Token Description & Project Background

Raydium works in tandem with Serum, SOL’s decentralized exchange (DEX), augmenting liquidity.

RAY is Raydium's utility token. It can be staked/deposited on the platform.

Any funds locked into Raydium, a blockchain-run, liquidity-pool-enabled automated market maker (AMM), get converted into limit orders that flow into Serum. 

Raydium AMM’s mainnet launched in February 2021. "Our vision was to drive ecosystem-wide liquidity for Solana by creating an AMM that interacts with Serum’s central limit order book," team members said in a 100-days-milestone-marking blog last spring. "All while solving key challenges for users like high fees and slow transactions."

Raydium’s core development team uses pseudonyms. "AlphaRay" runs the project’s strategy and business development; "XRay" is chief of technology. They are joined by "GammaRay," "StingRay" and "RayZor," responsible for a range of activities, including marketing, trading and security.

The RAY token launched in February 2021. 

Risks of RAY

Like an investment in other crypto assets, there are some general risks to investing in RAY. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in RAY is subject to the following specific risks:

• Any potential success associated with RAY depends on Raydium’s rate of adoption. 
• Any potential success associated with RAY depends on a range of external factors, including the continued security and adoption of the Solana ecosystem. 

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with RAY. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The RAY community and Raydium founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of RAY have no recourse to the RAy community, or Uphold if RAY declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing RAY on the Uphold Platform, Uphold performed due diligence on RAY and determined that RAY is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of RAY, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of RAY.
• Any marketing materials put forward by the RAY social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with RAY, including any code defects, security breaches and other threats concerning RAY and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with RAY including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of RAY. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 21, 2023.