Executive summary
Raydium is one of the fastest growing DEXs on Solana. The community-driven project has not received venture capital funding, and its contributors have extensive experience in building onchain protocols.
Now, with over $30 billion in monthly trading volume, Raydium recognized the need for reliable, continuous, and data-driven stakeholder reporting.
To improve its existing onchain analytics and stakeholder reporting, Raydium engaged with Token Terminal, a leading onchain data platform trusted by institutional partners like Bloomberg.
Token Terminal's dedicated focus on data standardization made it an ideal partner for Raydium. The decision to partner was further eased by the fact that Token Terminal already had a public track record of reporting standardized financial and usage metrics for other leading DEX projects, such as Uniswap, Meteora, Orca, and more.
“ By partnering with Token Terminal, we’re able to benchmark our performance against the competition in a fair and accurate way. Having a real-time dashboard on Token Terminal is not only a great tool for our team, but for all Raydium stakeholders.”
@StRAYndhal, Core Contributor at Raydium
Data Partnership
To ensure accurate and ongoing stakeholder reporting, Raydium entered into a Data Partnership with Token Terminal.
The Data Partnership consists of four (4) different parts:
1. Smart contract registry
Since Raydium isn’t an appchain, but a set of smart contracts (programs) running on Solana, this first step did not require a node infrastructure setup. Instead, Token Terminal was able to rely on its existing node infrastructure.
To start, the Raydium and Token Terminal teams worked together to build a labeled registry of Raydium’s smart contracts on Solana.
A complete smart contract registry is a prerequisite for the next step: the transformation of raw blockchain data into standardized financial and usage metrics.
2. Metric transformations
Leveraging the information in the smart contract registry, Token Terminal’s research team transformed the raw blockchain data from the smart contracts into standardized financial and usage metrics.
For a decentralized exchange project like Raydium, the standardized metrics include total value locked, trading volume, fees, revenue, daily active users, and more.
3. Discovery and reporting
After the metric transformations, Raydium was listed on the DEX market sector dashboard on Token Terminal, and also featured on the recently launched Discover page.
As a result, liquidity providers (LPs), traders, developers, and investors can now refer to a single source when deciding which DEX project to use, integrate with, and/or invest in.
For Raydium, the dashboards on Token Terminal streamline the reporting to existing and future stakeholders.
4. Data maintenance
Standardized onchain metrics require ongoing maintenance work, especially when the goal is completeness and accuracy.
The maintenance work has only grown in magnitude and importance over the last few years, as more DeFi projects have evolved from single to multichain apps, with often more than one business line.
A Data Partnership with Token Terminal means that Raydium can rely on Token Terminal to manage all future updates to its metrics, and instead direct all focus on growing its onchain business.
Future opportunities
In addition to standardized financial and usage metrics, Raydium and Token Terminal are excited to explore opportunities to create custom dashboards with more project-specific metrics.
These dashboards would offer both LPs and traders deeper insight into the platform’s features and performance.
Through its partnership with Token Terminal, Raydium turns transparency into a competitive advantage and continues to build trust with its growing community.
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Join the 400+ projects that already leverage Token Terminal for internal product analytics and external stakeholder reporting. Get started by submitting key information via our listing form or by connecting directly with our Data Partnerships team. We look forward to partnering with you.
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