Raydium is an automated market maker (AMM) integrated with Serum DEX, operating 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 fundraising for new projects in the Solana ecosystem through the AcceleRaytor platform. In this article, you can find answers to two common 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 automated market maker (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 facilitate fast, liquid, and low-cost trading by combining the flexibility of AMMs with the reliability of traditional order book mechanisms.
As an AMM, Raydium facilitates permissionless trading of digital assets through liquidity pools. These pools are funded by liquidity providers who lock their assets into smart contracts and then serve as counterparties for buy and sell orders on the DEX. In return for providing liquidity, users receive rewards in RAY tokens, which can be staked to earn additional rewards.
Unlike traditional exchanges that use a central order book to match buy and sell orders, DEX supported by Raydium like Serum employs 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, while sell orders detailing the quantity and price of assets for sale are on the other side.
Raydium utilizes liquidity pools instead of order books to facilitate transactions. These pools supplied by liquidity providers act as counterparties for buy and sell orders, enabling decentralized trading. This method has gained popularity on platforms like Uniswap on Ethereum. Raydium chose Solana for its lower fees, faster transaction times, and advanced liquidity management compared to Ethereum-based AMMs.
The integration of Raydium with Serum’s order book enables a hybrid trading model that benefits from 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 like dual reward farming that allows liquidity providers to earn extra rewards from LP tokens. Users can also stake RAY coins to earn rewards from transaction fees. Raydium has also introduced AcceleRaytor, a launchpad that will help new projects raise capital and grow 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 buy Raydium (RAY). With Binance TR, you can quickly create an account and trade over 100 cryptocurrencies, including RAY with TRY. Follow these steps 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. You need to go to trbinance.com 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-surname, date of birth, nationality, and Turkish ID number.
After entering the required information accurately, an email/sms verification will be conducted to confirm and verify the information. Once this process is completed, 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 needs to be completed before starting cryptocurrency trading 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. Note that you will need your mobile phone even to verify your identity through the 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.” After this step, you will need to scan the QR code that appears on your mobile phone’s camera to continue the verification process. If you cannot scan the QR code, you can click on “Copy URL” to have the verification link sent to your mobile phone via SMS.
Once you enter the link on your phone or scan the QR code, you will be directed to a screen where you need to first select “Identity” and then choose the document type that suits you to continue the verification process. After selecting the document type, upload the front and back of your document as required. Ensure that the images you capture are clear and the information on them is easily readable.
Next, click on “Selfie” to proceed. 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 you complete all these steps accurately, 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 from all banks. With Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts, you can deposit and trade 24/7 without interruptions. For other banks, you can use FAST to deposit up to 50,000 TL round the clock. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit funds into your Binance TR account, first, go to trbinance.com and hover over the “Wallet” option in the top left corner of the homepage, then click on “Deposit” from the dropdown menu. Select your preferred bank from the page that opens to continue with the deposit process.
In this example, we will use 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 the bank to which you can make a wire transfer, EFT, or FAST. Simply use the provided information on your bank’s page to transfer the amount you want to deposit into your Binance TR account.
Once your bank completes the transfer, the funds you sent will automatically reflect in your Binance TR account wallet.
How to Buy RAY Coin with TL on Binance TR?
After depositing funds, go to the “Buy-Sell” option in the top left menu of the Binance TR website to proceed with buying RAY coin with TL.
You will see a page open after clicking on this option. Enter “RAY” in the search bar on the right side of this page, then click on RAY/TRY to go to the page for buying RAY with TL.
Now, you will see the RAY trading page. In the red box highlighted area, 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 TR is a cryptocurrency exchange specifically tailored to Turkish investors, officially launched in 2020. Located in Istanbul, the cryptocurrency exchange can be accessed through trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer both fiat-to-cryptocurrency and cryptocurrency-to-cryptocurrency trading services. Users in Turkey can seamlessly deposit and withdraw Turkish Lira (TRY) directly through bank channels via Binance TR and trade various cryptocurrencies with TRY trading pairs.
Users are supported by Binance TR with access to market-leading spot trading liquidity, a robust matching engine, advanced security protocols, storage solutions, and risk controls.
Disclaimer: The information provided in this article is not to be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
