DEX · RAY · $0.95B TVL. Screen grades as of November 12, 2026: Solvency BBB, Legitimacy BBB, Growth B. Memecoin-cycle revenue beta; LaunchLab response to pump.fun exit.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $1.5B | $0.95B |
| 12-month TVL change | -45% | -44% |
| Worst 90-day drawdown | 50% | 31% |
| Drawdown scored | 50% (90-day only, v1.0) | 44% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BBB · 64.8 | BBB · 64.8 |
| Growth | B · 34.8 | B · 34.8 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at BBB (64.8 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 31% and 12-month TVL change is -44%. TVL stability is scored on the 12-month decline of 44%, because it is worse than the latest 90 days. Sustainability ratio (4x), unlock pressure (3%) and risk quality (6 / 10) are carried over from July 27, 2026.
Legitimacy screens at BBB (63 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at B (34.8 / 100), unchanged from the July 27, 2026 screen. TVL is $0.95B, -44% over twelve months (it was -45% at the previous screen). Category share (12%) and momentum (4 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BBB. Legitimacy is BBB and the Growth outlook is B; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Raydium survive stress and pay its users back. Legitimacy (BBB) and the Growth outlook (B) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Raydium (this page) | BBB | BBB | B |
| Uniswap | AA | AA | BB |
| Curve | BBB | A | B |
| PancakeSwap | A | BBB | BB |
| Aerodrome | BBB | BBB | B |
| Balancer | BB | A | CCC |
| SushiSwap | BB | BB | CCC |
Raydium is Solana's incumbent AMM and was the primary liquidity venue of the memecoin boom — a position that produced spectacular fee revenue and equally spectacular revenue beta. When pump.fun internalized its own liquidity, Raydium lost its largest flow source overnight and answered with LaunchLab, its own launchpad.
Solvency screens at BBB. The ~4x sustainability ratio is real but cyclical — it is memecoin-volume revenue, the most mean-reverting fee stream in DeFi. Halved TVL from peak and a 6/10 risk score (a 2022 exploit sits in the history) hold the score; minimal unlocks help it.
Legitimacy screens at BBB: long operating history, steady shipping, adequate audits. Governance is thin (4/10) with RAY holding little practical authority over protocol direction.
Growth screens at B. A 45% TVL decline and fading momentum as the memecoin cycle cooled and its biggest customer became a competitor. LaunchLab is a rational counter-move that has yet to rebuild the lost flow.
Composite B. The screen's read: a fee machine built on the most volatile order flow in crypto, now fighting for its distribution. Revenue durability is the entire question.
