Raydium is an automated market maker (AMM) integrated with the Serum DEX on the Solana blockchain. Users earn RAY coins by providing assets to liquidity pools and can earn additional rewards by staking these tokens. Raydium also supports capital raising for new projects in the Solana ecosystem through its AcceleRaytor platform. In this article, you can find answers to two commonly asked questions: What is Raydium (RAY) and How to Buy Raydium (RAY) with TRY.
Raydium (RAY) – What is it?
Raydium is a decentralized finance (DeFi) protocol that functions as an AMM built on the Solana blockchain. By integrating liquidity pools with the decentralized exchange (DEX) Serum, it enhances the trading of digital assets. This integration allows Raydium to combine the flexibility of AMMs with the reliability of traditional order book mechanisms, enabling fast, liquid, and low-cost trading.
Raydium facilitates permissionless trading of digital assets through liquidity pools as an AMM. These pools are funded by liquidity providers who lock their assets into smart contracts and then serve as counterparties for trading pairs on the DEX. In return for providing liquidity, users receive rewards in RAY, Raydium’s native token, which can be staked to earn additional rewards.
Unlike traditional exchanges that use a central order book to match buy and sell orders, the DEX supported by Raydium, Serum, uses smart contracts to manage this process. On one side of the order book, there are buy orders showing the quantity and price of assets market participants want to purchase. On the other side, there are sell orders detailing the quantity and price of assets for sale.
Raydium uses liquidity pools instead of an order book to facilitate transactions. These pools, supplied by liquidity providers, act as counterparties for buy and sell orders, enabling decentralized trading. This method has been popularized by platforms like Uniswap on Ethereum. Raydium chose Solana over Ethereum-based AMMs for lower fees, faster transaction times, and advanced liquidity management.
The integration of Raydium with Serum’s order book allows for a hybrid trading model that leverages both liquidity pools and order books. When users contribute to Raydium’s liquidity pools, tokens are converted into limit orders on Serum’s order book for trading. Raydium compares prices between AMMs and Serum’s order book to provide cost-effective transactions.
In addition to basic trading functions, Raydium offers additional features such as dual-reward farming that allows liquidity providers to earn extra returns from LP tokens. Users can also stake RAY coins to earn rewards from transaction fees. Furthermore, Raydium introduced AcceleRaytor, a launchpad to assist new projects in raising capital and growing within the Solana ecosystem.
How to Buy Raydium (RAY) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to purchase Raydium (RAY). With Binance TR, you can quickly create an account and buy/sell over 100 cryptocurrencies, including RAY. Follow the steps below to buy Raydium (RAY) with TRY on Binance TR.
How to Open an Account on Binance TR?
Opening an account on Binance TR is straightforward. Visit the trbinance.com website and proceed with the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name, date of birth, nationality, and Turkish ID number.
After entering the required information accurately, an email/sms verification will be conducted to confirm and validate the information. Upon completion of this process, you will proceed to the second step, which is identity verification (KYC).
How to Verify Your Account on Binance TR?
Identity verification on Binance TR is a security procedure that must be completed before starting cryptocurrency transactions and during account creation to protect both the user and the cryptocurrency exchange. You can choose to verify your identity either from your phone or through the official Binance TR website.
On the Binance TR website, hover over the “Profile” option at the top right and click on “Identity Verification and Limits” from the dropdown menu, then click on “Verify”. Afterward, scan the QR code that appears on your phone’s camera to proceed with the verification process using your mobile device. If you are unable to scan the QR code, you can request the verification link to be sent to your phone via SMS.
Once you have entered the address on your phone or scanned the QR code, you will be directed to a screen similar to the one below. Start by selecting the “Identity” option.
Next, a screen like the one below will appear. To continue with the verification process, select the type of document that is most suitable for you.
After selecting the document type, click on “Upload the Front” to proceed. Once you have taken a photo of the front of the document you selected, click on “Upload the Back” and take a photo of the back of the document. When taking photos of the front and back of your ID card or driver’s license, make sure the images are clear and the information on the photo is easily readable.
Next, you can proceed by clicking on “Selfie”. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible once the camera opens.
Once you have completed all these steps accurately and correctly, your identity verification process will be completed within a short period.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account through all banks. With Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, and Şekerbank accounts, you can deposit TL 24/7 and trade without interruptions. For other banks, you can deposit up to 50,000 TL 24/7 via FAST. Deposits over 50,000 TL from other banks are processed within EFT hours.
To deposit funds into your Binance TR account, first hover over the “Wallet” option on the top left corner of the homepage on trbinance.com, then click on the “Deposit” option from the dropdown menu.
Next, a page will open as shown below. Choose your preferred bank from this page to proceed with the deposit. If your chosen bank is not integrated with Binance TR yet, click on the “Other Banks” option to continue.
In this example, we will proceed with Vakıfbank, but the process is the same for all other banks. When you click on Vakıfbank, you will see an account name and IBAN address for making transfers via wire transfer, EFT, or FAST. Simply use the information displayed on your preferred bank’s page to transfer the desired amount to your Binance TR account.
Once your bank completes the transfer, the funds you sent will be automatically reflected in your Binance TR wallet.
How to Buy RAY Coin with TL on Binance TR?
After depositing funds, click on the “Buy-Sell” option in the top left menu on the Binance TR website to proceed with buying RAY coin with TL.
After clicking on this option, a page will open as shown below. Type “RAY” in the search bar on the right side of the page and click on the RAY/TRY option from the search results to go to the page for buying RAY with TL.
Now, the RAY buy/sell page will open. In the red box indicated area on this page, enter the price at which you want to buy RAY in the first box and the quantity of RAY you want to buy in the second box. After entering the amount, click on the “Buy RAY” button to complete your purchase.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched Binance TR, its platform for Turkish cryptocurrency investors, in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed through trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through Binance Cloud to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can easily deposit and withdraw Turkish Lira (TRY) through direct banking channels via Binance TR and trade various cryptocurrencies with TRY pairs.
Users are supported by Binance TR with market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls, backed by Binance’s core functionalities.
