one-sentence description of the asset:

The RAY token function is to reward and incentivize liquidity proving on the AMM.

4. What’s the purpose of the asset within its native ecosystem?

The RAY token mining is used as an incentive for liquidity providing and compounds 0.03 of trading fees of the AMM. New purposes had grown with the development of the AMM and the token now serves as a utility token on Raydium, allowing users to participate in IDOs and create ecosystem farms. Pursuing the decentralization journey, we are currently building new features for the token looking toward protocol governance.

5. Does the asset have any use outside of its native ecosystem (integrated protocols)?

Yes, Ray is integrated with various protocols, including Solend, Mercurial, Lfinity, Francium, Port, Mango.

6. Please provide all Smart Contract addresses. If the project is open source, detail how the Smart Contracts are implemented.

Liquidity Pool AMM:
675kPX9MHTjS2zt1qfr1NYHuzeLXfQM9H24wFSUt1Mp8
Stable Swap AMM
5quBtoiQqxF9Jv6KYKctB59NT3gtJD2Y65kdnB1Uev3h
AMM Routing:
routeUGWgWzqBWFcrCfv8tritsqukccJPu3q5GPP3xS
Staking:
EhhTKczWMGQt46ynNeRX1WfeagwwJd7ufHvCDjRxjo5Q
Farm Staking:
9KEPoZmtHUrBbhWN1v1KWLMkkvwY6WLtAVUCPRtRjP4z
AcceleRaytor: 9HzJyW1qZsEiSfMUf6L2jo3CcTKAyBmSyKdwQeYisHrC

Asset Liquidity

1. What exchange(s) support the asset?

Crypto.com, Bitget, Bitrue, Binance, Mexc, FTX, AXX, Gate.io, Bitazza, Kraken, Mango, Raydium, Serum, etc. More than 80 markets CEX/DEX

2. Does the asset have liquidity on Serum? What is the liquidity depth (resting orders)?

Yes, see liquidity depth here.

3. Please provide 7-day asset trading history (daily aggregated trading volumes for trading pair of asset with USDC).

4. A Pyth oracle is required to successfully onboard an asset to the Jet Protocol. Confirm there is an active Pyth Oracle price feed, or provide insight into the asset’s timeline for onboarding to Pyth.

Pyth - RAY. See here.

5. How often does the asset drop significantly in price? Please provide a link to the price history.

Twice since its inception. See chart here.

6. For stablecoins only : Has the asset ever lost the peg? If yes, for what reason?

N/A

7. For algorithmic stablecoins only : Please provide details on the risks associated with the design.

N/A

8. For wrapped assets only : Which bridges are used? Are they custodial or non-custodial? Are they audited?

N/A

9. What amount of asset’s liquidity exists in the integrated protocols (if applicable)?

See markets TVL here.
Raydium (total $ value of RAY in pools) $30 M.
Solend: 462k
Tulip RAY-USDC: 2.6M
Francium: 682K

10. List any parties interested in taking part in liquidations for the proposed asset type.

N/A

Key Mechanics

1. How many active addresses/ users currently hold the asset?

136,741 unique addresses hold $RAY. Source: Solscan

2. Please provide a brief overview of the tokenomics.

555 million RAY hard cap.
The total RAY mining reserve consists of 34% of all tokens, or 188.7m RAY
Emissions will last for approximately 36 months, with halvenings occurring every six months. A halvening means the budget for maximum tokens used for emissions during a 6 month period will halve relative to the previous period. The full amount of the budget will not necessarily be emitted during that period.
0.03% of trading fees will be used to buy RAY and distribute to stakers
To read more: Here.

3. Is the asset supply expected to increase or decrease over time? Is there a token burn mechanism? Is the project able to mint more tokens in the future?

Total supply is fixed. No deflationary mechanism. 0.03% of trading fees are used to buy back tokens.

4. Please explain the staking mechanism (if any).

Raydium offer single stacking for the RAY token on Raydium.io, stackers are both rewarded with mining and the possibility to participate in IDOs on the launchpad.

5. Please explain the slashing mechanism (if any).

N/A

6. Are there tokens on a vesting schedule? If yes, what is that schedule and related vesture limitations?

There is a 1-3 vesting schedule for Team and Advisors.
1 year cliff and linear unlock over 24 months.
First unlocks started on February 21, 2022.

7. Are any tokens allocated for specific purposes or issuance schedules (e.g. liquidity mining)?

Legal Profile

1. Is the project or the asset owned by any incorporated organization?

No

2. In which jurisdictions was the token issued?

No information founded

3. Was the token issued as part of a regulatory process (e.g. securities offering)?

No

4. Was the token issued as part of a fundraising process?

Yes

5. Has the project or the asset obtained any legal opinions on the regulatory standing of the token? If yes, please provide links to the relevant documentation.

No

6. Has the project or the asset had any legal interactions? If so, describe and provide documentation.

No

Links

Link to project’s white paper:

Link(s) to active communities related to the project:

Link(s) to project’s documentation portal/ source code for the system(s) that interact with the proposed asset:

  • Raydium docs. See Here.

Link(s) to audits - both procedural and Smart Contracts:

Link(s) to legal opinions:

  • No legal interaction founded

Link(s) to other legal material:

Other relevant links:

List all relevant Solana addresses here:

  • Ray Token Address: 4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R
  • Unlocked Token Address : 8pFhUqCU7Fkxfg2DLytRDf7a9oK4XGtN92PrYwtVQc6G

Marketing / Campaign Material

If you have additional marketing material, recorded discussions, or collateral onboarding campaign material, link here:

  • N/A

The poll below has been added by the JetDAO Governance Committee and is solely for signaling purposes to showcase the sentiment of the community.

Should $RAY be included as an asset type on Jet Protocol?
  • Yes
  • No

0 voters

4 Likes

Raydium is a popular asset on Solana with enough liquidity. Application looks good and we are in favor of onboarding RAY.

3 Likes

Thank you for this collateral application submission @Bob!

The Jet Governance Committee will review the application and determine if it is appropriate to move to the next stage of community consideration.

2 Likes

The JetDAO Governance Committee has completed a high-level review of this Asset Application and determined the asset as acceptable to continue with the Onboarding Application. This is not an endorsement of the asset from the Governance Committee.

To continue the onboarding process, we have launched a 7-day off-chain community sentiment poll (see original application post) to gauge the interest of onboarding this asset, as well as help facilitate the community discussion.

Following the conclusion of the Poll, the Governance Committee will publish a summary of the CODEC assessment with a formal decision of allowing the Asset to move forward with the On-chain governance vote and potentially onboarding.

This Poll will run 7 days, and is used to gauge the interest of the Jet Protocol Community on Onboarding this asset as a collateral to Jet Protocol

1 Like

Dear Community Members:

Below we will detail the results of the Off-chain, community sentiment vote for the $RAY proposal. Along with this, we attach a summary of the CODEC evaluation that the $RAY asset has received from the Governance Committee.

We invite those users who have staked JET tokens to cast their vote in this On-Chain vote. Remember that in order to execute your vote you must have at least 1 (One) JET token deposited.

The $RAY On-Chain voting will be executed via the governance platform starting on 11/15/22 and will be live for the following 7 (Seven) days.

We appreciate your collaboration and invite you to participate in the upcoming proposals! For the latest information, visit our sites:

[Summary of CODEC Assessment ] - $RAY

The following summary exposes the key points from the $RAY Collateral Onboarding Domain Evaluation Criteria.

Overall, the Jet Governance Committee endorses $RAY to move forward with an On-Chain vote.

The full CODEC Evaluation Summary can be found here.

Click this link for the full version of the asset’s application.

Community Discussion Summary:

Community members have shown enthusiasm and motivation in bringing $RAY to On-Chain voting.

Community Vote Summary:

With 83% positive votes for the acquisition of SOL as collateral in Jet, the community strongly supports the continuance of $RAY as a collateral on Jet Protocol.

2 Likes

ray is a low float asset ponzi, unless they redesign their tokenomics, voting in favor of them will just hurt retail users. Listing an asset like that is indirectly supporting bad actors.

Will vote against this.

We really need to list projects that really care for their community.

1 Like

Co-sign @ezio.

With everything coming to light regarding FTX, FTT et al. There should be an elevated level of scrutiny with collateral listing - otherwise bad actors with big bags could sink this project.

I’ll be voting against.

JetDAO Community:

The On-Chain governance vote for $RAY has concluded. Thanks to all those who exercised their vote and thereby decide the future of Jet Protocol.

$RAY have received 82% of negative votes, that being said, the asset will not be onboarded on Jet as collateral. This will conclude the current application process for $RAY. In order to propose this asset again, the applicant must wait 90 days starting today 11/23/22.

Thanks !

1 Like