Project Research Dossier — Relay (relay.link)

Crosschain settlement infrastructure. No token or public sale found in Relay's docs, blog or GitHub (checked 2 Oct 2026).

What it builds User deposits into a Depository escrow on the origin chain. A solver fills on the destination chain with its own capital. An Oracle attests the match, the solver is credited on the Hub (on Relay Chain) and withdraws via an MPC-signed Allocator. Relay Chain = Sovereign Stack rollup, EVM, Celestia DA, ETH gas, ~$0.005 settlement per order.

Traction (self-reported, Feb 2026) $20B+ volume, 100M+ transactions, 85+ networks. Integrators: Phantom, MetaMask, OpenSea, Coinbase Wallet.

Fees, modelled Platform fee: bridge 0%, stable swap 0.01%, major swap 0.06%, minor swap 0.15%. Top-tier integrators keep 67% / 50% / 66.67% of it. Per $1B Relay keeps roughly: stable swaps $33k, major swaps $300k, minor swaps $500k. Plus a $0.02 flat fee per tx: ~$100k gross per $1B at ~$200 per tx (covers execution, so not margin).

Token status I found no token or tokenomics announcement, so there is no FDV, float, vesting or emissions to analyse, and I estimate none. Funding: $43M in venture rounds (pre-seed $2M, seed $10M, Series A $14M, Series B $17M), valuations undisclosed. If tokenomics are published, I would check float at launch, insider share, cliff and vesting, emissions, and any fee link to the token.

Verified vs. not disclosed Verified: open-source code, 4 audits (Spearbit, Certora, Zellic x2), non-upgradable Depository, CEO Peter Watts. Not disclosed: Security Council members and threshold, Oracle signer set, solver permissioning, sequencer operator.

Main risks Oracle is the primary trust component; NEAR MPC / Aurora / Celestia dependencies; $100k max bounty vs $20B+ flow; reliance on a few large wallet integrators.

Disclosure: no position. Not financial advice. Sources in the next message. Edited 2 Oct after the critique below: per-type fee shares, flat fee added, "none found" wording.

Sources

1. Protocol overview: https://docs.relay.link/references/protocol/overview
2. Relay Chain: https://docs.relay.link/references/protocol/components/relay-chain
3. Security & audits: https://docs.relay.link/references/protocol/security
4. Fees: https://docs.relay.link/references/api/api_core_concepts/fees
5. Oracle: https://docs.relay.link/references/protocol/components/oracle
6. Security Council: https://docs.relay.link/references/protocol/components/security-council
7. Series B post: https://relay.link/blog/relay-raises-series-b
8. Earlier rounds (press): https://www.theblock.co/post/338994/token-trading-reservoir-funding
9. Code: https://github.com/relayprotocol
10. Bug bounty: https://docs.relay.link/security/bounties