Raydium（Ray）令牌在猜測泵的猜測中下降了25％。

Raydium的Token是一家總部位於Solana的DEX和AMM，並於2月24日下降，因為越來越多的猜測pump.fun正在開發競爭性的AMM。

The token of Raydium, a Solana-based decentralized exchange (DEX) and automated market maker (AMM), saw a 25% decline on Feb. 24 amid growing speculation that Pump.fun is developing a competing AMM.

Raydium的代幣是一個基於索拉納的分散交易所（DEX）和自動化市政商（AMM）的標記，2月24日，Pump.Fun正在開發競爭性AMM的越來越多的猜測下降了25 ％。

An X user going by the handle “trenchdiver” claimed on Feb. 24 that Pump.fun has been working on and testing AMM liquidity pools, which would allow users to trade assets against liquidity stored in a smart contract rather than engaging directly with another trader.

2月24日，由手柄“ Trechdiver”乘出手柄“ Trechdiver”的X用戶一直在研究和測試AMM流動性池，這將使用戶能夠對智能合約中存儲的流動性進行交易，而不是直接與另一個交易者進行交易。

A website linked by the account showed an AMM interface under Pump.fun’s branding and specified that the feature is in its beta stage.

該帳戶鏈接的網站顯示了泵下的AMM界面。FUN的品牌化，並指出該功能處於Beta階段。

With Pump.fun reportedly developing its own AMM, Raydium stands to lose part of its revenue, as Pump.fun tokens currently complete a “bonding curve” after reaching a trading threshold before transitioning to Raydium.

據報導，由於Pump.Fun開發了自己的AMM，Raydium將失去部分收入，因為Pump.Fun代幣目前在過渡到Raydium之前達到交易閾值後完成了“粘合曲線”。

“It seems they are planning to have pump tokens graduate to their own pools instead of Raydium so they can either extract more fees on Solana or have some mechanism to reward token holders,” wrote trenchdiver.

Trenchdiver寫道：“看來他們正計劃讓泵代幣畢業於自己的游泳池，而不是雷迪姆，以便他們可以提取更多的索拉納（Solana）費用，或者有一些機制來獎勵令牌持有人。”

According to an on-chain transaction from Feb. 20, which was posted by trenchdiver, Pump.fun may have initiated its AMM liquidity pool by adding a test token.

根據Trechdiver發布的2月20日起的鏈交易，Pump.Fun可能通過添加測試令牌來啟動其AMM流動性池。

DEX Screener data showed that Snowfall (CRACK), a test token likely named after the 2017 TV series about the 1980s crack crisis, hit a peak of $5.4 million within an hour of the X post.

DEX篩選器的數據顯示，降雪（Crack）是一個可能以2017年電視連續劇命名的測試代幣，在X POST的一個小時內達到了540萬美元的高峰。

The token has since seen major price swings, with its value dropping 40% in the last hour and its market cap falling to around $1.8 million.

從那以後，代幣的價格波動開始了，其價值在最後一個小時下降了40％，市值下降到約180萬美元。

Pump.fun has not made any public announcements to confirm whether it is working on its own AMM pools.

pump.fun尚未發布任何公開公告來確認它是否正在使用自己的AMM池。

According to CoinGecko, Raydium’s token dropped 25% to $3.22 in the past 24 hours, prompting podcast host Tyler Warner to comment on X that it was “falling off a cliff” following trenchdiver’s post.

根據Coingecko的說法，在過去的24小時內，Raydium的代幣在過去24小時內下跌了25％至3.22美元，促使播客主持人泰勒·華納（Tyler Warner）對X發表評論說，在Trechdiver的帖子之後，它正在“從懸崖上掉下來”。

Shoal Research’s Gabriel Tramble wrote on X that while Raydium's AMM charges a 0.25% swap fee, Pump.fun could implement a higher fee and “potentially double its revenue if current market conditions last” by using its own AMM pools.

Shoal Research的Gabriel Tramble在X上寫道，儘管Raydium的AMM收取0.25％的交換費，但Pump.Fun可以通過使用自己的AMM池來實施較高的費用，並“如果當前的市場狀況持久，則可能會增加其收入的兩倍”。

“Degens are used to paying high fees for trades,” he added.

他補充說：“ Degens習慣於為交易支付高額費用。”

Pump.fun has earned over $500 million in trading fees since going live in January 2024, according to figures from DefiLlama.

根據Defillama的數據，自2024年1月啟用以來，Pump.Fun已獲得超過5億美元的交易費用。

Recently, in the wake of "Libragate," Pump.fun's founder has pushed back on the memecoin narrative. The Libragate incident follows some investors filing a lawsuit against the platform, arguing that memecoins launched on the platform were subject to securities laws.

最近，在“ Libragate”之後，Pump.Fun的創始人推遲了Memecoin的敘述。 Libragate事件是在一些投資者對該平台提起訴訟的投資者之後，認為該平台上發起的Memecoins遵守證券法。