泵。Fun推出了自己的分散交易所（DEX），泵送

Pump.Fun已推出了自己的分散交易所（DEX），即Pumpswap，从Raydium移出，作为交易新债券的Memecoins的默认平台。

Pump.fun has launched its own decentralized exchange (DEX), named PumpSwap. The exchange will be used to trade newly bonded memecoins, while pivoting away from Raydium as the default platform.

Pump.Fun已经推出了自己的分散交易所（DEX），名为Pumpswap。该交易所将用于交易新债券的模因，同时从Raydium作为默认平台转移。

Starting March 20, tokens that complete the bonding process on Pump.fun will now launch directly on PumpSwap. The exchange will handle all new coin startups, while pre-existing coins will remain on Raydium V4 for the time being.

从3月20日开始，即将在泵中完成键合过程的代币现在将直接在泵送上推出。该交易所将处理所有新的硬币初创公司，而现有的硬币将保留在Raydium V4上。

Previously, tokens were migrated to Raydium, one of Solana’s most active DEXs due to its large memecoin trading volume. However, Pump.fun stated that this process added “needless complexity” and slowed down the momentum of new coins.

以前，由于其大型Memecoin交易量，令牌被迁移到Raydium，这是Solana最活跃的DEX之一。但是，Pump.Fun表示，此过程增加了“不必要的复杂性”，并减慢了新硬币的动力。

With the launch of PumpSwap, migrations are now automatic and free, removing the 6 SOL migration fee that was charged under the previous system.

随着Pumpswap的推出，迁移现在是自动的，免费的，删除了先前系统下收取的6次SOL迁移费。

Automated Market Maker and Fee Structure

自动做市商和费用结构

PumpSwap is built as an automated market maker (AMM), functioning in a similar way to Raydium V4 and Uniswap V2. It uses a constant product formula and allows users to create and trade in liquidity pools.

Pumpswap是作为自动做市商（AMM）建造的，其功能与Raydium V4和Uniswap V2相似。它使用恒定的产品公式，并允许用户在流动性池中创建和交易。

The platform supports all tokens listed on PumpSwap and offers a no-cost liquidity pool setup.

该平台支持Pumpswap上列出的所有令牌，并提供无成本的流动性池设置。

Each transaction on PumpSwap carries a 0.25% trading fee. Of this, 0.20% goes to liquidity providers, and 0.05% is allocated to the protocol. This fee model aligns with other AMMs and creates a revenue source for the new exchange.

Pumpswap上的每笔交易均收取0.25％的交易费用。其中，0.20％用于流动性提供者，并将0.05％分配给协议。该费用模型与其他AMM保持一致，并为新交易所创建收入来源。

Pump.fun also announced that PumpSwap will soon include a revenue-sharing model. A portion of the protocol’s earnings will be distributed to token creators. This feature, borrowed from rival platform GoFundMeme, aims to connect creators with their communities and encourage more structured launches.

Pump.Fun还宣布，Pumpswap很快将包括收入分享模式。协议收益的一部分将分发给令牌创作者。从竞争对手平台Gofundmeme借用的此功能旨在将创作者与社区联系起来，并鼓励更具结构化的发射。

Security Measures and Open-Source Plans

安全措施和开源计划

Pump.fun emphasized security during the development of PumpSwap. The platform has completed nine independent audits conducted by security firms.

Pump.Fun强调了泵送过程中的安全性。该平台已完成由安全公司进行的九项独立审核。

While no timeline was shared, the team stated its intention to open-source the PumpSwap program in the future to promote transparency.

尽管没有共享时间表，但团队表示打算将来开放泵送计划以促进透明度。

In a post shared on March 20, Pump.fun stated that its primary goal has always been to simplify the trading experience for users.

pump.fun在3月20日分享的帖子中表示，其主要目标一直是简化用户的交易体验。

The team noted that the previous migration process caused delays and added unnecessary steps, which disrupted the growth of new tokens. With the introduction of PumpSwap, they confirmed that token migrations now occur automatically and at no cost.

团队指出，以前的迁移过程造成了延迟并增加了不必要的步骤，这破坏了新令牌的增长。随着泵的引入，他们证实了令牌迁移现在是自动发生的，无需支付。

Revenue Decline and Industry Competition

收入下降和行业竞争

Pump.fun’s DEX launch follows a steep revenue decline. The platform’s average daily revenue fell from over $4 million in January to roughly $1 million by mid-March, according to DeFiLlama data.

Pump.Fun的DEX发射幅度下降了大幅下降。根据Defillama数据，该平台的平均每日收入从1月的400万美元下降到了3月中旬的大约100万美元。

This drop came amid a wider cooldown in memecoin trading activity, influenced by events like the LIBRA token collapse and broader market skepticism.

在Memecoin交易活动中，这种跌幅是在更广泛的冷却时间，这受到天秤座代币崩溃和更广泛的市场怀疑主义等事件的影响。

Despite the downturn, Pump.fun remains among the top revenue-generating protocols on Solana. The platform also faces increased competition, as Raydium recently announced plans to build its own memecoin launchpad named LaunchLab.

尽管下滑，但泵仍然是Solana的最高收入协议之一。该平台也面临着竞争的增加，因为Raydium最近宣布了计划建立自己的Memecoin Launchpad的计划，名为LaunchLab。

Other emerging platforms like Daos.fun, GoFundMeme, and Pumpkin are also entering the market.

Daos.Fun，GoFundMeme和南瓜等其他新兴平台也进入了市场。