泵。Fun推出了自己的分散交易所（DEX），泵送

Pump.Fun已推出了自己的分散交易所（DEX），即Pumpswap，從Raydium移出，作為交易新債券的Memecoins的默認平台。

Pump.fun has launched its own decentralized exchange (DEX), named PumpSwap. The exchange will be used to trade newly bonded memecoins, while pivoting away from Raydium as the default platform.

Pump.Fun已經推出了自己的分散交易所（DEX），名為Pumpswap。該交易所將用於交易新債券的模因，同時從Raydium作為默認平台轉移。

Starting March 20, tokens that complete the bonding process on Pump.fun will now launch directly on PumpSwap. The exchange will handle all new coin startups, while pre-existing coins will remain on Raydium V4 for the time being.

從3月20日開始，即將在泵中完成鍵合過程的代幣現在將直接在泵送上推出。該交易所將處理所有新的硬幣初創公司，而現有的硬幣將保留在Raydium V4上。

Previously, tokens were migrated to Raydium, one of Solana’s most active DEXs due to its large memecoin trading volume. However, Pump.fun stated that this process added “needless complexity” and slowed down the momentum of new coins.

以前，由於其大型Memecoin交易量，令牌被遷移到Raydium，這是Solana最活躍的DEX之一。但是，Pump.Fun表示，此過程增加了“不必要的複雜性”，並減慢了新硬幣的動力。

With the launch of PumpSwap, migrations are now automatic and free, removing the 6 SOL migration fee that was charged under the previous system.

隨著Pumpswap的推出，遷移現在是自動的，免費的，刪除了先前系統下收取的6次SOL遷移費。

Automated Market Maker and Fee Structure

自動做市商和費用結構

PumpSwap is built as an automated market maker (AMM), functioning in a similar way to Raydium V4 and Uniswap V2. It uses a constant product formula and allows users to create and trade in liquidity pools.

Pumpswap是作為自動做市商（AMM）建造的，其功能與Raydium V4和Uniswap V2相似。它使用恆定的產品公式，並允許用戶在流動性池中創建和交易。

The platform supports all tokens listed on PumpSwap and offers a no-cost liquidity pool setup.

該平台支持Pumpswap上列出的所有令牌，並提供無成本的流動性池設置。

Each transaction on PumpSwap carries a 0.25% trading fee. Of this, 0.20% goes to liquidity providers, and 0.05% is allocated to the protocol. This fee model aligns with other AMMs and creates a revenue source for the new exchange.

Pumpswap上的每筆交易均收取0.25％的交易費用。其中，0.20％用於流動性提供者，並將0.05％分配給協議。該費用模型與其他AMM保持一致，並為新交易所創建收入來源。

Pump.fun also announced that PumpSwap will soon include a revenue-sharing model. A portion of the protocol’s earnings will be distributed to token creators. This feature, borrowed from rival platform GoFundMeme, aims to connect creators with their communities and encourage more structured launches.

Pump.Fun還宣布，Pumpswap很快將包括收入分享模式。協議收益的一部分將分發給令牌創作者。從競爭對手平台Gofundmeme借用的此功能旨在將創作者與社區聯繫起來，並鼓勵更具結構化的發射。

Security Measures and Open-Source Plans

安全措施和開源計劃

Pump.fun emphasized security during the development of PumpSwap. The platform has completed nine independent audits conducted by security firms.

Pump.Fun強調了泵送過程中的安全性。該平台已完成由安全公司進行的九項獨立審核。

While no timeline was shared, the team stated its intention to open-source the PumpSwap program in the future to promote transparency.

儘管沒有共享時間表，但團隊表示打算將來開放泵送計劃以促進透明度。

In a post shared on March 20, Pump.fun stated that its primary goal has always been to simplify the trading experience for users.

pump.fun在3月20日分享的帖子中表示，其主要目標一直是簡化用戶的交易體驗。

The team noted that the previous migration process caused delays and added unnecessary steps, which disrupted the growth of new tokens. With the introduction of PumpSwap, they confirmed that token migrations now occur automatically and at no cost.

團隊指出，以前的遷移過程造成了延遲並增加了不必要的步驟，這破壞了新令牌的增長。隨著泵的引入，他們證實了令牌遷移現在是自動發生的，無需支付。

Revenue Decline and Industry Competition

收入下降和行業競爭

Pump.fun’s DEX launch follows a steep revenue decline. The platform’s average daily revenue fell from over $4 million in January to roughly $1 million by mid-March, according to DeFiLlama data.

Pump.Fun的DEX發射幅度下降了大幅下降。根據Defillama數據，該平台的平均每日收入從1月的400萬美元下降到了3月中旬的大約100萬美元。

This drop came amid a wider cooldown in memecoin trading activity, influenced by events like the LIBRA token collapse and broader market skepticism.

在Memecoin交易活動中，這種跌幅是在更廣泛的冷卻時間，這受到天秤座代幣崩潰和更廣泛的市場懷疑主義等事件的影響。

Despite the downturn, Pump.fun remains among the top revenue-generating protocols on Solana. The platform also faces increased competition, as Raydium recently announced plans to build its own memecoin launchpad named LaunchLab.

儘管下滑，但泵仍然是Solana的最高收入協議之一。該平台也面臨著競爭的增加，因為Raydium最近宣布了計劃建立自己的Memecoin Launchpad的計劃，名為LaunchLab。

Other emerging platforms like Daos.fun, GoFundMeme, and Pumpkin are also entering the market.

Daos.Fun，GoFundMeme和南瓜等其他新興平台也進入了市場。