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LibraryMarkets2021Design paperCorpus record

Raydium: an AMM and an order-book hybrid on Solana

Raydium. Raydium.

Raydium publishes an automated market maker that can also place resting liquidity into an order book, so a pool and a book share inventory.

A reading of the project's public design document. Not a copy, not a benchmark, and not an offer.

Raydium publishes an automated market maker that can also place resting liquidity into an order book, so a pool and a book share inventory.
Evidence
Primary paper
Re-measured
No
Assumptions
3
Records linked
3

01 Claim ledger

What the paper is allowed to say

Each row is a sentence already in the study. The status is the same on every row: a model claim, not a live measurement.

  1. Claim 01 · Paper model

    The defect

    Hybrid means two matching rules. If you cite only the AMM invariant, you have cited half the design.

  2. Claim 02 · Paper model

    The proposal

    Raydium publishes an automated market maker that can also place resting liquidity into an order book, so a pool and a book share inventory.

  3. Claim 03 · Paper model

    The mechanism

    Pool reserves follow the invariant the docs name. The order-book side rests orders at prices. Those orders are part of the liquidity.

  4. Claim 04 · Paper model

    The bound

    No liquidity figure is stated here.

02 Three cuts

Observation, model, falsifier

A desk does not stop at the summary. Each claim is cut three ways, using only this study's own assumptions and checks. Nothing here is a new figure.

  1. 01 The defect

    Observation

    What the study says

    Hybrid means two matching rules. If you cite only the AMM invariant, you have cited half the design.

    Model

    What has to hold

    You are reading Raydium's docs. An emissions page is not the AMM.

    Falsifier

    What would retire it

    Which invariant does the pool side use?

  2. 02 The proposal

    Observation

    What the study says

    Raydium publishes an automated market maker that can also place resting liquidity into an order book, so a pool and a book share inventory.

    Model

    What has to hold

    You are reading Raydium's docs. An emissions page is not the AMM.

    Falsifier

    What would retire it

    Can a swap consume the order book in the same instruction?

  3. 03 The mechanism

    Observation

    What the study says

    Pool reserves follow the invariant the docs name. The order-book side rests orders at prices. Those orders are part of the liquidity.

    Model

    What has to hold

    No price, supply, yield, or adoption figure is added by this desk.

    Falsifier

    What would retire it

    Which invariant does the pool side use?

  4. 04 The bound

    Observation

    What the study says

    No liquidity figure is stated here.

    Model

    What has to hold

    No price, supply, yield, or adoption figure is added by this desk.

    Falsifier

    What would retire it

    Which invariant does the pool side use?

03 Sequence

One action, as an operating tape

  1. 01Pool reserves follow the invariant the docs name. The order-book side rests orders at prices. Those orders are part of the liquidity.
  2. 02A trade can consume either. The price a user gets depends on which side fills, and the docs define the order.
  3. 03Farms or emissions on top are an incentive contract. They are not the invariant.

04 Load-bearing

The argument, and where a pitch drops it

  1. What the name has to mean

    The cut

    Raydium publishes an automated market maker that can also place resting liquidity into an order book, so a pool and a book share inventory.

    Why it carries weight

    If this cut is skipped, the paper's name is being used without the mechanism that makes the name mean anything.

    Where it is dropped

    No liquidity figure is stated here.

  2. What actually moves

    The cut

    A trade can consume either. The price a user gets depends on which side fills, and the docs define the order.

    Why it carries weight

    If this cut is skipped, the paper's name is being used without the mechanism that makes the name mean anything.

    Where it is dropped

    The OpenBook or successor order book, if named, is a dependency. Its outage is a partial outage of the hybrid.

  3. What a later deployment may change

    The cut

    Farms or emissions on top are an incentive contract. They are not the invariant.

    Why it carries weight

    If this cut is skipped, the paper's name is being used without the mechanism that makes the name mean anything.

    Where it is dropped

    This is not Uniswap v2, even when the invariant looks similar.

05 Register

What has to be true

  • Model · Not re-measured

    You are reading Raydium's docs. An emissions page is not the AMM.

  • Model · Not re-measured

    The document is the one at the source URL. A marketing page with the same brand is not this text.

  • Model · Not re-measured

    No price, supply, yield, or adoption figure is added by this desk.

06 Divergence

What happened after the paper

This is not Uniswap v2, even when the invariant looks similar.

A later client, parameter set, or reward formula is a different object. Cite this paper for the mechanism. Cite a primary release for the network. This desk has not re-run the proof.

07 Pre-mortem

What to check before you use the idea

  4. 0 of 3 marked on this browser. A mark is a reading note, not a pass, a rating, or a recommendation.

08 Anatomy

The paper, in the order a builder needs

The problem it names

Hybrid means two matching rules. If you cite only the AMM invariant, you have cited half the design.

What the design proposes

  • Pool reserves follow the invariant the docs name. The order-book side rests orders at prices. Those orders are part of the liquidity.
  • A trade can consume either. The price a user gets depends on which side fills, and the docs define the order.
  • Farms or emissions on top are an incentive contract. They are not the invariant.

How the mechanism is specified

  • Pool reserves follow the invariant the docs name. The order-book side rests orders at prices. Those orders are part of the liquidity.
  • A trade can consume either. The price a user gets depends on which side fills, and the docs define the order.
  • Farms or emissions on top are an incentive contract. They are not the invariant.

What this page does not treat as proven

  • No liquidity figure is stated here.
  • The OpenBook or successor order book, if named, is a dependency. Its outage is a partial outage of the hybrid.
  • This is not Uniswap v2, even when the invariant looks similar.

Why the desk still reads it

Raydium publishes an automated market maker that can also place resting liquidity into an order book, so a pool and a book share inventory.

09 Lexicon

Terms, opened into the record

Hybrid liquidity
Pool reserves plus resting orders. One of them can be down.
Invariant
The pool's pricing curve. It does not by itself describe the book.

10 Repository

Every linked record on this page

Underlined words open a page that already exists: a concept, a protocol profile, a failure record, or another paper. If a word is not underlined, this desk does not have a record for it.

Protocols

This is Blockchain Lab's reading of a public design paper. It is not the paper, not a copy of it, and not an offer of tokens, equity, custody or a partnership. Later network behaviour can diverge from the text. Nothing here is investment, legal or technical advice.

Research status: Design paper. Last reviewed: 1 October 2026. This is a reading of a public paper, not investment, legal or security advice.