泵的子弹击中了尔日

刚才，pump.fun的联合创始人阿隆（Alon

Author: 🔫Scof in Trouble💀, ChainCatcher

作者：thabore caindcatcher中的Scof

Editor: TB, ChainCatcher

编辑：TB，ChainCatcher

The Bullet of Pump Hits the Bullseye

泵的子弹击中了尔日

Just now, alon, co-founder of pump.fun, posted that the official X account of pump.fun was hacked and a scam token “PUMP” was released, reminding users to be aware of the risks.

刚才，泵。

As the most active meme coin launch platform in the Solana ecosystem, Pump.fun once became a wealth creation myth for retail investors with its “internal incubation + external explosion” dual-phase mechanism. Tokens first accumulate liquidity on the platform through the Bonding Curve mechanism, and when trading volume exceeds the threshold of $69,000, they automatically migrate to the leading DEX Raydium to establish a liquidity pool, completing the closed loop from project launch to market speculation. This meticulously designed rule has been operating crazily in 2024:

作为Solana生态系统中最活跃的Meme Coin发射平台，Pump.Fun曾经成为具有其“内部孵化 +外部爆炸”双相机制的散户投资者的财富创造神话。令牌首先通过粘结曲线机制在平台上积累流动性，当交易量超过69,000美元的门槛时，它们会自动迁移到领先的DEX Raydium以建立流动性池，从而从项目发布到市场投机。精心设计的规则在2024年疯狂地运行：

From April 1 of last year to now, tokens launched by Pump.fun contributed $346 billion in trading volume to Raydium, accounting for half of the total flow of this DEX, while the platform has collected a total of $197 million in fees, of which $104 million came from pump.fun transactions.

从去年的4月1日到现在为止，pump.fun推出的代币向Raydium贡献了3460亿美元的交易量，占该DEX总流量的一半，而该平台的总费用为1.7亿美元，其中1.04亿美元来自Pump.fun Transactions。

However, when celebrities like Trump entered the scene with “flash” tokens (such as TRUMP, MELANIA), this game of passing the parcel began to expose its naked harvesting logic. On-chain data shows that over 70% of meme coins exhibit a “peak upon pool establishment” trend during the external phase, with an average lifespan of less than 48 hours.

但是，当像特朗普这样的名人以“闪光”代币（例如特朗普，梅拉尼亚）进入现场时，这种传递包裹的游戏开始揭露其赤裸裸的收获逻辑。链上的数据表明，超过70％的Meme硬币在外阶段表现出“泳池建立”趋势，平均寿命少于48小时。

An even more dangerous signal comes from the comprehensive retreat of liquidity. On February 24, among the tokens graduated from Pump.fun, only one barely surpassed a market cap of one million dollars, and the on-chain speculative frenzy has nearly frozen. The trading depth of meme coins on Raydium has shrunk by over 90% from its peak, while the market cap of stablecoins on the Solana chain has seen a net outflow of over $1 billion in the past 30 days, marking the greatest capital bleed since the FTX collapse.

更危险的信号来自全面的流动性撤退。 2月24日，在从Pump.fun毕业的代币中，只有一个几乎没有超过100万美元的市值，而链上投机性疯狂几乎已经冻结了。雷迪（Raydium）上模因硬币的交易深度从其顶峰缩小了90％以上，而索拉纳（Solana）连锁店的稳定股（Stablecoins）的市值在过去30天内的净流出超过10亿美元，标志着自FTX崩溃以来最大的资本出血。

This collapse is not accidental. When project parties, trading platforms, and celebrities form a “harvesting iron triangle,” and when the mathematical model of the Bonding Curve becomes a tool for siphoning off profits, retail investors’ confidence has long been worn down by repeated “opening and crashing” scenarios. The failure of Pump.fun is not only a microcosm of the liquidity crisis in the Solana ecosystem but also a brutal interrogation of the entire crypto world regarding the meme narrative—when the bubble bursts and the revelry ends, who will clean up the capital wreckage?

这种崩溃并非偶然。当项目派对，交易平台和名人形成一个“收获铁三角”时，当粘结曲线的数学模型成为偷偷摸摸的工具时，零售投资者的信心长期以来一直被重复的“开放和崩溃”场景削弱。泵的失败不仅是索拉纳生态系统流动性危机的缩影，而且还是对整个加密世界的残酷询问，当时泡沫破裂而狂欢会结束，谁会清理资本残骸？

SOL Falls Over 50% from Its Peak, Ecosystem in Decline

SOL从其峰值下降了50％以上，生态系统的下降幅度下降

As one of the best-performing public chain tokens in 2024, Solana rode the wave of Pump and meme, surging nearly 200% throughout the year.

作为2024年表现最佳的公共连锁令牌之一，索拉纳（Solana）骑着泵和模因浪潮，全年飙升了近200％。

However, since Trump launched tokens on Solana on January 18, this wave seems to have finally washed ashore: the price of SOL first hit a historical high of $295 on January 19, then sharply turned downward, with a decline exceeding 50%.

但是，自从特朗普于1月18日在索拉纳（Solana）上推出代币以来，这波浪潮似乎终于被岸上了：索尔（Sol）的价格首先在1月19日的历史高点上达到了295美元的历史高点，然后急剧下降，下降了50％。

With only three days left until the largest token unlock in Solana's history (worth $2 billion), 11.2 million SOL will be unlocked for circulation, most of which were purchased from the FTX auction at a cost of $64, which could create significant selling pressure.

距索拉纳（Solana）历史上最大的代币解锁（价值20亿美元）只剩下三天，将解锁1,120万Sol的发行量，其中大多数是从FTX拍卖中购买的，费用为64美元，这可能会造成巨大的卖出压力。

In addition to poor token price performance, according to Defillama data, the TVL of the Solana ecosystem has dropped from a peak of $12.19 billion to today's $7.22 billion, and daily trading fee income is also continuously decreasing.

根据Defillama数据，除了代币的价格性能差，Solana生态系统的TVL从121.9亿美元的峰值下降到当今的72.2亿美元，每日交易费收入也在不断下降。

Moreover, the net inflow data for Solana's ecosystem over 24 hours shows that $260 million flowed out on just January 18 and 19, and the subsequent inflow of funds has also been decreasing, far less than during the previous Pump period.

此外，在24小时内，Solana生态系统的净流入数据表明，仅在1月18日和19日，2.6亿美元流出，随后的资金流入也正在减少，远低于上一台泵期。

Not only that, a series of other indicators are also not optimistic, with mainstream protocol tokens in Solana showing a downward trend over the past week:

不仅如此，一系列其他指标也不乐观，Solana中的主流协议令牌在过去一周中显示出下降趋势：

Overall, the ecosystem presents a scene of "the tree falls and the monkeys scatter."

总体而言，生态系统展示了“树瀑布和猴子散布”的场景。

This inevitably raises the question: Is the story of Solana over?

这不可避免地提出了一个问题：Solana的故事结束了吗？

Solana Labs Co-Founder Toly Also Fears Collapse!

Solana Labs联合创始人Toly也担心崩溃！

Facing the risk of token price collapse, the Solana ecosystem is experiencing the greatest fear, uncertainty, and FUD since the FTX explosion. Analysts have estimated that scammers have amassed over $10 billion during the entire meme coin speculation cycle.

面对令牌价格崩溃的风险，自FTX爆炸以来，Solana生态系统正经历最大的恐惧，不确定性和FUD。分析师估计，在整个模因硬币投机周期中，骗子已经积累了超过100亿美元。

In the face of unavoidable reality, many community members have responded.

面对不可避免的现实，许多社区成员做出了回应。

As a co-founder of Solana Labs, Toly has always advocated for healthy technological development and innovation. He has repeatedly called on builders to return to innovation and establish quality projects. Although he did not

作为Solana Labs的共同创始人，Toly一直倡导健康的技术发展和创新。他反复呼吁建筑商返回创新并建立优质项目。虽然他没有