特朗普的紀念物可能會為更廣泛的加密網絡帶來間接利益

Raydium是從最近的Memecoin熱潮中獲得可觀的眾多加密貨幣服務提供商之一。

Tom collapsed onto his bed in the early hours of January 18, just two days before Donald Trump was set to return to the White House. His phone lit up with a message from an old friend: "Did you see? Trump just launched his own cryptocurrency."

湯姆（Tom）在1月18日凌晨倒在床上，就在唐納德·特朗普（Donald Trump）準備返回白宮之前的兩天。他的電話帶著一位老朋友的消息照亮：“你看到嗎？特朗普剛剛發起了自己的加密貨幣。”

Tom sprang up, sat at his desk, opened his laptop, and turned on two monitors. "It doesn't feel real," he said. "I'm trying to figure out what exactly is happening."

湯姆跳起來，坐在他的桌子上，打開筆記本電腦，然後打開兩個監視器。他說：“感覺並不真實。” “我試圖弄清楚到底發生了什麼。”

Tom is the head of Raydium, a decentralized cryptocurrency exchange registered in the British Virgin Islands where investors can trade cryptocurrencies without intermediaries. Like other employees at Raydium, Tom keeps his full name and whereabouts confidential for privacy and regulatory reasons.

湯姆（Tom）是Raydium的負責人，Raydium是一家分散的加密貨幣交易所，在英屬維爾京群島註冊，投資者可以在沒有中介機構的情況下進行加密貨幣。像Raydium的其他員工一樣，湯姆出於隱私和監管原因將其全名和下落機密保密。

Raydium is one of many cryptocurrency service providers that have profited significantly from the recent Memecoin craze. As an important part of the Solana network's trading ecosystem, exchanges like Raydium have experienced rapid growth over the past year, even before the emergence of Trump's Memecoin.

Raydium是從最近的Memecoin熱潮中獲得可觀的眾多加密貨幣服務提供商之一。作為Solana網絡交易生態系統的重要組成部分，像Raydium這樣的交流在過去的一年中，甚至在特朗普的Memecoin出現之前都經歷了迅速的增長。

In 2024, Raydium processed its highest trading volume ever, largely driven by the Memecoin frenzy. Tom quickly realized that the arrival of Trump's Memecoin was an opportunity for Raydium, as the platform takes a small fee from each transaction.

2024年，Raydium處理了有史以來最高的交易量，這在很大程度上是由Memecoin Frenzy驅動的。湯姆很快意識到，特朗普的紀念物的到來是雷迪姆的機會，因為該平台每筆交易都需要少量費用。

After Tom verified that Trump's Memecoin (TRUMP) was real and not the carefully orchestrated scam some had speculated, he rushed to ensure that Raydium's servers could handle the impending wave of transactions. (The platform had previously crashed during another Memecoin trading frenzy at the end of 2023.) Then, Tom set about ensuring there was enough of this new coin available for people to trade freely on Raydium: he monitored the number of Trump Memecoins people voluntarily listed (a practice that allows the listers to earn a portion of the trading fees) and bought more from elsewhere when necessary to meet demand on the platform.

湯姆（Tom）確認特朗普的成人（特朗普）是真實的，而不是一些人猜測的精心策劃的騙局之後，他急忙確保Raydium的服務器能夠處理即將來臨的交易浪潮。 （該平台以前曾在2023年底爆發的另一個Memecoin交易中墜毀。）然後，湯姆（Tom）著手確保有足夠的這種新硬幣可以在Raydium上自由交易：他監視了自願列出的特朗普紀念物人數（這種實踐使Listers能夠賺取一部分交易費用），並在必要時從其他地方購買了更多東西，以滿足平台的需求。

Around 5 a.m., Tom wearily lay back down in bed. In the chaos, he forgot to buy some TRUMP for himself.

凌晨5點左右，湯姆疲倦地躺在床上。在混亂中，他忘了為自己購買一些王牌。

While Tom was sleeping, a flood of trades came in. The next day, January 19, Raydium saw $16 billion in trading volume, more than the total trading volume for all of 2023. Tom said the trading charts looked "like a hockey stick."

湯姆睡覺時，交易氾濫。第二天，1月19日，雷迪姆的交易量達到了160億美元，超過2023年全部交易量。湯姆說，交易表看起來像“曲棍球棒”。 “

Despite the hundreds of billions of dollars changing hands in the frenzy sparked by Trump's Memecoin, only a handful of traders made a profit. The vast majority either lost money or broke even.

儘管在特朗普的成員引發的狂熱中，有數千億美元的手手易手，但只有少數商人賺錢。絕大多數人要么虧損，要么賺錢。

Value steadily flowed to Trump's affiliated companies managing the cryptocurrency and to cryptocurrency service providers like Raydium, which together made Memecoin trading possible. As one hedge fund manager described, the "Memecoin industrial complex" also includes the Solana network, companies providing wallet software for storing cryptocurrencies, liquidity providers ensuring cryptocurrencies can be traded at any time, entities aggregating price data, and more. All of them benefit from the increase in trading activity.

價值穩定地流向了特朗普的關聯公司管理加密貨幣和像Raydium這樣的加密貨幣服務提供商，這使Memecoin交易成為可能。正如一位對沖基金經理所描述的那樣，“ Memecoin工業綜合體”還包括Solana Network，提供存儲加密貨幣的錢包軟件的公司，流動性提供商確保可以隨時交易加密貨幣，並彙總價格數據等。所有人都受益於交易活動的增加。

"If you dig deeper, you'll find there are many moving parts in the background that the public doesn't understand," said Anurag Arjun, co-founder of cryptocurrency infrastructure startup Avail and the Polygon network.

加密貨幣基礎架構啟動啟動和Polygon Network的聯合創始人Anurag Arjun說：“如果您更深入地進行挖掘，您會發現背景中有許多活動部件。”

Solana was a relatively quiet place until the Memecoin craze began to emerge in late 2023. Hardly anyone was using the network, and the services built on it could barely sustain themselves. Aside from financial speculation, there were very few applications built on Solana. "There were a lot of jokes about how developing on Solana was like chewing glass," Tom said, "it was really hard."

索拉納（Solana）是一個相對安靜的地方，直到2023年下半年開始出現Memecoin熱潮。幾乎沒有人使用該網絡，而建立的服務幾乎無法維持自己。除了財務投機外，在Solana上構建的申請很少。湯姆說：“關於Solana在Solana上的發展如何，有很多笑話，”這真的很難。”

Previously, Memecoins have been criticized for being unserious, potentially jeopardizing efforts to establish legitimacy in the crypto industry. Trump's Memecoin was widely criticized as a "money grab." However, the emergence of cryptocurrencies like Trump's Memecoin could bring significant indirect benefits to the broader crypto network, creating a flywheel effect where the arrival of Memecoin investors attracts developers eager to build other applications for them. In theory, once people are equipped with Solana wallets, they are more likely to use various Solana-based applications, leading to sustained increases in network activity.

以前，Memecoins因在加密行業建立合法性的努力而受到危害，可能危害了危害。特朗普的成人被廣泛批評為“搶錢”。但是，像特朗普的Memecoin這樣的加密貨幣的出現可能會為更廣泛的加密網絡帶來巨大的間接利益，從而產生飛輪效應，其中Memecoin Investors的到來吸引了渴望為其構建其他應用程序的開發商。從理論上講，一旦人們配備了Solana錢包，他們就更有可能使用各種基於SOLANA的應用程序，從而導致網絡活動的持續增加。

"Many application development teams will target these new users," Arjun said, "Memecoin is an example of something that can run on this infrastructure."

Arjun說：“許多應用程序開發團隊將以這些新用戶為目標，Memecoin是可以在此基礎架構上運行的示例。”

According to experts, the launch of Trump's Memecoin also has significant implications for the U.S. government's stance on cryptocurrencies. For a long time, the industry has complained about the lack of clear rules governing the issuance of new coins in the U.S.; given that Trump's Memecoin has presidential backing, its launch could be interpreted as a form of tacit approval.

據專家稱，特朗普的紀念因素的推出也對美國政府對加密貨幣的立場產生了重大影響。長期以來，該行業一直抱怨缺乏管理美國發行新硬幣的明確規則；鑑於特朗普的紀念物具有總統支持，因此可以將其推出為默認批准的一種形式。

"This will create a ruling that gradually affects all different institutions: the U.S. is embracing cryptocurrencies," said Demelza Hays, digital asset portfolio manager at investment firm Zeltner & Co. and chief economist at cryptocurrency industry publication CoinTelegraph. "We will see

投資公司Zeltner＆Co。的數字資產投資組合經理兼加密貨幣行業出版物Cointelegraph的數字資產投資組合經理Demelza Hays表示：“這將創建一項裁定，逐漸影響所有不同機構：美國正在接受加密貨幣。” “我們會看到