泵。FUN测试平台暗示了潜在的AMM系统开发，触发了市场反应

在Amm.Pump.Fun发现的交易平台的测试版本揭示了Pump.Fun朝着创建自己的自动化做市商（AMM）系统的潜在行动。

A test version of a trading platform discovered at amm.pump.fun has revealed Pump.fun’s potential move toward creating its own automated market maker (AMM) system. The discovery triggered immediate market reactions, with Raydium’s RAY token dropping 22% within 24 hours and an additional 5% shortly after.

在Amm.Pump.Fun发现的交易平台的测试版本揭示了Pump.Fun朝着创建自己的自动化做市商（AMM）系统的潜在行动。该发现引发了立即的市场反应，Raydium的Ray代币在24小时内下降了22％，不久后又下降了5％。

The test site displays basic trading functions including swap, deposit, and withdrawal options – key features that could transform Pump.fun from a token launch platform into a full-service trading ecosystem. Security certificates connected to the test site appear genuine, linking directly to Pump.fun’s infrastructure.

测试网站显示基本交易功能，包括交换，存款和提款选项 - 可以将泵的关键功能从代币启动平台转换为全方位服务的交易生态系统。连接到测试站点的安全证书看起来很真实，直接链接到pump.fun的基础架构。

Pump.fun has risen to prominence in the Solana ecosystem by offering an accessible platform for token creation. Users can launch new tokens for less than $2, choosing their own supply levels and customizing with meme-related imagery. This low barrier to entry has led to over 8 million token launches since the platform’s debut in 2024.

Fump.Fun通过为代币创建提供了可访问的平台，从而在Solana生态系统中崛起。用户可以以不到2美元的价格推出新令牌，选择自己的供应水平并使用与模因有关的图像进行自定义。自2024年该平台首次亮相以来，这种低障碍的进入障碍已导致超过800万个令牌发布。

Currently, new tokens on Pump.fun can move to Raydium’s trading pools after reaching a $69,000 market capitalization. Projects must pay 6 SOL (approximately $950) for this transition. However, data shows that only 1.4% of Pump.fun’s tokens make this move, with fewer than 100 achieving market caps above $1 million.

目前，在达到69,000美元的市值之后，Fum.Fun上的新令牌可以转移到Raydium的交易池。项目必须为此过渡支付6个溶胶（约950美元）。但是，数据表明，泵的代币中只有1.4％的代币采取了这一举动，只有不到100的市值超过100万美元。

The platform’s financial performance tells a compelling story. Without issuing its own token, Pump.fun has collected more than $550 million in fees since March 2024. Recent activity shows $2.4 billion in trading volume processed just within the past two weeks.

该平台的财务绩效讲述了一个引人入胜的故事。自2024年3月以来，Pump.Fun在没有自己的代币的情况下，已收取超过5.5亿美元的费用。最近的活动显示，在过去两周内处理了24亿美元的交易量。

Technical Analysis

技术分析

Technical analysis of the test site’s terms and conditions reveals references to a fee structure, though specific rates remain undefined. This suggests Pump.fun could implement competitive trading fees to match current market standards.

测试网站条款和条件的技术分析揭示了对费用结构的参考，尽管具体费率仍然不确定。这表明Pump.Fun可以实施竞争性交易费，以符合当前的市场标准。

A researcher at Presto Research, Min Jung, explained to Decrypt that Raydium currently benefits from a 0.25% fee on all token swaps from Pump.fun graduates. The new platform could redirect these fee streams away from Raydium’s ecosystem.

Presto Research的一名研究人员Min Jung向解密解释说，Raydium目前从泵。新平台可以将这些费用流从Raydium的生态系统中转移。

Domain name service lookups show the test AMM’s branch domain hasn’t been fully integrated, indicating ongoing development. However, the security certificates’ authenticity suggests serious intent behind the project.

域名服务查找显示测试AMM的分支域尚未完全集成，表明正在进行的开发。但是，安全证书的真实性暗示了该项目背后的意图。

The market’s reaction reflects concerns about future trading volume distribution. Raydium currently processes around $500 million in daily trading volume across various markets, including major Solana pairs and stablecoin trading.

市场的反应反映了对未来交易量分布的担忧。 Raydium目前在各个市场（包括主要的Solana Pairs和Stablecoin交易）上处理约5亿美元的每日交易量。

Several tokens launched through Pump.fun have achieved remarkable success, including fartcoin (FART), which reached a market capitalization in the billions. These successes demonstrate the platform’s ability to generate high-value projects despite the low progression rate to Raydium.

通过Pump.Fun推出的几个令牌取得了显着的成功，其中包括Fartcoin（Fart），该公司在数十亿美元的市值达到了市值。这些成功表明，尽管对Raydium的发展速度较低，但平台可以产生高价值项目。

Pump.fun has established itself as one of crypto’s most profitable applications, achieving this without relying on token sales for revenue. At its peak, the platform processed over $5.3 million in daily fees.

Pump.Fun已将自己确立为加密货币最有利可图的应用程序之一，在不依靠代币销售来获得收入的情况下实现了这一目标。在其顶峰时，该平台的每日费用超过530万美元。

Neither platform has officially commented on the situation. Requests for statements from both Pump.fun and Raydium representatives have gone unanswered, leaving market participants to speculate about future developments.

这两个平台都没有正式评论这种情况。泵。FUN和Raydium代表的声明请求尚未得到答复，使市场参与者推测未来的发展。

The discovery comes as Pump.fun continues to grow its user base and trading activity. An independent AMM could allow the platform to retain more value within its ecosystem rather than directing it to external trading venues.

这一发现是随着泵的。FUN继续增长其用户群和交易活动。独立的AMM可以允许该平台在其生态系统中保留更多的价值，而不是将其引导到外部交易场所。

Market observers note that Raydium maintains diverse trading pairs beyond Pump.fun tokens, including major Solana markets. This diversity could help buffer against potential volume losses if Pump.fun launches its own trading system.

市场观察家指出，Raydium在包括主要的Solana Market在内的泵。如果pump.fun启动自己的交易系统，这种多样性可以帮助缓冲潜在的量损失。

The test platform’s emergence suggests a strategic move by Pump.fun to capture more value from its token ecosystem. By providing its own trading infrastructure, the platform could offer a complete token lifecycle from creation through active trading.

测试平台的出现表明，泵的战略性举动。FUN从其令牌生态系统中捕获更多价值。通过提供自己的交易基础设施，该平台可以从创建到积极交易提供完整的令牌生命周期。