加密觀察者發現泵的證據後，Raydium（Ray）令牌下降了22％。FUN測試其自己的AMM系統

Raydium的本地令牌雷在周日的下降急劇下降，在24小時內下降了22％，達到3.28美元，在接下來的一小時內增加了5％。

Raydium (RAY) token experienced a sharp 22% decline over 24 hours on Sunday, reaching $3.28, followed by an additional 5% decrease in the following hour.

Raydium（Ray）代幣在周日的24小時內經歷了22％的急劇下降，達到3.28美元，隨後在接下來的一小時下降了5％。

The price movement comes after crypto watchers discovered evidence of Pump.fun testing its own automated market maker (AMM) system.

價格變動是在加密觀察者發現泵的證據之後進行的。FUN測試自己的自動化做市商（AMM）系統。

A test version of an AMM is now live at “amm.pump.fun,” displaying features for buying, selling, depositing, and withdrawing funds.

現在，AMM的測試版本現場播放在“ amm.pump.fun”上，該版本顯示用於購買，出售，存款和提取資金的功能。

This marks the first time that Pump.fun has shown interest in developing its own trading infrastructure, departing from its current model of redirecting tokens to Raydium’s platform.

這標誌著pump.fun首次表現出對開發自己的交易基礎設施的興趣，這是其當前的重定向代幣模式到Raydium的平台。

Pump.fun currently operates as a token issuance platform on the Solana blockchain, allowing users to create new tokens with minimal capital investment.

pump.Fun目前在Solana區塊鏈上充當令牌發行平台，使用戶能夠以最少的資本投資創建新的代幣。

The platform charges less than $2 for token creation, enabling users to determine token supply, theme, and associated meme imagery.

該平台為代幣創建收費不到2美元，使用戶能夠確定令牌供應，主題和相關的模因圖像。

The relationship between Pump.fun and Raydium is established through a graduation system.

Fump.Fun和Raydium之間的關係是通過畢業系統建立的。

When tokens launched on Pump.fun reach a market capitalization of $69,000, they become eligible to move to Raydium’s trading pools. This transfer requires projects to pay 6 SOL, approximately $950, to access Raydium’s more liquid trading environment.

當代幣在泵上推出時，即可達到69,000美元的市值，他們有資格搬到Raydium的交易池。此轉讓要求項目支付6輛溶膠（約950美元），以訪問Raydium更流動的交易環境。

Min Jung, an analyst at Presto Research, explained to Decrypt that Raydium benefits from this arrangement through its 0.25% fee on token swaps.

Presto Research的分析師Min Jung向解密解釋說，Raydium通過其0.25％的代幣掉期收費從這種安排中受益。

However, data shows that only 1.4% of tokens launched on Pump.fun actually progress to Raydium’s pools, with fewer than 100 achieving a market capitalization above $1 million.

但是，數據表明，在泵上發布的代幣中只有1.4％實際上進展到了Raydium的泳池，少於100的市值超過100萬美元。

Internal testing by Decrypt showed that the security certificates for the test site appear legitimate and connect to the Pump.fun platform.

通過解密進行內部測試表明，測試站點的安全證書顯得合理，並連接到pump.fun平台。

However, the test AMM’s branch domain did not show up in standard domain name services lookups, suggesting that it remains in development.

但是，測試AMM的分支域並未顯示在標準域名服務查找中，這表明它仍在開發中。

Pump.fun has demonstrated strong financial performance since its launch in 2024.

自2024年推出以來，Pump.Fun表現出強勁的財務業績。

The platform collected over $550 million in total fees and processed $2.4 billion in trading volume during the past two weeks alone. More than 8 million tokens have been created on the platform since its inception.

該平台收取的總費用超過5.5億美元，僅在過去兩週內處理了24億美元的交易量。自成立以來，該平台上已經創建了超過800萬個令牌。

Technical Analysis

技術分析

A technical examination of the test site revealed references to a fee structure in Section 4 of its terms and conditions.

對測試地點的技術檢查揭示了其條款和條件第4節中的費用結構的提及。

While specific fee parameters remain undefined during the testing phase, this suggests that Pump.fun could implement competitive trading fees to match Raydium’s current rates.

儘管在測試階段，特定的費用參數仍然不確定，但這表明pump.fun可以實施有競爭力的交易費，以符合Raydium的當前利率。

Neither Pump.fun nor Raydium have officially responded to requests for comment about the situation.

Pump.Fun和Raydium都沒有正式回應有關此情況的評論請求。

The lack of public statements from either platform has left market participants speculating about the potential impact of this development.

任何一個平台缺乏公開聲明使市場參與者猜測這一發展的潛在影響。

Despite the current market reaction, Raydium maintains a diverse trading ecosystem beyond Pump.fun tokens.

儘管目前有市場反應，但Raydium仍保持著泵的多樣性生態系統。

The exchange supports various major markets, including Solana (SOL) to stablecoin trading pairs, contributing to its average daily trading volume of $500 million.

該交易所支持包括Solana（Sol）到Stablecoin交易對在內的各種主要市場，其平均每日交易量為5億美元。

At its peak, Pump.fun processed over $5.3 million in daily fees, establishing itself as one of the most profitable crypto applications in recent times.

在達到頂峰時，Pump.Fun的每日費用超過530萬美元，使其成為近來最有利可圖的加密貨幣之一。

The platform has achieved this without issuing its own token, setting it apart in an industry where many businesses rely on token sales for revenue.

該平台已經實現了這一目標，而沒有發布自己的代幣，在許多企業依靠代幣銷售來獲得收入的行業中將其與眾不同。

The emergence of a new AMM could allow Pump.fun to redirect tokens to its own liquidity pools instead of Raydium’s.

新AMM的出現可以允許泵。Fun可以將令牌重定向到其自身的流動性池而不是Raydium的流動性池。

This potential shift has prompted market speculation about future revenue streams and competition between the platforms.

這種潛在的轉變引發了市場對未來收入流和平台之間競爭的推測。

Some tokens launched on Pump.fun have achieved substantial market capitalizations, with examples like fartcoin (FART) reaching billions in value.

一些在Pump.Fun上推出的令牌已經實現了大量的市值，例如Fartcoin（Fart）等實例達到了數十億美元的價值。

This demonstrates the platform’s ability to generate successful projects despite the low progression rate to Raydium’s pools.

這證明了平台能夠產生成功項目的能力，儘管雷迪姆池的進度率低。

The discovery of the test AMM comes during a period of steady growth for Pump.fun, which has launched thousands of new tokens while maintaining consistent fee revenue.

測試AMM的發現是在Pump.Fun穩定增長時期的，該期限已推出了數千個新令牌，同時保持了一致的費用收入。

The platform’s success in token issuance suggests it has built a user base that could support an independent trading system.

該平台在代幣發行中的成功表明，它已經建立了一個可以支持獨立交易系統的用戶群。

If implemented, Pump.fun’s AMM would create a new option for tokens launched on its platform, potentially affecting the established flow of projects to Raydium’s trading pools.

如果實施，pump.fun的AMM將為其平台上推出的代幣創建一個新的選項，可能會影響項目已建立的項目流向Raydium的交易池。

The market’s reaction reflects this uncertainty about future trading volumes and fee distribution between the platforms.

市場的反應反映了平台之間未來交易量和費用分配的不確定性。