pump.fun推出了DEX -pumpswap，旨在成为一个全面的平台

2024年，Pump.Fun以其创新的代币创建模型迅速上升，并成为Solana生态系统模因狂热的重要驱动力。

In 2024, Pump.fun rose rapidly with its innovative token creation model and became an important driving force in the Solana ecosystem Meme token craze. However, with the ebb and flow of the Solana ecosystem Meme market, Pump.fun faces multiple challenges: the solid position of mature DEXs such as Raydium and Jupiter in the trading field, the gradual decline of users' enthusiasm for Meme tokens, and the competitive pressure of the BSC network have hindered Pump.fun's growth momentum, prompting the Pump.fun team to re-examine its development strategy.

2024年，Pump.Fun以其创新的代币创建模型迅速上升，并成为Solana生态系统模因狂热的重要驱动力。但是，随着Solana生态系统模因市场的起伏和流动，Fump.Fun面临多个挑战：成熟DEX的稳固位置，例如Raydium和Jupiter在交易领域中的稳定位置，用户对MEME标记的热情的逐渐下降，对BSC网络的竞争压力以及BSC的竞争压力都会阻碍Pump.Fun的成长型组合，以促进pumpun Manlymun pummun pummun pummun。

Just this morning (March 21, 2025), Pump.fun officially announced the launch of its DEX - PumpSwap, marking the platform's transformation from a single token launch platform to a comprehensive platform that integrates token launch and trading. Can the launch of PumpSwap inject new vitality into Pump.fun? Recreate its glory in the field of Meme tokens?

就在今天早上（2025年3月21日），泵。Fun正式宣布发射其DEX -Pumpswap，标志着该平台从单个代币启动平台转换为一个集成了代币发布和交易的综合平台。泵送的发射可以将新活力注入泵。在模因令牌领域重现荣耀？

What does PumpSwap do?

Pumpswap做什么？

PumpSwap adopts a constant product AMM model similar to Raydium V4 and Uniswap V2. The biggest change in PumpSwap is that it eliminates the intermediate step of migrating tokens from Pump.fun to an external DEX (Raydium). All "graduated" tokens that have completed the joint curve will directly create liquidity pools on PumpSwap and start trading.

PumpSwap采用恒定的产品AMM模型，类似于Raydium V4和UNISWAP V2。泵送的最大变化是，它消除了从泵。所有完成联合曲线的“毕业”令牌将直接在泵送上创建流动性池并开始交易。

The core features of PumpSwap include:

Pumpswap的核心功能包括：

1. Seamless token migration : From now on, all tokens that have completed their joint curves will be directly migrated to PumpSwap instead of Raydium, which they previously relied on, and there is no need to pay a migration fee (previously 6 SOL). This change eliminates the economic barriers for token creators to enter the trading market.

1。无缝的令牌迁移：从现在开始，所有完成其关节曲线的令牌将直接迁移到泵送，而不是雷迪姆（Raydium），而不是先前依赖的雷迪（Raydium），并且无需支付迁移费（以前是6 sol）。这种变化消除了代币创作者进入交易市场的经济障碍。

2. Free liquidity pool creation and provision : Users can create liquidity pools at no cost and provide liquidity to existing pools.

2。免费流动性池创建和规定：用户可以免费创建流动性池，并为现有池提供流动性。

3. Extensive token support : PumpSwap not only supports all Meme tokens graduated from Pump.fun, but also adds trading support for multiple popular project tokens, including PENGU, APT, TRON, cbBTC, USDe (Ethena), FXS, fxUSD, SEI, JUP, ZRO, MNDE, MPLX, DRIFT, PLUME, RETARDIO, SAVE, SCR, OX, W, etc. Among these tokens, APT (Aptos) and TRON are connected to the Solana ecosystem for the first time through PumpSwap, demonstrating the platform's ambition to expand compatibility.

3. Extensive token support : PumpSwap not only supports all Meme tokens graduated from Pump.fun, but also adds trading support for multiple popular project tokens, including PENGU, APT, TRON, cbBTC, USDe (Ethena), FXS, fxUSD, SEI, JUP, ZRO, MNDE, MPLX, DRIFT, PLUME, RETARDIO, SAVE, SCR, OX, W, etc. Among these代币，APT（APTO）和TRON首次通过泵送与Solana生态系统连接，这表明了平台扩大兼容性的野心。

4. Fees : PumpSwap charges a 0.25% handling fee for each transaction, of which 0.20% is allocated to liquidity providers and 0.05% belongs to the protocol.

4。费用：每笔交易的泵送费用为0.25％的处理费，其中0.20％分配给流动性提供者，0.05％属于该协议。

5. Creator Sharing : The "Creator Sharing System" is also a highlight of PumpSwap. PumpSwap shares part of the protocol revenue with token creators, aiming to incentivize higher-quality Meme projects. The details of fee distribution will be further adjusted after the launch of this feature.

5。创建者共享：“创建者共享系统”也是泵送的亮点。 Pumpswap与代币创建者分享了协议收入的一部分，旨在激励高质量的模因项目。此功能启动后，将进一步调整费用分配的详细信息。

In terms of security, PumpSwap has passed 9 security audits conducted by Pashovgroup, OtterSec, bl0ckpain and Sec3, and promised to open source the code in the future to enhance community trust. pump.fun is currently conducting a PumpSwap audit competition with Cantina, a market application for Web3 security solutions, with a total reward of 2.01 million USDC.

在安全方面，Pumpswap通过了Pashovgroup，Ottersec，BL0CKPAIN和SEC3进行的9项安全审核，并承诺将来将开放代码，以增强社区信任。 Pump.Fun目前正在与Cantina进行泵送审核竞赛，Cantina是Web3安全解决方案的市场应用，总奖励为201万美元。

What are the advantages and challenges of Pump.fun?

泵的优势和挑战是什么？

Pump.fun believes that the migration of tokens after graduation from Pump.fun is a major friction point that will slow the token's momentum and create unnecessary complexity for new users.

pump.fun认为，从泵毕业后的令牌迁移是一个主要的摩擦点，它将减慢令牌的势头，并为新用户创造不必要的复杂性。

The launch of PumpSwap attempts to solve long-standing pain points and seize new market opportunities. First, the policy of free migration and creation of liquidity pools has greatly lowered the threshold for user participation, especially for small-scale investors and token creators, which enhances the attractiveness of the platform.

Pumpswap的推出尝试解决了长期存在的痛点并抓住了新的市场机会。首先，自由迁移和创建流动性池的政策大大降低了用户参与的门槛，尤其是对于小规模的投资者和代币创建者，这增强了平台的吸引力。

In the past, tokens had to be manually migrated to Raydium after graduating from Pump.fun, a process that was not only time-consuming, but also likely to miss the short-lived window of Meme token fever. PumpSwap natively integrates trading functions, allowing users to instantly enter the market and capture opportunities at the first opportunity.

过去，代币从Pump.Fun毕业后必须手动迁移到Raydium，这一过程不仅耗时，而且很可能会错过Meme Token Fever的短暂寿命。 Pumpswap本地整合交易功能，使用户能够立即进入市场并在第一个机会中捕获机会。

The upcoming creator-sharing mechanism is expected to encourage more developers to invest their time and creativity to create more attractive Meme projects, thereby improving the overall quality and activity of the ecosystem by sharing protocol revenue with token creators.

即将到来的创建者共享的机制有望鼓励更多的开发人员投入时间和创造力，以创建更具吸引力的模因项目，从而通过与代币创建者共享协议收入来改善生态系统的整体质量和活动。

However, the success of PumpSwap is highly dependent on the continued prosperity of the Meme token market within the Solana ecosystem. The LIBRA token crash in February 2025 highlighted the fragility of the market. If the market continues to cool, PumpSwap's trading volume and revenue will face severe challenges.

但是，Pumpswap的成功在很大程度上取决于Solana生态系统中模因令牌市场的持续繁荣。 20025年2月的天秤座令牌崩溃强调了市场的脆弱性。如果市场继续冷却，Pumpswap的交易量和收入将面临严重的挑战。

In addition, there are already mature DEXs such as Raydium and Jupiter in the Solana ecosystem. As a new DEX player, PumpSwap needs to quickly prove its advantages in terms of functionality and user experience.

此外，Solana生态系统中已经有成熟的DEX，例如Raydium和Jupiter。作为新的DEX播放器，Pumpswap需要快速证明其功能和用户体验方面的优势。