Memecoin泵的发射板平台。FUN正在秘密测试可以取代合作伙伴Raydium的新AMM交易所的开发。
Memecoin launchpad Pump.fun is reportedly working on a new AMM exchange behind the scenes, which could replace its partner Raydium. This new automated market maker, yet to be officially announced, might siphon off a portion of Raydium’s revenue, threatening its dominance in the DEX landscape on Solana.
据报道，Memecoin LaunchPad Pump.Fun正在幕后进行新的AMM交换，这可以取代其合作伙伴Raydium。尚未正式宣布的新自动化做市商可能会从Raydium的一部分收入中撤离，从而威胁到其在Solana的Dex景观中的主导地位。
The news caused the value of RAY, the native token of Raydium, to plummet by 32%, sparking concerns over a potential decline in the protocol’s income.
这一消息导致雷迪（Raydium）本地代币雷（Ray）的价值下降了32％，引发了人们对协议收入潜在下降的担忧。
Pump.fun Tests Creation of Own AMM Exchange: Raydium at RiskAccording to reports from several users on X, the renowned platform Pump.fun is said to have begun working on its own automated market maker (AMM). The latter represents the classic decentralized exchange system employed by DEXs, based on a liquidity pool that enables users to trade tokens without requiring a direct counterparty. Unlike traditional exchanges that match buyers and sellers through an order book, in AMMs the prices are determined based on supply and demand with smart contracts that automatically regulate the transactions.While there is still no official announcement from Pump.fun, a linked URL to the platform’s site reveals an interface for swapping two assets, typical of AMMs. This revelation suggests that the famous memecoin launchpad is planning an expansion into the world of DEXs, challenging the industry leader Raydium. If confirmed, this move could mark a significant shift in the landscape of decentralized exchanges on Solana, with Pump.fun potentially taking away liquidity and trading volume from Raydium.In the last few hours, the term “Pump.fun AMM” has also appeared on the DexScreener dashboard, which shows all the DEXs of each chain. Unusual internal transfers on the protocol have also been observed on SolScan, suggesting the launch of a new exchange. At the moment, several tokens have already been listed within this beta section, most of which, however, have very low trading liquidity. Several memecoins among those present have already ruggedad, despite being launched recently.Raydium Sees Its Dominance in Solana DEX Sector ChallengedThe potential launch of an AMM exchange by Pump.fun risks throwing a spanner in the works for Raydium, which would see part of its market share taken away. Normally, when a token launched on Pump.fun reaches a market capitalization of $100,000, it is listed on Raydium. At this stage, $17,000 of liquidity are deposited on Raydium, with LP being burned to prevent these funds from being withdrawn and to keep them available for trading.The AMM of Pump.Fun would mean that the tokens are no longer migrated to Raydium, but rather pass directly through the new DEX exchange of the platform. Obviously, this translates into a possible reduction in trading volumes for Raydium, which would lose about 25% of the current trading volume coming from the coins that reach the bonding curve on Pump.fun.In any case, it is important to emphasize that Raydium represents the largest exchange operating on Solana, and supports many major markets outside of memecoin. The transactions between SOL and stablecoin and between SOL and other tokens launched directly on the DEX contribute to bringing about $500 million in average daily volumes. At the same time, Pump.fun with this new initiative could increase its stellar volumes, which in the last two weeks alone have reached $2.4 billion.RAY Drops 32% on Market Amid Fears of Decline in Protocol RevenuesAmid the speculations for the implementation of an AMM section by Pump.fun, the Raydium token (RAY) has seen many investors leave. A few hours after the news spread, the asset plummeted by 32%, dropping from $4.2 to the current $2.90. This price decline reflects fears of a decrease in Raydium protocol revenues, with a consequent reduction in buybacks on the market.Since the launch of Pump.fun in 2024, over 8 million tokens have been generated on the platform. Each time one of these tokens is listed on Raydium, a fee of 0.2 SOL is applied, which contributes to the exchange’s revenue. However, this source of income could be challenged if the flow of tokens starts to shift towards Pump.fun’s new AMM. If the tokens were traded directly within its ecosystem, Raydium would see a significant decrease in its revenue from transaction fees.To this is added the fact that Raydium would also lose the fees derived from the swaps of tokens born on Pump.fun and then migrated to its own DEX. Every year Raydium collects $1.67 billion in fees, part of which is used to purchase RAY on the market, curbing its inflation and providing an incentive to holders. Furthermore, the risk for Raydium is not only the loss of liquidity coming from Pump.fun tokens, but also the potential shift of other projects that might prefer the new AMM if it implemented competitive fees.
泵。FUN测试创建自己的AMM Exchange：Raydium Af RiskAcording to X上的几个用户的报告，著名的平台泵。FUN据说已经开始从事自己的自动营销商（AMM）。后者代表了DEXS采用的经典分散交换系统，该系统基于一个流动性池，该流动性使用户能够交易代币而无需直接交易对手。与传统的交易所通过订单簿匹配买卖双方的传统交流，在AMM中，价格是根据自动调节交易的智能合约来确定的。虽然Pump.fun仍然没有正式的公告。平台的网站揭示了一个交换两个资产的接口，即典型的AMM。这一启示表明，著名的Memecoin Launchpad计划扩展到DEX的世界，挑战行业领导者Raydium。如果得到证实，此举可能标志着Solana上的分散交流的景观发生了重大变化，泵可能会带走Raydium的流动性和交易量。在过去的几个小时中，“ pump.fun amm”一词也出现在Dexscreener仪表板上，显示每个链的所有DEX。在SOLSCAN上也观察到了协议上的异常内部转移，这表明推出了新的交换。目前，该Beta部分已经列出了几个令牌，但是，其中大多数具有非常低的交易流动性。尽管最近推出了现在的几个成年人，但现在已经很崎ad。分享带走。通常，当一个令牌在Pump.Fun上启动时，它的市值达到了100,000美元，它已在Raydium上列出。在此阶段，在Raydium上存入了17,000美元的流动性，其中LP被燃烧以防止这些资金被撤回并保持交易。而是直接通过平台的新DEX交换。显然，这可能会减少Raydium的交易量，这将损失来自当前交易量的25％，这些硬币来自泵的粘结曲线。代表了在Solana上运营的最大交换，并支持Memecoin以外的许多主要市场。 SOL和Stablecoin之间的交易以及DEX直接推出的Sol和其他代币之间的交易有助于带来约5亿美元的平均每日量。同时，随着这项新倡议的pump.fun可能会增加其恒星量，仅在过去的两周中，这已经达到了24亿美元。由于担心协议收入减少了对实施的猜测，因此市场上下降了32％。 pump.fun的AMM部分，Raydium令牌（Ray）已经看到许多投资者离开了。新闻传播几个小时后，资产下降了32％，从4.2美元下降到目前的2.90美元。这种价格下跌反映了人们对Raydium协议收入下降的担忧，随之而来的是在市场上的回购减少。由于Pump.Fun于2024年的推出，该平台在平台上产生了超过800万个令牌。每次在Raydium上列出这些代币中的一个时，都会收取0.2 SOL的费用，这有助于交易所的收入。但是，如果代币的流动开始向pump.fun的新AMM转移，则可能会挑战这种收入来源。如果代币直接在其生态系统内进行交易，Raydium将看到其收入从交易费用大幅下降。这是添加的事实，即Raydium还将损失从Pump.Fun上出生的代币掉期交易的费用，然后迁移。自己的dex。 Raydium每年都会收取16.7亿美元的费用，其中一部分用于在市场上购买射线，遏制其通货膨胀并为持有人提供动机。此外，Raydium的风险不仅是泵代币的流动性损失，而且是其他项目的潜在转变，如果新AMM实施了竞争性费用，则可能更喜欢新的AMM。
