泵的子彈擊中了爾日

剛才，pump.fun的聯合創始人阿隆（Alon

Author: 🔫Scof in Trouble💀, ChainCatcher

作者：thabore caindcatcher中的Scof

Editor: TB, ChainCatcher

編輯：TB，ChainCatcher

The Bullet of Pump Hits the Bullseye

泵的子彈擊中了爾日

Just now, alon, co-founder of pump.fun, posted that the official X account of pump.fun was hacked and a scam token “PUMP” was released, reminding users to be aware of the risks.

剛才，泵。

As the most active meme coin launch platform in the Solana ecosystem, Pump.fun once became a wealth creation myth for retail investors with its “internal incubation + external explosion” dual-phase mechanism. Tokens first accumulate liquidity on the platform through the Bonding Curve mechanism, and when trading volume exceeds the threshold of $69,000, they automatically migrate to the leading DEX Raydium to establish a liquidity pool, completing the closed loop from project launch to market speculation. This meticulously designed rule has been operating crazily in 2024:

作為Solana生態系統中最活躍的Meme Coin發射平台，Pump.Fun曾經成為具有其“內部孵化 +外部爆炸”雙相機制的散戶投資者的財富創造神話。令牌首先通過粘結曲線機制在平台上積累流動性，當交易量超過69,000美元的門檻時，它們會自動遷移到領先的DEX Raydium以建立流動性池，從而從項目發佈到市場投機。精心設計的規則在2024年瘋狂地運行：

From April 1 of last year to now, tokens launched by Pump.fun contributed $346 billion in trading volume to Raydium, accounting for half of the total flow of this DEX, while the platform has collected a total of $197 million in fees, of which $104 million came from pump.fun transactions.

從去年的4月1日到現在為止，pump.fun推出的代幣向Raydium貢獻了3460億美元的交易量，佔該DEX總流量的一半，而該平台的總費用為1.7億美元，其中1.04億美元來自Pump.fun Transactions。

However, when celebrities like Trump entered the scene with “flash” tokens (such as TRUMP, MELANIA), this game of passing the parcel began to expose its naked harvesting logic. On-chain data shows that over 70% of meme coins exhibit a “peak upon pool establishment” trend during the external phase, with an average lifespan of less than 48 hours.

但是，當像特朗普這樣的名人以“閃光”代幣（例如特朗普，梅拉尼亞）進入現場時，這種傳遞包裹的遊戲開始揭露其赤裸裸的收穫邏輯。鏈上的數據表明，超過70％的Meme硬幣在外階段表現出“泳池建立”趨勢，平均壽命少於48小時。

An even more dangerous signal comes from the comprehensive retreat of liquidity. On February 24, among the tokens graduated from Pump.fun, only one barely surpassed a market cap of one million dollars, and the on-chain speculative frenzy has nearly frozen. The trading depth of meme coins on Raydium has shrunk by over 90% from its peak, while the market cap of stablecoins on the Solana chain has seen a net outflow of over $1 billion in the past 30 days, marking the greatest capital bleed since the FTX collapse.

更危險的信號來自全面的流動性撤退。 2月24日，在從Pump.fun畢業的代幣中，只有一個幾乎沒有超過100萬美元的市值，而鏈上投機性瘋狂幾乎已經凍結了。雷迪（Raydium）上模因硬幣的交易深度從其頂峰縮小了90％以上，而索拉納（Solana）連鎖店的穩定股（Stablecoins）的市值在過去30天內的淨流出超過10億美元，標誌著自FTX崩潰以來最大的資本出血。

This collapse is not accidental. When project parties, trading platforms, and celebrities form a “harvesting iron triangle,” and when the mathematical model of the Bonding Curve becomes a tool for siphoning off profits, retail investors’ confidence has long been worn down by repeated “opening and crashing” scenarios. The failure of Pump.fun is not only a microcosm of the liquidity crisis in the Solana ecosystem but also a brutal interrogation of the entire crypto world regarding the meme narrative—when the bubble bursts and the revelry ends, who will clean up the capital wreckage?

這種崩潰並非偶然。當項目派對，交易平台和名人形成一個“收穫鐵三角”時，當粘結曲線的數學模型成為偷偷摸摸的工具時，零售投資者的信心長期以來一直被重複的“開放和崩潰”場景削弱。泵的失敗不僅是索拉納生態系統流動性危機的縮影，而且還是對整個加密世界的殘酷詢問，當時泡沫破裂而狂歡會結束，誰會清理資本殘骸？

SOL Falls Over 50% from Its Peak, Ecosystem in Decline

SOL從其峰值下降了50％以上，生態系統的下降幅度下降

As one of the best-performing public chain tokens in 2024, Solana rode the wave of Pump and meme, surging nearly 200% throughout the year.

作為2024年表現最佳的公共連鎖令牌之一，索拉納（Solana）騎著泵和模因浪潮，全年飆升了近200％。

However, since Trump launched tokens on Solana on January 18, this wave seems to have finally washed ashore: the price of SOL first hit a historical high of $295 on January 19, then sharply turned downward, with a decline exceeding 50%.

但是，自從特朗普於1月18日在索拉納（Solana）上推出代幣以來，這波浪潮似乎終於被岸上了：索爾（Sol）的價格首先在1月19日的歷史高點上達到了295美元的歷史高點，然後急劇下降，下降了50％。

With only three days left until the largest token unlock in Solana's history (worth $2 billion), 11.2 million SOL will be unlocked for circulation, most of which were purchased from the FTX auction at a cost of $64, which could create significant selling pressure.

距索拉納（Solana）歷史上最大的代幣解鎖（價值20億美元）只剩下三天，將解鎖1,120萬Sol的發行量，其中大多數是從FTX拍賣中購買的，費用為64美元，這可能會造成巨大的賣出壓力。

In addition to poor token price performance, according to Defillama data, the TVL of the Solana ecosystem has dropped from a peak of $12.19 billion to today's $7.22 billion, and daily trading fee income is also continuously decreasing.

根據Defillama數據，除了代幣的價格性能差，Solana生態系統的TVL從121.9億美元的峰值下降到當今的72.2億美元，每日交易費收入也在不斷下降。

Moreover, the net inflow data for Solana's ecosystem over 24 hours shows that $260 million flowed out on just January 18 and 19, and the subsequent inflow of funds has also been decreasing, far less than during the previous Pump period.

此外，在24小時內，Solana生態系統的淨流入數據表明，僅在1月18日和19日，2.6億美元流出，隨後的資金流入也正在減少，遠低於上一台泵期。

Not only that, a series of other indicators are also not optimistic, with mainstream protocol tokens in Solana showing a downward trend over the past week:

不僅如此，一系列其他指標也不樂觀，Solana中的主流協議令牌在過去一周中顯示出下降趨勢：

Overall, the ecosystem presents a scene of "the tree falls and the monkeys scatter."

總體而言，生態系統展示了“樹瀑布和猴子散佈”的場景。

This inevitably raises the question: Is the story of Solana over?

這不可避免地提出了一個問題：Solana的故事結束了嗎？

Solana Labs Co-Founder Toly Also Fears Collapse!

Solana Labs聯合創始人Toly也擔心崩潰！

Facing the risk of token price collapse, the Solana ecosystem is experiencing the greatest fear, uncertainty, and FUD since the FTX explosion. Analysts have estimated that scammers have amassed over $10 billion during the entire meme coin speculation cycle.

面對令牌價格崩潰的風險，自FTX爆炸以來，Solana生態系統正經歷最大的恐懼，不確定性和FUD。分析師估計，在整個模因硬幣投機週期中，騙子已經積累了超過100億美元。

In the face of unavoidable reality, many community members have responded.

面對不可避免的現實，許多社區成員做出了回應。

As a co-founder of Solana Labs, Toly has always advocated for healthy technological development and innovation. He has repeatedly called on builders to return to innovation and establish quality projects. Although he did not

作為Solana Labs的共同創始人，Toly一直倡導健康的技術發展和創新。他反复呼籲建築商返回創新並建立優質項目。雖然他沒有