scof誰陷入了Crossfire💀

剛才，pump.fun聯合創始人阿隆（Alon）發布了一條消息，說pump.fun的官方X帳戶被盜，欺詐的令牌“ pump”發行了

Author: 🔫Scof who got caught in the crossfire💀, ChainCatcher

作者：🔫scof誰陷入了Crossfire💀，Chaincatcher

Editor: TB, ChainCatcher

編輯：TB，ChainCatcher

Pump's bullet hit him right between the eyebrows

泵的子彈直接在眉毛之間擊中他

Just now, pump.fun co-founder Alon posted a message saying that the official X account of pump.fun was stolen and the fraudulent token "PUMP" was released, reminding users to pay attention to the risks.

剛才，pump.fun聯合創始人阿隆（Alon）發布了一條消息，說pump.fun的官方X帳戶被盜，欺詐性令牌“泵”發行了，提醒用戶注意風險。

As the most active meme coin launch platform in the Solana ecosystem, Pump.fun once became a myth of wealth creation for retail investors with its two-stage mechanism of "internal incubation + external explosion". The token first accumulates liquidity through the Bonding Curve mechanism within the platform. When the transaction volume exceeds the threshold of 69,000 US dollars, it automatically migrates to the top DEX Raydium to establish a capital pool, completing the closed loop from project launch to market speculation. This set of precisely designed rules is running wildly in 2024:

作為Solana生態系統中最活躍的Meme Coin發射平台，Pump.Fun曾經以其“內部孵化 +外部爆炸”的兩階段機制為散戶投資者創造財富創造神話。令牌首先通過平台內的粘結曲線機制積累了流動性。當交易量超過69,000美元的門檻時，它會自動遷移到頂級Dex Raydium以建立資本池，從而完​​成了從項目發佈到市場投機的封閉環路。這套精確設計的規則在2024年瘋狂運行：

From April 1 last year to date, the tokens launched from pump.fun have contributed $346 billion in trading volume to Raydium, accounting for half of the capital traffic of the DEX. Of the $197 million in fees collected by the platform, $104 million came from pump.fun transactions.

從去年4月1日到迄今為止，從Pump.Fun推出的代幣已向Raydium貢獻了3460億美元的交易量，佔DEX資本流量的一半。在該平台收取的1.7億美元的費用中，1.04億美元來自Pump.Fun Transactions。

However, when celebrities such as Trump entered the market with "flash" tokens (such as TRUMP and MELANIA), this game of passing the parcel began to reveal the naked logic of harvesting. On-chain data shows that more than 70% of meme coins showed a trend of "peaking as soon as the pool was established" during the external market stage, with an average survival time of less than 48 hours.

但是，當像特朗普這樣的名人以“閃光”代幣（例如特朗普和梅拉尼亞）進入市場時，這種通過包裹的遊戲開始揭示出赤裸裸的收穫邏輯。鏈上的數據表明，在外部市場階段，超過70％的模因硬幣顯示出“峰值建立”的趨勢，平均生存時間少於48小時。

The more dangerous signal comes from the overall retreat of liquidity. On February 24, only one of the graduated tokens of Pump.fun barely broke through one million US dollars in market value, and the on-chain speculation craze has almost frozen. The transaction depth of Raydium's meme coin has shrunk by more than 90% from its peak, and the net outflow of Solana's on-chain stablecoin market value has exceeded US$1 billion in the past 30 days, setting a record for the largest capital loss since the collapse of FTX.

較危險的信號來自流動性的整體撤退。 2月24日，只有一個畢業的泵令牌中只有一個。Fun幾乎沒有損失100萬美元的市場價值，而鏈上的猜測熱潮幾乎已經凍結了。 Raydium Meme硬幣的交易深度從其峰值開始縮減90％以上，而Solana的鍊鍊球菌市場價值的淨流出在過去30天內已超過10億美元，創造了自FTX崩潰以來最大的資本損失的記錄。

This collapse is not accidental. When the project owners, trading platforms and celebrities form a "harvesting iron triangle", and when the mathematical model of Bonding Curve becomes a pumping tool, the confidence of retail investors has long been exhausted in the drama of "opening and crashing the market". The failure of Pump.fun is not only a microcosm of the Solana ecosystem liquidity crisis, but also a cruel interrogation of the meme narrative by the entire crypto world - when the bubble recedes and the carnival ends, who will clean up the mess of capital?

這種崩潰並非偶然。當項目所有者，交易平台和名人形成“收穫鐵三角”時，當粘結曲線的數學模型成為抽水工具時，零售投資者的信心長期以來一直在“開放和崩潰市場”的戲劇中精疲力盡。泵的失敗不僅是索拉納生態系統流動性危機的縮影，而且是整個加密貨幣世界對模因敘事的殘酷審訊 - 當泡泡消退和狂歡節結束時，誰會清理資本的混亂？

SOL has fallen more than 50% from its high point, and the ecosystem is in a downturn

SOL從高點下降了50％以上，生態系統處於低迷狀態

As one of the most outstanding public chain tokens in 2024, Solana has been advancing by leaps and bounds on the back of Pump and meme, with an increase of nearly 200% throughout the year.

作為2024年最傑出的公共連鎖令牌之一，索拉納（Solana）一直在泵和模因的背面飛躍，全年增長了近200％。

But since Trump released the token on Solana on January 18, this wave seems to have finally been washed ashore: the price of SOL first hit a record high of US$295 on January 19, and then turned sharply downward, with a drop of more than 50% at one point.

但是自從特朗普於1月18日在索拉納（Solana）上發布了代幣以來，這浪似乎終於被岸上了：索爾（Sol）的價格首先達到了1月19日的紀錄高度295美元，然後急劇下降，一度下降了50％以上。

There are only three days left until the largest token unlocking in Solana's history (worth $2 billion). By then, 11.2 million SOLs will be unlocked and put into circulation, most of which will be purchased from the FTX auction at a cost of $64, which may also create a huge selling pressure.

距索拉納（Solana）歷史上最大的代幣解鎖（價值20億美元），只剩下三天。到那時，將解鎖並流通1,120萬輛溶膠，其中大多數將從FTX拍賣中購買，費用為64美元，這也可能造成巨大的銷售壓力。

In addition to the poor performance of token prices, according to data from Deflama, the TVL of the Solana ecosystem has dropped from a peak of US$12.19 billion to US$7.22 billion today, and daily transaction fee income has also been decreasing.

根據DeFlama的數據，除了代幣價格的糟糕性能外，Solana生態系統的TVL還從今天的121.9億美元的峰值下降到今天的72.2億美元，每日交易收入也正在下降。

Moreover, Solana ecosystem’s 24-hour net inflow data showed that $260 million flowed out on January 18 and 19 alone, and the inflow of funds has continued to decrease since then, less than in previous pump periods.

此外，Solana生態系統的24小時淨流入數據顯示，僅1月18日和19日，2.6億美元就流動了，自那時以來，資金的流入量不斷下降，少於以前的泵期。

Not only that, a series of other indicators are not optimistic either. The performance of Solana's mainstream protocol token has also shown a downward trend in the past seven days:

不僅如此，一系列其他指標也不是樂觀的。在過去的七天中，Solana主流協議令牌的表現也顯示出下降趨勢：

Overall, the ecological situation is in a state of "when the tree falls, the monkeys scatter".

總體而言，生態狀況處於“當樹倒下時，猴子散落”的狀態。

This also begs the question: Is Solana’s story over?

這也引出了一個問題：Solana的故事結束了嗎？

Solana labs co-founded Toly, and is also afraid of collapse!

Solana Labs共同創立了Toly，也害怕崩潰！

Faced with the risk of token price collapse, the Solana ecosystem is experiencing the greatest fear, uncertainty, and FUD since the FTX crash. Analysts have

面對象徵性價格崩潰的風險，自FTX崩潰以來，Solana生態系統正在經歷最大的恐懼，不確定性和FUD。分析師有