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On-chain security analysis — is it a scam or legit?

Is Raydium Safe?

RAYSolana
Not verified This record has not gone through deep verification and is not being monitored. The score is a dated snapshot — the token’s risk can change at any time.Own this token? Put it under verification →
Last checked Sep 22, 2026 · 2 audits on record
Chart
Medium RiskHow is this score calculated?
How the score breaks downratings: 10 is safest
Technical8/10Governance1/10Upgrades8/10Checks passed3 of 4Findings1 High · 1 Low2
SummaryAI Copilot

The Raydium (RAY) SPL token mint exhibits high holder concentration, with the top 10 accounts controlling 76.79% of the supply, which could lead to significant market volatility.

Read the full analysis
What raised the score
  • Top-10 concentration > 70%
  • Liquidity not locked
  • LP top1 unlocked holder = 100.0%
  • LP top3 unlocked holders = 100.0%
  • 1 High finding(s) from audit
  • 1 Low finding(s) from audit
Exact factors
  • Top-10 concentration > 70% (76.1% total → 76.1% effective; 76.1% in EOAs, 0.0% in contracts — extreme)
  • Liquidity NOT locked (owner can withdraw — rug-pull risk)
  • LP top1 unlocked holder = 100.0% (exit-liquidity risk, pool = 35% of DEX liquidity)
  • LP top3 unlocked holders = 100.0% (exit-liquidity risk, pool = 35% of DEX liquidity)
  • 1 High finding(s) from audit
  • 1 Low finding(s) from audit

Each factor is an on-chain fact recorded at the time of this analysis. The score is computed from them by a deterministic function, so the same contract returns the same score for anyone who runs the audit. How scores are computed

Security Checklist

as of audit · Sep 223 of 4 checks passed
Contract verifiedVerified
MintNo mint
Liquidity lockNot locked
UpgradeabilityFixed code

Holders

as of audit · Sep 22, 2026
76.1%Top 10 holders23.9%Everyone else
76.1%Top 10 holders23.9%Everyone else
Top 10 holdersEveryone elseBubble area = share of supply
76.1%of supply sits with the top 10 holders
  • Top 10 holdersthe ten largest balances76.1%
  • Everyone elsethe rest of the supply23.9%

Holder balances as recorded by the audit of Sep 22, 2026

Liquidity

as of audit · Sep 22$17.95M across 30 pairs
Show 4 more pairs

The 20 remaining pairs hold $45.3K between them and are not listed. The risk score reads depth across every pair.

LP tokensNot locked

The LP tokens of the analysed pool are not locked or burned, so whoever holds them can withdraw that liquidity.

Analysed pool$6.37MShare of depth35.5%
LP Burned4.2%
Top-1 Unlocked Holder100.0%
Top-3 Unlocked100.0%

Security Findings

1 High1 Low
High

Holder Concentration > 70%

Top 10 token accounts hold 76.79% of supply. Coordinated sell-off would crash price; single-whale dumps are common in this range.H-01

Issue

Top 10 token accounts hold 76.79% of supply. Coordinated sell-off would crash price; single-whale dumps are common in this range.

Fix

Account for the risk of market manipulation and price volatility due to concentrated holdings. Monitor the distribution of tokens over time.

Status

Unresolved

Low

Mutable Metadata

Token name, symbol, or image can be changed post-launch.L-01

Issue

Token name, symbol, or image can be changed post-launch.

Fix

Verify metadata against off-chain expectations before trusting branding.

Status

Unresolved

Analysis

AI Copilotas of audit · Sep 22
Executive SummaryWhat the contract is and what the review found

The Raydium (RAY) SPL token mint exhibits high holder concentration, with the top 10 accounts controlling 76.79% of the supply, which could lead to significant market volatility. While minting and freezing authorities are appropriately revoked, ensuring a fixed supply and unfreezable accounts, the token's metadata remains mutable. Third-party risk registry data and DEX market data were available, but specific holder distribution details from chain-native RPC were partially unavailable.

Technical8/10Low risk

The token operates on the standard spl-token program. Both the Mint Authority and Freeze Authority have been revoked, ensuring that no new tokens can be minted and no holder accounts can be frozen. The token does not utilize Token-2022 extensions such as permanent delegates or transfer hooks, simplifying its on-chain behavior.

Governance1/10High risk

The token demonstrates high holder concentration, with the top 10 accounts holding 76.79% of the total supply. This concentration poses a substantial risk of price manipulation or sudden sell-offs. The token has a healthy liquidity of $3,720,006 and a normal 24-hour volume of $100,460, resulting in a low Volume/Liquidity Ratio of 0.03. The DEX pair has been active for 1352 days, indicating a mature market presence.

Upgrades8/10Low risk

The Mint Authority and Freeze Authority are both revoked, preventing any future changes to the token's supply or account freeze status. However, the token's metadata, including its name, symbol, or image, remains mutable. There are no indications of upgradable transfer fees or transfer hooks.

Final RecommendationWhat to do about this score

Prospective holders should exercise caution due to the significant holder concentration, which could lead to market instability.

It is advisable to monitor the token's distribution over time to assess any changes in this risk factor. Additionally, verify the token's current metadata against official project sources before relying on its branding, as the metadata can be altered post-launch.

Contract & Record

2 audits on record
TypeSPL Token v3
NetworkSolana
Token age3y
Contract4k3Dyj…kX6R
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Audit History
  1. Sep 22, 202637Medium
  2. Aug 11, 202677High

Score changes are recorded as dated snapshots — history is append-only and cannot be edited.

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