Memecoin泵的發射板平台。FUN正在秘密測試可以取代合作夥伴Raydium的新AMM交易所的開發。
Memecoin launchpad Pump.fun is reportedly working on a new AMM exchange behind the scenes, which could replace its partner Raydium. This new automated market maker, yet to be officially announced, might siphon off a portion of Raydium’s revenue, threatening its dominance in the DEX landscape on Solana.
據報導，Memecoin LaunchPad Pump.Fun正在幕後進行新的AMM交換，這可以取代其合作夥伴Raydium。尚未正式宣布的新自動化做市商可能會從Raydium的一部分收入中撤離，從而威脅到其在Solana的Dex景觀中的主導地位。
The news caused the value of RAY, the native token of Raydium, to plummet by 32%, sparking concerns over a potential decline in the protocol’s income.
這一消息導致雷迪（Raydium）本地代幣雷（Ray）的價值下降了32％，引發了人們對協議收入潛在下降的擔憂。
Pump.fun Tests Creation of Own AMM Exchange: Raydium at RiskAccording to reports from several users on X, the renowned platform Pump.fun is said to have begun working on its own automated market maker (AMM). The latter represents the classic decentralized exchange system employed by DEXs, based on a liquidity pool that enables users to trade tokens without requiring a direct counterparty. Unlike traditional exchanges that match buyers and sellers through an order book, in AMMs the prices are determined based on supply and demand with smart contracts that automatically regulate the transactions.While there is still no official announcement from Pump.fun, a linked URL to the platform’s site reveals an interface for swapping two assets, typical of AMMs. This revelation suggests that the famous memecoin launchpad is planning an expansion into the world of DEXs, challenging the industry leader Raydium. If confirmed, this move could mark a significant shift in the landscape of decentralized exchanges on Solana, with Pump.fun potentially taking away liquidity and trading volume from Raydium.In the last few hours, the term “Pump.fun AMM” has also appeared on the DexScreener dashboard, which shows all the DEXs of each chain. Unusual internal transfers on the protocol have also been observed on SolScan, suggesting the launch of a new exchange. At the moment, several tokens have already been listed within this beta section, most of which, however, have very low trading liquidity. Several memecoins among those present have already ruggedad, despite being launched recently.Raydium Sees Its Dominance in Solana DEX Sector ChallengedThe potential launch of an AMM exchange by Pump.fun risks throwing a spanner in the works for Raydium, which would see part of its market share taken away. Normally, when a token launched on Pump.fun reaches a market capitalization of $100,000, it is listed on Raydium. At this stage, $17,000 of liquidity are deposited on Raydium, with LP being burned to prevent these funds from being withdrawn and to keep them available for trading.The AMM of Pump.Fun would mean that the tokens are no longer migrated to Raydium, but rather pass directly through the new DEX exchange of the platform. Obviously, this translates into a possible reduction in trading volumes for Raydium, which would lose about 25% of the current trading volume coming from the coins that reach the bonding curve on Pump.fun.In any case, it is important to emphasize that Raydium represents the largest exchange operating on Solana, and supports many major markets outside of memecoin. The transactions between SOL and stablecoin and between SOL and other tokens launched directly on the DEX contribute to bringing about $500 million in average daily volumes. At the same time, Pump.fun with this new initiative could increase its stellar volumes, which in the last two weeks alone have reached $2.4 billion.RAY Drops 32% on Market Amid Fears of Decline in Protocol RevenuesAmid the speculations for the implementation of an AMM section by Pump.fun, the Raydium token (RAY) has seen many investors leave. A few hours after the news spread, the asset plummeted by 32%, dropping from $4.2 to the current $2.90. This price decline reflects fears of a decrease in Raydium protocol revenues, with a consequent reduction in buybacks on the market.Since the launch of Pump.fun in 2024, over 8 million tokens have been generated on the platform. Each time one of these tokens is listed on Raydium, a fee of 0.2 SOL is applied, which contributes to the exchange’s revenue. However, this source of income could be challenged if the flow of tokens starts to shift towards Pump.fun’s new AMM. If the tokens were traded directly within its ecosystem, Raydium would see a significant decrease in its revenue from transaction fees.To this is added the fact that Raydium would also lose the fees derived from the swaps of tokens born on Pump.fun and then migrated to its own DEX. Every year Raydium collects $1.67 billion in fees, part of which is used to purchase RAY on the market, curbing its inflation and providing an incentive to holders. Furthermore, the risk for Raydium is not only the loss of liquidity coming from Pump.fun tokens, but also the potential shift of other projects that might prefer the new AMM if it implemented competitive fees.
泵。FUN測試創建自己的AMM Exchange：Raydium Af RiskAcording to X上的幾個用戶的報告，著名的平台泵。FUN據說已經開始從事自己的自動營銷商（AMM）。後者代表了DEXS採用的經典分散交換系統，該系統基於一個流動性池，該流動性使用戶能夠交易代幣而無需直接交易對手。與傳統的交易所通過訂單簿匹配買賣雙方的傳統交流，在AMM中，價格是根據自動調節交易的智能合約來確定的。雖然Pump.fun仍然沒有正式的公告。平台的網站揭示了一個交換兩個資產的接口，即典型的AMM。這一啟示表明，著名的Memecoin Launchpad計劃擴展到DEX的世界，挑戰行業領導者Raydium。如果得到證實，此舉可能標誌著Solana上的分散交流的景觀發生了重大變化，泵可能會帶走Raydium的流動性和交易量。在過去的幾個小時中，“ pump.fun amm”一詞也出現在Dexscreener儀表板上，顯示每個鏈的所有DEX。在SOLSCAN上也觀察到了協議上的異常內部轉移，這表明推出了新的交換。目前，該Beta部分已經列出了幾個令牌，但是，其中大多數具有非常低的交易流動性。儘管最近推出了現在的幾個成年人，但現在已經很崎ad。分享帶走。通常，當一個令牌在Pump.Fun上啟動時，它的市值達到了100,000美元，它已在Raydium上列出。在此階段，在Raydium上存入了17,000美元的流動性，其中LP被燃燒以防止這些資金被撤回並保持交易。而是直接通過平台的新DEX交換。顯然，這可能會減少Raydium的交易量，這將損失來自當前交易量的25％，這些硬幣來自泵的粘結曲線。代表了在Solana上運營的最大交換，並支持Memecoin以外的許多主要市場。 SOL和Stablecoin之間的交易以及DEX直接推出的Sol和其他代幣之間的交易有助於帶來約5億美元的平均每日量。同時，隨著這項新倡議的pump.fun可能會增加其恆星量，僅在過去的兩周中，這已經達到了24億美元。由於擔心協議收入減少了對實施的猜測，因此市場上下降了32％。 pump.fun的AMM部分，Raydium令牌（Ray）已經看到許多投資者離開了。新聞傳播幾個小時後，資產下降了32％，從4.2美元下降到目前的2.90美元。這種價格下跌反映了人們對Raydium協議收入下降的擔憂，隨之而來的是在市場上的回購減少。由於Pump.Fun於2024年的推出，該平台在平台上產生了超過800萬個令牌。每次在Raydium上列出這些代幣中的一個時，都會收取0.2 SOL的費用，這有助於交易所的收入。但是，如果代幣的流動開始向pump.fun的新AMM轉移，則可能會挑戰這種收入來源。如果代幣直接在其生態系統內進行交易，Raydium將看到其收入從交易費用大幅下降。這是添加的事實，即Raydium還將損失從Pump.Fun上出生的代幣掉期交易的費用，然後遷移。自己的dex。 Raydium每年都會收取16.7億美元的費用，其中一部分用於在市場上購買射線，遏制其通貨膨脹並為持有人提供動機。此外，Raydium的風險不僅是泵代幣的流動性損失，而且是其他項目的潛在轉變，如果新AMM實施了競爭性費用，則可能更喜歡新的AMM。
