索拉纳（Solana）上的分散交易所（DEX）景观正在进行重大改组。

索拉纳（Solana）上的分散交易所（DEX）景观正在进行重大改组。尽管事情仍然非常流动​​，但Raydium曾经无法实现的主导地位正面临着迅速分辨出大量市场份额的新兴平台的巨大压力。

The decentralized exchange (DEX) landscape on Solana is undergoing a major shakeup.

索拉纳（Solana）上的分散交易所（DEX）景观正在进行重大改组。

While things are still very much in flux, the once-unshakable dominance of Raydium is facing serious pressure from emerging platforms that are quickly carving out significant market share.

尽管事情仍然非常流动​​，但Raydium曾经无法实现的主导地位正面临着迅速分辨出大量市场份额的新兴平台的巨大压力。

From April 14 to April 20, 2025, Raydium remained the largest DEX on Solana by trading volume. But for the first time in over a year, its position is no longer unchallenged.

从2025年4月14日至4月20日，Raydium仍然是交易量的最大的Solana Dex。但是这是一年多以来的第一次，其位置不再受到挑战。

Market data from last week put Raydium at 31% of total DEX volume on Solana—still leading but down sharply from its 2025 peak of 63%. That dramatic 50% drop in market share shows just how rapidly things have changed in recent months. And of course, “things” refers to competitors that have emerged on Solana and are rapidly taking business from Raydium.

上周的市场数据使Raydium占Solana的总DEX量的31％，但从2025年的63％的峰值开始，但急剧下降。急剧的50％市场份额下降表明，最近几个月的变化迅速。当然，“事物”是指在索拉纳（Solana）出现并迅速从雷迪恩（Raydium）获得业务的竞争对手。

The present DEX volume breakdown shows a diverse and splintered ecosystem:

当前的DEX卷故障显示了一个多样化且分裂的生态系统：

– Raydium: 31%

- Raydium：31％

– Pumpfun (Launchpad + AMM): 19%

- Pumpfun（Launchpad + AMM）：19％

– Orca: 16%

- Orca：16％

– Meteora: 12%

- 流星：12％

– SolFi: 11%

-Solfs：11％

– Others: 11%

- 其他：11％

1/ @solana's DEX landscape has never been this competitive. Here's the market share snapshot from last week (Apr 14 – Apr 20, 2025):

1/ @Solana的Dex景观从来都不是这种竞争力。这是上周（2025年4月14日至4月20日）的市场份额快照：

– Raydium: 31%– Pumpfun (launchpad + AMM): 19%– Orca: 16%– Meteora: 12%– SolFi: 11%– Others: 11%

- Raydium：31％ - Pumpfun（Launchpad + AMM）：19％ - Orca：16％ - Meteora：12％ - Solfi：11％ - 其他：11％

Let's dive into the data 🧵pic.twitter.com/AnXT9G3e

让我们深入了解数据🧵PIC.twitter.com/anxt9g3e

— Blockworks Research (@blockworksres) April 21, 2025

- 2025年4月21日

Pumpfun Emerges as a Powerhouse

Pumpfun作为一个强大的人出现

The most notable development in this changing scene is the emergence of Pumpfun, a new player that has quickly surged to the number two spot on the leaderboard. Just weeks after launching its automated market maker (AMM), Pumpfun has become responsible for 19% of total DEX volume on Solana. Last week alone, it hit a record-breaking $4.3 billion in trading volume, which stands as an all-time high for the platform.

在这个不断变化的场景中，最值得注意的发展是Pumpfun的出现，Pumpfun是一名新球员，它迅速飙升至排行榜上的第二名。在推出自动化做市商（AMM）几周后，Pumpfun已成为Solana总DEX量的19％。仅上周，它就达到了创纪录的43亿美元交易量，这对于该平台来说是历史最高的。

Pumpfun owes its success to a hybrid model. On the one hand, it is a memecoin-focused launchpad, and on the other, a high-speed AMM. These two functionalities have managed to siphon off the rabid retail interest in low-cap tokens, while at the same time offering traders efficient liquidity. In the Solana ecosystem, where retail passion projects have historically gone to die, what Imperium Labs has built with Pumpfun is of dangerous potential.

Pumpfun的成功归功于混合模型。一方面，它是一种以模因子为中心的发射板，另一方面是高速AMM。这两种功能已经设法使低帽代币的狂热零售利息触发，同时为交易者提供有效的流动性。在零售热情项目历史上已经消失的索拉纳生态系统中，Imperium Labs用Pumpfun建造的东西具有危险的潜力。

The really big question now is: can Pumpfun keep—if not increase—its market share in the face of a competitive and often rapidly shifting crypto landscape? With such explosive early growth, much of its future success will depend on how well it can hold onto liquidity providers, bring in serious traders, and develop in ways that don’t rely on its meme-centered past. And of course, the same questions apply to the many other projects in the Pumpfun space.

现在真正的大问题是：面对竞争激烈且经常迅速转移的加密景观，Pumpfun可以保持（如果不增加）它的市场份额吗？随着这种爆炸性的早期增长，其未来的大部分成功将取决于它能够保持流动性提供者，引进认真的商人，并以不依赖其以模因过去的过去的方式发展。当然，同样的问题也适用于Pumpfun空间中的许多其他项目。

Orca and SolFi Duel Over SOL-USD Dominance

Orca和Solfi决斗在Sol-USD主导地位上

In the world beyond the memecoin frenzy, dominance is up for grabs in core trading pairs like SOL-USD—and Orca, a decentralized exchange, currently has a slight edge. About 27% of the trading volume for this pair happens on Orca, with another decentralized exchange, SolFi, nudging just behind at 26%. But these numbers are so close that they won’t be doing SolFi any disservice if, throughout this essay, I just shorthand for both as “decentralized exchanges serving the SOL-USD market.”

在Memecoin Frenzy之外的世界中，统治地位在Sol-Usd等核心交易对中竞选，而去中心化交易所的Orca目前具有轻微的优势。这对的交易量的约27％发生在Orca上，另一个分散的交易所（Solfi）落后于26％。但是，这些数字是如此接近，以至于如果我只是在本文中，我将不会造成任何损害，我只是作为“为Sol-USD市场服务的分散交易所的交流”。

Orca has emerged as a leader in several other significant categories, especially in Project Token markets like JLP and JTO, and in Liquid Staking Token (LST) swaps. This leadership across several verticals highlights the appeal of Orca to a broader user base and suggests that its base is well-diversified beyond just one niche.

ORCA已成为其他几个重要类别的领导者，尤其是在JLP和JTO等项目代币市场，以及液体固定令牌（LST）掉期交易中。在几个垂直行业的这种领导力突显了Orca对更广泛的用户群的吸引力，并表明其基础的多样化不仅仅是一个利基市场。

In the meantime, SolFi has taken great strides to establish itself as a key player in providing stablecoin and major pair liquidity. SolFi’s rapid growth in volume and usage speaks to a rising demand for DeFi platforms with simplified, clean interfaces, and trading mechanics that perform to the level of—if not better than—those on the “traditional” trading platforms.

同时，索尔菲（Solfi）取得了长足的进步，以确立自己的关键参与者，以提供Stablecoin和Major Pair流动性。 Solfi在数量和使用方面的迅速增长表明，对Defi平台的需求不断上升，简化，干净的界面和交易机制，这些机制在“传统”交易平台上的级别（如果不比这些）的水平上升。

Raydium’s Position Still Strong—But Fading

Raydium的位置仍然很强 - 但正在褪色

Even though its market share continues to shrink, Raydium remains far from insignificant. It still commands 31% of the total market and leads the Solana DEX scene. But its present looking quite more vulnerable than its September 2

即使其市场份额不断缩小，Raydium仍然远非微不足道。它仍然占总市场的31％，并带领Solana Dex场景。但是它的现在看起来比9月2日更脆弱