Raydium's protocol treasury is held onchain.
The protocol's balance sheet is composed of ~$70m in USDC and SOL, which is staked to Raydium's validator.
This chart doesn't include recent and unclaimed fees from Raydium's LaunchLab program, providing further diversification with revenue from tokenized equity trading.
A robust balance protects the protocol from relying on RAY for operations. Despite that, we run an extremely lean operation, with a long time horizon, and spend conservatively.
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