Disclosure: Delphi Ventures and members of our team hold positions in UNI & SUSHI. This statement is intended to disclose any perceived conflict of interest and should not be misconstrued as a recommendation to purchase UNI, SUSHI or any other token mentioned. This is not investment advice.

While Uniswap, SushiSwap and PancakeSwap are the leading Automated Market Makers (“AMMs”) at the moment, similar designs continue to proliferate across crypto. Raydium is one such AMM that recently launched on Solana. Similar to PancakeSwap on BSC, Raydium offers lower transaction fees and higher throughput relative to competing AMMs deployed on Ethereum currently. An aspect that makes it unique, is that it provides and sources liquidity to Serum‘s central limit orderbook (“CLOB”). Liquidity aggregation is certainly nothing new but the fact that Raydium, and other Serum-based DEXs, are starting from that point stands in contrast to how similar projects emerged on Ethereum, where liquidity aggregation came further down the road. We’ll explain why this is the case shortly.

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