Raydium
RAY#90RAY is the token of Raydium, a Solana exchange that uses part of its trading fees to buy back RAY.
- Market cap
- $531.83M
- Volume 24h
- $55.92M
- All-time high
- —
- Circulating supply
- 269.86M of 555M
Passes our 8 Shariah criteria. Needs caution: business model.
- 7 pass
- 1 caution
- 0 fail
Verdict history
- HalalCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold Raydium?8 Shariah criteria
7 pass · 1 caution · 0 failRAY pays no interest; buybacks come from swap fees and staking from a fixed reserve.
Riba is interest or any guaranteed increase on a loan. Raydium has no lending product. RAY buybacks are funded by 12% of swap fees, and staking rewards come from the mining reserve rather than from borrowers. Sharlife, the first authoritative source that rates Raydium, marks it compliant, and CryptoUmmah finds no lending or interest, so the criterion is at the maximum.
RAY is the native token of a large working exchange.
Mal is property that Islamic law recognises as having value. RAY is used for staking, as a pool asset and is supported by fee-funded buybacks of a large exchange. Sharlife rates it permissible, so the general debate on whether crypto is property is reflected in confidence rather than in this score.
RAY has no chance-based payout, but Raydium hosts a memecoin launchpad and leveraged perps.
Maysir is gambling: gaining or losing by chance rather than through productive exchange. RAY itself has no lottery or meme mechanics. The score is lowered within pass because part of Raydium's activity, and so part of the fees that fund RAY buybacks, comes from LaunchLab, a Pump.fun-style launchpad for memecoins, and from leveraged perpetual futures. CryptoUmmah notes LaunchLab's memecoin exposure as well.
Mostly swap fees, but Raydium also runs a perpetual futures venue with up to 100x leverage.
This criterion asks how the protocol earns. Raydium's main income is swap fees, which are permissible fees for exchange, and 12% of them buy back RAY. But Raydium also operates Raydium Perps, a perpetual futures venue with up to 100x leverage where takers pay 2.0–4.5 bps, of which Orderly keeps 1 bp. Perpetual futures are not permissible, and the share of revenue they bring is not published, so the threshold rule puts this criterion at caution. Sharlife and CryptoUmmah rate the coin permissible; this point is where this analysis differs.
Supply is capped with mint disabled and vesting complete, but the team is pseudonymous.
Gharar is excessive uncertainty or hidden information. RAY supply is capped at 555 million, the mint authority is disabled, team and seed vesting ended in February 2024, and fee and buyback addresses are public. The score is lowered slightly within pass because CryptoUmmah finds the team pseudonymous and audit details undisclosed.
RAY is used for staking, liquidity and fee-funded buybacks of a spot exchange.
This criterion looks at what the asset is actually used for. RAY is staked, used as a pool asset and supported by buybacks from spot swap fees, all permissible uses. RAY is not needed for Raydium Perps. The score is lowered slightly within pass because buybacks also draw on memecoin trading through LaunchLab.
Fully paid spot RAY is widely available and can be held in a self-custody wallet.
This criterion asks whether the asset can be owned in a permissible way. RAY trades spot with full payment and delivery on exchanges and on Raydium, and can be held in a self-custody Solana wallet. Ownership does not depend on derivatives or leverage, so the criterion is at the maximum.
Raydium is core Solana exchange infrastructure, but it also fuels memecoin speculation and leverage.
Maslahah weighs benefit against harm. Raydium gives open, non-custodial exchange on Solana with about $1.35 billion in pools. Against this, LaunchLab encourages rapid memecoin launches and Raydium Perps offers up to 100x leverage, both of which cause frequent retail losses. The criterion stays in pass with a lower score.
How you can use it
Tap a card for the ruling and sourcesBuying RAY with full payment and immediate delivery is widely available, and the tokens can be moved to a self-custody wallet.
No RAY exchange-traded fund was found. A product that holds RAY itself would be judged like spot; its structure would need to be checked.
RAY is not mainly a means of payment. Tier-1 bodies such as Indonesia's MUI rule that using cryptocurrency as currency is not permissible.
RAY has no proof-of-stake validation. Staking RAY in the Raydium app pays RAY rewards from the mining reserve, not from borrowers, so it is not interest, but it is not payment for validation work either.
Margin trading in RAY is offered by some exchanges but is never acceptable: it is a deferred exchange with borrowed money and leverage (AAOIFI SS 20).
RAY futures and perpetuals are offered by derivatives exchanges, but futures, perpetuals and options always fail under AAOIFI SS 20: deferred exchange without delivery, usually with leverage.
Lending RAY through exchange or DeFi lending programmes pays depositors interest from borrowers. This is riba.
Exchange 'earn' products and lending pools on RAY pay a return funded by lending interest; this is treated as interest whatever it is called.
Scholars quotes
The opinion on this is the same as doing the same with any halal assets such as shares – 1) is permissible, 2) is more debatable and there are differing opinions on short-term trading.As I mentioned at the beginning of this article it is not necessary to substantiate the permissibility of something as long as there are no prohibited factors involved in it or surrounding it.Penggunaan cryptocurrency sebagai mata uang hukumnya haram, karena mengandung gharar (ketidakjelasan), dharar (bahaya) dan bertentangan dengan Undang-Undang nomor 7 tahun 2011 tentang Mata Uang dan Peraturan Bank Indonesia nomor 17 tahun 2015 tentang Kewajiban Penggunaan Rupiah di Wilayah Negara Kesatuan Republik Indonesia.Sebagaimana mata wang yang lain, mata wang digital hendaklah tidak digunakan sebagai bayaran kepada barangan, perkhidmatan dan aktiviti tidak patuh Syariah seperti pembelian dadah, pelacuran, perjudian dan pendanaan aktiviti keganasan serta penggubahan wang haram.The SAC has also resolved that investment and trading of Digital Assets that fulfil the above requirements and which are traded on Digital Asset Exchange (DAX) registered with SC are permissible.Third: In light of the above and given the significant risks associated with this type of currencies and the instability of their transactions, the Council of the Academy recommends pursuing research and studies on issues affecting its ruling.Bitcoin is a digital currency that does not meet the legal and Sharia criteria that make it a currency subject to the rulings of dealing with official legal currencies recognized internationally.بناءً على ذلك: فلا يجوز شرعًا تداول عملة "البتكوين" والتعامل من خلالها بالبيعِ والشراءِ والإجارةِ وغيرها، بل يُمنع من الاشتراكِ فيها؛ لعدمِ اعتبارِها كوسيطٍ مقبولٍ للتبادلِ من الجهاتِ المخُتصَّةِ، ولِمَا تشتمل عليه من الضررِ الناشئ عن الغررِ والجهالةِ والغشِّ في مَصْرِفها ومِعْيارها وقِيمتها، فضلًا عما تؤدي إليه ممارستُها من مخاطرَ عاليةٍ على الأفراد والدول.According to research and opinion of experts so far, cryptocurrency is not considered ‘ maal ’ (wealth) in Sharia.Muhammadiyah memandang transaksi dan investasi kripto pada dasarnya mubah (boleh) tetapi dengan syarat tertentu.Our current position is 'tawaquf'; we can't say it is halal or haram, but we say it is better not to engage in itAI-assisted analysis checked against sources. Not a fatwa or investment advice.
Where it trades
Section in preparation
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