Is RAY deflationary?

Key figures

Scores are 0–100 research shortcuts, not price forecasts. Sources: partial. Data as of Sep 6, 2026.

Supply history

Daily observed effective supply from the approved protocol adapter. Scheduled releases are shown separately below.

Upcoming releases

Part of the release schedule is dated; the rest depends on governance or is undisclosed. About 1.9M RAY per year moves from the pre-minted reserve into circulation without increasing total supply.

No calculable RAY release is published for the coming months.

How RAY supply changes

RAY's mint authority is disabled, so reserve rewards change float rather than total supply. Fee-funded buybacks remain protocol-held and are not counted as burns.

Questions people ask about RAY supply

Is RAY deflationary?

RAY supply is expected to stay about flat over the next twelve months (0.0% policy). That figure is a published protocol policy, not a measured rate. Under its revoked mint authority + fee buybacks program, tokens are held by the project, funded by pre-minted reserve and 12% of trading fees. Its unlock timing is not fully disclosed, so releases are scored as unknown rather than as zero. Beneat Supply Watch ranks RAY #14 of 25 with an overall supply score of 72 out of 100, as of Sep 6, 2026.

When is the next RAY unlock?

No dated RAY release is published for the coming months: part of the release schedule is dated; the rest depends on governance or is undisclosed. About 1.9M RAY per year moves from the pre-minted reserve into circulation without increasing total supply.

How much RAY is in circulation?

269.5M RAY is in circulation, about 48.6% of the 555.0M reference supply, with a market cap of $293M. Release progress is 3 of 5; expected completion: Reserve emission tail.

How does RAY supply change?

RAY's mint authority is disabled, so reserve rewards change float rather than total supply. Fee-funded buybacks remain protocol-held and are not counted as burns. Program: Revoked mint authority + fee buybacks. Paid for by pre-minted reserve and 12% of trading fees. Destination: buybacks held by protocol; not burned.

How reliable is this data?

RAY has partial sources: 3 cited documents, last checked Sep 6, 2026. Reconciliation against the published plan is "matched". Observed circulating supply is compared with calculable scheduled releases; opaque and dynamic flows remain outside the expectation.

Sources

• CoinGecko · Market and circulating-supply snapshot ↗2026-09-06
• Raydium · Fixed RAY supply and reserve-funded emissions ↗2026-09-01
• Raydium · RAY buyback destination ↗2026-09-01

Reconciliation: matched. Observed circulating supply is compared with calculable scheduled releases; opaque and dynamic flows remain outside the expectation. Machine-readable data: /api/screener/deflationary and calendar for RAY.