Time.Fun打算“翻轉桌子”，Solana生態系統危機加劇了

2月24日，在Time Tokenization Platform Time.Fun正式在Solana上發布，Solana官方團隊迅速提供了強有力的支持

Author: Nancy, PANews

作者：Nancy，Panews

On February 24, after the time tokenization platform Time.fun officially launched on Solana, the Solana official team quickly provided strong support, and even Solana co-founder Toly mentioned it in a tweet, giving it ample market exposure. This move is not only a strong response to the liquidity drain of Pump.fun but also another growth exploration after the Solana ecosystem was severely impacted by the chaos of celebrity token issuance.

2月24日，在Time tokenization Platform Time.Fun正式在Solana上啟動，Solana官方團隊迅速提供了強有力的支持，甚至Solana的聯合創始人Toly都在推文中提到了這一點，從而使其充分敞開了市場。這一舉動不僅是對泵的流動性流失的強烈反應。FUN，而且在索拉納生態系統受到名人代幣發行的混亂嚴重影響之後的另一種增長探索。

After the scandals involving celebrity tokens like Libra, liquidity on Solana was rapidly withdrawn, and market sentiment remained low. As the traffic engine of the Solana ecosystem in this cycle and an on-chain "printing machine," the protocol is currently struggling to maintain liquidity. Multiple factors, including self-built AMM, rumors of token issuance, ongoing token sell-offs, and uncertainties from regulatory lawsuits, have also caused "discontent" from Solana officials.

在涉及Libra之類的名人代幣的醜聞之後，Solana上的流動性迅速撤回，市場情緒仍然很低。作為本週期中Solana生態系統的交通引擎和一鏈“打印機”，該協議目前正在努力維持流動性。包括自我建造的AMM，代幣發行的謠言，持續的代幣拋售以及監管訴訟的不確定性在內的多種因素也引起了Solana官員的“不滿”。

In January of this year, Pump.fun's business, despite ongoing growth, unfortunately faced a lawsuit. According to a Bloomberg Law report at the time, Pump.fun was facing a class-action lawsuit, accused of violating U.S. securities laws by marketing and issuing unregistered and highly volatile meme tokens, exposing investors to significant financial risks and collecting nearly $500 million in fees. The lawsuit was filed in the Southern District of New York, with the plaintiffs describing it as "a new evolution of a Ponzi scheme and pump-and-dump." Shortly after, two U.S. law firms, Burwick Law and Wolf Popper, also sued Pump.fun, demanding the platform remove tokens that used their IP, indicating that these tokens used their intellectual property (including their logo and name) without permission.

不幸的是，在今年1月，儘管持續增長，但Fump.Fun的業務仍面臨訴訟。根據當時的彭博法律報告，Pump.Fun面臨著集體訴訟，被指控通過營銷和發行未註冊和高度波動的模因標記違反了美國證券法，使投資者面臨重大的財務風險，並收取了近5億美元費用。該訴訟是在紐約南部地區提起的，原告將其描述為“龐氏騙局和泵和雨衣的新進化”。不久之後，兩家美國律師事務所Burwick Law和Wolf Popper也起訴泵。

Worse still, as MEME "cooled off," Pump.fun, as the primary victim of this wave of impact, saw both its graduation rate and trading volume plummet, further affecting the overall activity of the Solana ecosystem.

更糟糕的是，隨著Meme“冷靜”，作為這種影響浪潮的主要受害者的泵。

Data from The Block shows that as of February 24, the graduation rate of Pump.fun tokens transferred to Raydium was only 0.96%, down 54.7% from the historical peak of 2.12%. Meanwhile, Pump.fun's on-chain trading also saw a significant drop, with the average daily trading volume falling from a peak of $3.13 billion in January to $190 million as of February 24, a decline of 93.9%. In terms of protocol fee revenue, DefiLlama data shows that as of February 25, Pump.fun's protocol fee revenue was $2.45 million, a decrease of nearly 84.1% from the historical peak of $15.38 million on January 25.

來自該塊的數據表明，截至2月24日，轉移到Raydium的泵的畢​​業率僅為0.96％，比歷史峰值2.12％下降了54.7％。同時，Pump.Fun的鏈交易也顯著下降，平均每日交易量從1月份的31.3億美元下降到截至2月24日的1.9億美元，下降了93.9％。在協議費收入方面，Defillama數據顯示，截至2月25日，Pump.Fun的協議費收入為245萬美元，比1月25日的歷史峰值減少了近84.1％。

The significant downturn in business forced Pump.fun to start exploring more products. However, some of these initiatives undoubtedly pose a heavy blow to the still-recovering Solana ecosystem. Earlier this month, crypto KOL Hebi (@hebi555) disclosed on X that Pump.fun plans to adopt a Dutch auction model for public offerings on multiple CEXs (centralized exchanges). Although Pump.fun co-founder Alon denied this rumor and claimed that the news about potential tokens was untrue, this response was questioned by many industry insiders. For instance, Wu said blockchain publicly pointed out that Alon was lying, with several CEX-listed companies confirming Pump.fun's token issuance plans and stating they could publicly share relevant preparatory documents once permission was obtained. If Pump.fun ultimately issues tokens, it will undoubtedly have a huge impact on the Solana market, especially given the already tight liquidity, which will likely lead to even greater capital withdrawal.

業務急劇下降的強迫泵開始探索更多產品。但是，其中一些舉措無疑對仍在恢復的Solana生態系統造成了沉重的打擊。本月早些時候，Crypto Kol Hebi（@Hebi555）在X上披露，pump.Fun計劃在多個CEXS（集中式交易所）上採用荷蘭拍賣模型。儘管Pump.Fun聯合創始人Alon否認了這一謠言，並聲稱有關潛在代幣的新聞是不正確的，但許多行業內部人士都對此做出了質疑。吳說，區塊鏈公開地指出，阿隆正在撒謊，幾家CEX上市的公司確認了Pump。如果Pump.fun最終發出代幣，它無疑會對Solana市場產生巨大影響，尤其是考慮到已經很緊張的流動性，這可能會導致更大的資本退出。

Moreover, Pump.fun has earned considerable revenue through trading fees, even ranking among the top 10 global gambling companies in 2024 with an annual revenue of $1 billion. According to Onchain Lens monitoring, Pump.fun has accumulated approximately 2.99 million SOL, currently valued at about $431 million, and its ongoing cash-out behavior has also put significant selling pressure on the SOL token.

此外，Pump.Fun通過交易費獲得了可觀的收入，甚至在2024年的全球十大賭博公司中，年收入為10億美元。根據OnChain Lens監控，Pump.Fun累積了約299萬輛溶膠，目前價值約4.31億美元，其持續的現金行為也對Sol代幣造成了巨大的銷售壓力。

What’s more concerning is that Pump.fun recently intends to "flip the table." On February 24, market rumors suggested that Pump.fun is internally testing a self-developed AMM (automated market maker) liquidity pool, with the community speculating that it may launch its own Swap platform to replace third-party suppliers like Raydium to extract more trading fees, a move widely regarded by the community as overly greedy. If this news is true, it would undoubtedly deal a heavy blow to DEXs on Solana, as Raydium and Jupiter have carried a significant amount of liquidity from Pump.fun, and these DEXs are also the liquidity hubs of the Solana ecosystem. To make matters worse, platforms like Raydium and Jupiter have recently also been implicated in the Libra

更令人擔憂的是泵。FUN最近打算“翻轉桌子”。 2月24日，市場謠言暗示pump.fun正在內部測試一個自發開發的AMM（自動營銷商）流動性池，社區推測它可能會啟動自己的交換平台，以替換像Raydium這樣的第三方供應商，以提取更多交易費，這一舉動被社區廣泛認為是過於貪婪。如果這個消息是正確的，那麼毫無疑問，這將對Solana的DEX造成沉重打擊，因為Raydium和Jupiter從Pump.Fun進行了大量流動性，而這些DEX也是Solana生態系統的流動性樞紐。更糟糕的是，雷迪恩和木星等平台最近也與天秤座有關