pump.Fun的AMM測試導致Raydium（Ray）拋售

雷（Ray）的第二天價值下降了31％。在撰寫本文時，令牌的交易價格為2.9美元。這是自2024年10月底以來最低的比賽。

Raydium's native token, RAY, has undergone significant drops amid rising speculation that Pump.fun, a leading Solana (SOL)-based meme coin launchpad, is testing its own Automated Market Maker (AMM).

Raydium的原住民令牌Ray在猜測上有很大的下降，因為Pumper.fun是一家主要的Solana（Sol）Meme Coin Coin Launchpad，正在測試其自己的自動化銷售商（AMM）。

Neither Pump.fun nor Raydium have officially commented, leaving the market to react on speculation alone.

Pump.Fun和Raydium都沒有正式發表評論，使市場僅對猜測做出反應。

Pump.fun’s AMM Test Sparks Raydium (RAY) Sell-Off

泵。

Over the past day, RAY has seen a 31% decrease in value. At the time of writing, the token was trading at $2.9—marking its lowest price since late October 2024.

在過去的一天中，雷的價值下降了31％。在撰寫本文時，代幣的交易價格為2.9美元，標誌著自2024年10月下旬以來的最低價格。

The drop appears to be sparked by the discovery of a testing version of an AMM at the URL “amm.pump.fun.” This was spotted by an on-chain sleuth, "trenchdiver," and quickly gained attention on social media platform X (formerly Twitter).

在URL“ amm.pump.fun”上發現AMM的測試版本的測試版本似乎引發了下降。這是由鍊子偵探“ Trechdiver”發現的，並迅速在社交媒體平台X（以前為Twitter）上引起了人們的關注。

“Pump.fun making their own AMM liquidity pools, currently being tested at amm.pump.fun,” the user posted.

用戶發布說：“泵。Fun製作自己的AMM流動性池，目前正在Amm.Pump.Fun進行測試。”

The implications of this move are substantial. Raydium is a leading AMM and liquidity provider on the Solana blockchain. It has long benefited from its mutually-synergistic relationship with Pump.fun.

這一舉動的含義是巨大的。 Raydium是Solana區塊鏈上的領先AMM和流動性提供商。它長期以來從與Pump.Fun的相互伴隨的關係中受益。

The launchpad enables users to create and launch meme coins at a low cost, while Raydium provides liquidity infrastructure. Once these tokens gain traction, they are listed on Raydium’s trading pools, which generates volume and swap fees. Currently, Raydium charges a 0.25% swap fee, earning it revenue from the trading activity that Pump.fun facilitates.

該啟動板使用戶能夠以低成本創建和啟動模因硬幣，而Raydium提供流動性基礎設施。一旦這些代幣獲得吸引力，它們就會在Raydium的交易池中列出，該交易池產生數量和交換費。目前，Raydium收取0.25％的交換費，從泵送的交易活動中獲得IT收入。

However, Pump.fun seems to be pivoting—potentially shifting trading volume and fees away from Raydium and into its own liquidity pools.

但是，Pump.Fun似乎在旋轉 - 潛在地將交易量和費用從Raydium轉移到其自身的流動性池中。

This move would allow the platform to either collect more fees on Solana or introduce new reward mechanisms for token holders, posing a direct threat to Raydium’s dominance in the decentralized exchange (DEX) ecosystem.

此舉將使平台可以收取有關Solana的更多費用，或者為令牌持有人引入新的獎勵機制，從而直接威脅到Raydium在分散交易所（DEX）生態系統中的主導地位。

“This move could really hurt Raydium’s business,” one analyst noted.

一位分析師指出：“此舉確實會損害Raydium的業務。”

Meanwhile, the first token to be integrated into its experimental liquidity pool is reportedly the CRACK meme coin. If these pools prove successful, Pump.fun could completely reduce its reliance on Raydium, dissolving the partnership that has historically fueled Raydium’s growth.

同時，據報導，第一個集成到其實驗流動性庫中的令牌是裂紋模因硬幣。如果這些池證明是成功的，那麼Pump.Fun可以完全減少其對Raydium的依賴，從而消除了歷史上助長Raydium增長的伙伴關係。

As such, Raydium may be forced to adapt its strategy or risk losing a major revenue stream. The battle for Solana’s liquidity is heating up, and the market is already reacting.

因此，Raydium可能被迫調整其戰略，或者冒著失去重大收入來源的風險。為Solana的流動性而戰的鬥爭正在加熱，市場已經在做出反應。