超級交換=一個更平滑的定價泵樂趣

眾所周知，這一時期的索拉納（Solana）表現緊密與樂趣相關。泵的樂趣使每個人都可以超低發出令牌

Solana's performance this period is closely tied to Pump Fun. Pump Fun allows everyone to issue tokens at an ultra-low cost, industrializing asset issuance. At its peak in late January this year, approximately 60,000 tokens were deployed daily, and daily revenue reached as high as $15 million. In terms of trading volume, tokens related to Pump Fun accounted for over 50% of Solana's overall volume.

Solana的表現緊密與樂趣相關。泵的趣味使每個人都可以超低成本發行代幣，並發行工業化資產。在今年1月下旬的頂峰時，每天部署了大約60,000個令牌，每天的收入高達1500萬美元。在交易量方面，與泵趣味相關的令牌佔Solana總量的50％以上。

On the external environment front, it has experienced various negative events: a general market downturn, the Trump family issuing tokens to siphon market attention, and various countries and celebrities following suit to issue tokens, overstretching their influence. The last straw was Argentine President Milei's Libra, which harvested the hopes of the entire crypto market in less than three hours.

在外部環境方面，它經歷了各種負面事件：一般市場的低迷，特朗普家族向虹吸市場的關注發出令牌，以及遵循訴訟的各個國家和名人發行代幣，過度拉伸其影響力。最後一根稻草是阿根廷總統麥莉的天秤座，它在不到三個小時的時間內收穫了整個加密貨幣市場的希望。

Returning to Pump Fun itself, since its launch, it has been continuously selling off its SOL holdings. Since 2025, the platform has transferred a total of 1,322,830 SOL to Kraken exchange, worth approximately $260 million.

自推出以來，它恢復了泵的樂趣本身，它一直在不斷出售其Sol Holdings。自2025年以來，該平台總共將1,322,830索爾轉移到了Kraken Exchange，價值約2.6億美元。

Recently, they have been testing Pump Fun Swap, expecting to launch their own Dex, replacing the previous liquidity deployment at Raydium when the internal Bonding Curve was fully utilized. The desire for a "winner takes all" mentality is evident.

最近，他們一直在測試泵的有趣互換，希望在充分利用內部粘結曲線時啟動自己的DEX，以取代先前在Raydium的流動性部署。對“贏家奪取所有”心態的渴望顯而易見。

According to recent data, the number of issued tokens has plummeted from a high of 60,000 to around 22,000, returning to levels seen in October 2024, which coincided with the rise of memes and AI Agents.

根據最近的數據，發行的代幣數量已從60,000升至22,000左右，恢復到2024年10月的水平，這與模因和AI特工的興起相吻合。

In terms of mechanism design, Pump Fun resembles "fast food," where prices are more easily manipulated. In a market with ample liquidity, it can bring about countless wealth myths, but during market downturns with a lack of liquidity, it is destined for issues such as token market cap adjustments and reduced price sustainability. So, if the original mechanism of Pump Fun is combined with DeFi elements, can it extend sustainability?

在機理設計方面，泵趣味類似於“快餐”，在這裡更容易操縱價格。在流動性充足的市場中，它可以帶來無數的財富神話，但是在缺乏流動性的市場下滑期間，它注定要出於諸如代幣市值調整和價格可持續性降低等問題。因此，如果將泵趣味的原始機制與防那元素結合在一起，它可以擴展可持續性嗎？

Reference: Dune

參考：沙丘

Super Exchange = A Smoother Pricing Pump Fun

超級交換=一個更平滑的定價泵樂趣

Super Exchange is also a token issuance platform, using an Infinite Bonding Curve pricing mechanism, which differs from Pump Fun's internal bonding curve and external AMM mechanism. Super Exchange uses Bonding Curve pricing throughout, characterized by more stable price fluctuations, preventing early investors from severely controlling the market.

Super Exchange也是一個代幣的發行平台，使用無限粘結曲線定價機制，它與泵Fun的內部粘結曲線和外部AMM機制不同。 Super Exchange始終使用粘結曲線定價，其特徵是價格更穩定，以防止早期投資者嚴格控制市場。

For example, purchasing 80% of the token supply on Super Exchange costs 40,269 times more than on Pump.fun, while Pump.fun is only 15 times, indicating that if insider addresses want to collect tokens to control the market, the cost of doing so is significantly higher.

例如，購買超級交易所的令牌供應的80％的費用比泵。

Reference: super.exchange

參考：super.exchange

How to Participate in Super Exchange?

如何參加超級交流？

The total supply of the platform token SUPER is 1 billion, 100% allocated to the community. Among them, 50% of the platform's trading fees are used to buy and burn SUPER in real-time. However, users cannot directly purchase SUPER; they must first buy meme coins on the platform to earn points, which can then be used to purchase SUPER. The obtained SUPER can be withdrawn and exchanged for SOL.

平台代幣超級供應的總供應為10億，100％分配給了社區。其中，該平台的50％的交易費用用於實時購買和燃燒。但是，用戶不能直接購買超級。他們必須在平台上首先購買模因硬幣才能賺取積分，然後可以用來購買超級。獲得的超級可以撤回並換成SOL。

Reference: super.exchange

參考：super.exchange

After understanding the rules of the game, there are mainly two ways to participate:

在了解遊戲規則之後，主要有兩種參與的方法：

Thus, if the flywheel of this model operates successfully, the following scenario should occur:

因此，如果該模型的飛輪成功運行，則應發生以下情況：

Traders increase trading volume on top tokens (SEND) -> SEND token price rises -> 50% of trading fees buy back SUPER -> Earn points to purchase SUPER -> SUPER price rises -> Attract more people to trade SEND.

交易者增加了頂級代幣（發送）的交易量 - >發送令牌價格上漲 - >交易費用的50％回購超級 - >賺取購買積分以購買超級 - >超級價格上漲 - >吸引更多的人來交易。

From the above propagation chain, it can be seen that the most important factor is whether the SEND token price can stabilize and rise, which determines the overall trading volume of the

從上面的傳播鏈中可以看出，最重要的因素是發送令牌價格是否可以穩定和上升，這決定了總體交易量