加密观察者发现泵的证据后，Raydium（Ray）令牌下降了22％。FUN测试其自己的AMM系统

Raydium的本地令牌雷在周日的下降急剧下降，在24小时内下降了22％，达到3.28美元，在接下来的一小时内增加了5％。

Raydium (RAY) token experienced a sharp 22% decline over 24 hours on Sunday, reaching $3.28, followed by an additional 5% decrease in the following hour.

Raydium（Ray）代币在周日的24小时内经历了22％的急剧下降，达到3.28美元，随后在接下来的一小时下降了5％。

The price movement comes after crypto watchers discovered evidence of Pump.fun testing its own automated market maker (AMM) system.

价格变动是在加密观察者发现泵的证据之后进行的。FUN测试自己的自动化做市商（AMM）系统。

A test version of an AMM is now live at “amm.pump.fun,” displaying features for buying, selling, depositing, and withdrawing funds.

现在，AMM的测试版本现场播放在“ amm.pump.fun”上，该版本显示用于购买，出售，存款和提取资金的功能。

This marks the first time that Pump.fun has shown interest in developing its own trading infrastructure, departing from its current model of redirecting tokens to Raydium’s platform.

这标志着pump.fun首次表现出对开发自己的交易基础设施的兴趣，这是其当前的重定向代币模式到Raydium的平台。

Pump.fun currently operates as a token issuance platform on the Solana blockchain, allowing users to create new tokens with minimal capital investment.

pump.Fun目前在Solana区块链上充当令牌发行平台，使用户能够以最少的资本投资创建新的代币。

The platform charges less than $2 for token creation, enabling users to determine token supply, theme, and associated meme imagery.

该平台为代币创建收费不到2美元，使用户能够确定令牌供应，主题和相关的模因图像。

The relationship between Pump.fun and Raydium is established through a graduation system.

Fump.Fun和Raydium之间的关系是通过毕业系统建立的。

When tokens launched on Pump.fun reach a market capitalization of $69,000, they become eligible to move to Raydium’s trading pools. This transfer requires projects to pay 6 SOL, approximately $950, to access Raydium’s more liquid trading environment.

当代币在泵上推出时，即可达到69,000美元的市值，他们有资格搬到Raydium的交易池。此转让要求项目支付6辆溶胶（约950美元），以访问Raydium更流动的交易环境。

Min Jung, an analyst at Presto Research, explained to Decrypt that Raydium benefits from this arrangement through its 0.25% fee on token swaps.

Presto Research的分析师Min Jung向解密解释说，Raydium通过其0.25％的代币掉期收费从这种安排中受益。

However, data shows that only 1.4% of tokens launched on Pump.fun actually progress to Raydium’s pools, with fewer than 100 achieving a market capitalization above $1 million.

但是，数据表明，在泵上发布的代币中只有1.4％实际上进展到了Raydium的泳池，少于100的市值超过100万美元。

Internal testing by Decrypt showed that the security certificates for the test site appear legitimate and connect to the Pump.fun platform.

通过解密进行内部测试表明，测试站点的安全证书显得合理，并连接到pump.fun平台。

However, the test AMM’s branch domain did not show up in standard domain name services lookups, suggesting that it remains in development.

但是，测试AMM的分支域并未显示在标准域名服务查找中，这表明它仍在开发中。

Pump.fun has demonstrated strong financial performance since its launch in 2024.

自2024年推出以来，Pump.Fun表现出强劲的财务业绩。

The platform collected over $550 million in total fees and processed $2.4 billion in trading volume during the past two weeks alone. More than 8 million tokens have been created on the platform since its inception.

该平台收取的总费用超过5.5亿美元，仅在过去两周内处理了24亿美元的交易量。自成立以来，该平台上已经创建了超过800万个令牌。

Technical Analysis

技术分析

A technical examination of the test site revealed references to a fee structure in Section 4 of its terms and conditions.

对测试地点的技术检查揭示了其条款和条件第4节中的费用结构的提及。

While specific fee parameters remain undefined during the testing phase, this suggests that Pump.fun could implement competitive trading fees to match Raydium’s current rates.

尽管在测试阶段，特定的费用参数仍然不确定，但这表明pump.fun可以实施有竞争力的交易费，以符合Raydium的当前利率。

Neither Pump.fun nor Raydium have officially responded to requests for comment about the situation.

Pump.Fun和Raydium都没有正式回应有关此情况的评论请求。

The lack of public statements from either platform has left market participants speculating about the potential impact of this development.

任何一个平台缺乏公开声明使市场参与者猜测这一发展的潜在影响。

Despite the current market reaction, Raydium maintains a diverse trading ecosystem beyond Pump.fun tokens.

尽管目前有市场反应，但Raydium仍保持着泵的多样性生态系统。

The exchange supports various major markets, including Solana (SOL) to stablecoin trading pairs, contributing to its average daily trading volume of $500 million.

该交易所支持包括Solana（Sol）到Stablecoin交易对在内的各种主要市场，其平均每日交易量为5亿美元。

At its peak, Pump.fun processed over $5.3 million in daily fees, establishing itself as one of the most profitable crypto applications in recent times.

在达到顶峰时，Pump.Fun的每日费用超过530万美元，使其成为近来最有利可图的加密货币之一。

The platform has achieved this without issuing its own token, setting it apart in an industry where many businesses rely on token sales for revenue.

该平台已经实现了这一目标，而没有发布自己的代币，在许多企业依靠代币销售来获得收入的行业中将其与众不同。

The emergence of a new AMM could allow Pump.fun to redirect tokens to its own liquidity pools instead of Raydium’s.

新AMM的出现可以允许泵。Fun可以将令牌重定向到其自身的流动性池而不是Raydium的流动性池。

This potential shift has prompted market speculation about future revenue streams and competition between the platforms.

这种潜在的转变引发了市场对未来收入流和平台之间竞争的推测。

Some tokens launched on Pump.fun have achieved substantial market capitalizations, with examples like fartcoin (FART) reaching billions in value.

一些在Pump.Fun上推出的令牌已经实现了大量的市值，例如Fartcoin（Fart）等实例达到了数十亿美元的价值。

This demonstrates the platform’s ability to generate successful projects despite the low progression rate to Raydium’s pools.

这证明了平台能够产生成功项目的能力，尽管雷迪姆池的进度率低。

The discovery of the test AMM comes during a period of steady growth for Pump.fun, which has launched thousands of new tokens while maintaining consistent fee revenue.

测试AMM的发现是在Pump.Fun稳定增长时期的，该期限已推出了数千个新令牌，同时保持了一致的费用收入。

The platform’s success in token issuance suggests it has built a user base that could support an independent trading system.

该平台在代币发行中的成功表明，它已经建立了一个可以支持独立交易系统的用户群。

If implemented, Pump.fun’s AMM would create a new option for tokens launched on its platform, potentially affecting the established flow of projects to Raydium’s trading pools.

如果实施，pump.fun的AMM将为其平台上推出的代币创建一个新的选项，可能会影响项目已建立的项目流向Raydium的交易池。

The market’s reaction reflects this uncertainty about future trading volumes and fee distribution between the platforms.

市场的反应反映了平台之间未来交易量和费用分配的不确定性。