泵。FUN的AMM測試火花射線（Ray）拋售

Raydium的原住民令牌Ray在越來越多的猜測中，基於Solana（Sol）的Meme Coin Launchpad的Pump。

Raydium’s native token (RAY) has seen substantial declines amid growing speculation that Pump.fun, a leading Solana (SOL)-based meme coin launchpad, is testing its own Automated Market Maker (AMM).

在越來越多的猜測中，Raydium的原住民令牌（Ray）在越來越多的猜測中，基於Solana（SOL）的Meme Coin發射台pump.fun正在測試自己的自動做市商（AMM ）。

This move could potentially shift trading volume and fees away from Raydium and towards Pump.fun's own liquidity pools.

此舉可能會將交易量和費用從雷迪恩轉移到泵。

Pump.fun, known for enabling users to create and launch meme coins at a low cost, has had a close partnership with Raydium, a leading AMM and liquidity provider on Solana.

Pump.Fun以使用戶能夠以低成本創建和推出模因硬幣而聞名，他與Solana的領先AMM和流動性提供商Raydium建立了密切合作夥伴關係。

While Pump.fun facilitates meme coin launches, Raydium provides the liquidity infrastructure. Once these tokens gain traction, they enter Raydium’s trading pools, driving volume and generating swap fees.

儘管Pump.Fun促進了Meme Coin的推出，但Raydium提供了流動性基礎設施。一旦這些令牌獲得吸引力，它們便進入了Raydium的交易池，駕駛量並產生掉期費用。

Currently, Raydium charges a 0.25% swap fee, profiting from the trading activity that Pump.fun brings in.

目前，Raydium收取0.25％的掉期費用，從泵送的交易活動中獲利。

However, Pump.fun's testing of its own AMM liquidity pools might change this dynamic.

但是，Pump.Fun對其自己的AMM流動性庫的測試可能會改變這種動態。

If successful, Pump.fun could collect more fees on Solana or introduce new reward mechanisms for token holders, posing a direct challenge to Raydium's dominance in the decentralized exchange (DEX) ecosystem.

如果成功的話，Pump.Fun可能會收取有關Solana的更多費用，或為令牌持有人帶來新的獎勵機制，對Raydium在分散交易所（DEX）生態系統中的主導地位提出直接挑戰。

“This move could really hurt Raydium’s business,” an analyst said.

一位分析師說：“此舉確實可能損害Raydium的業務。”

The first token integrated into Pump.fun's experimental liquidity pool is reportedly the CRACK meme coin.

據報導，FUN的實驗流動性庫是裂紋模因硬幣。

If these pools prove successful, Pump.fun could reduce its reliance on Raydium entirely, breaking the partnership that has historically fueled Raydium's growth.

如果這些池證明是成功的，那麼Pump.Fun可以完全減少對Raydium的依賴，從而打破了歷史上助長Raydium增長的伙伴關係。

As a result, Raydium may be forced to adjust its strategy or risk losing a key revenue source. The battle for Solana’s liquidity is heating up, and the market is already reacting.

結果，Raydium可能被迫調整其策略，或者冒著失去關鍵收入來源的風險。為Solana的流動性而戰的鬥爭正在加熱，市場已經在做出反應。