Raydium（Ray）令牌在猜测泵的猜测中下降了25％。

Raydium的Token是一家总部位于Solana的DEX和AMM，并于2月24日下降，因为越来越多的猜测pump.fun正在开发竞争性的AMM。

The token of Raydium, a Solana-based decentralized exchange (DEX) and automated market maker (AMM), saw a 25% decline on Feb. 24 amid growing speculation that Pump.fun is developing a competing AMM.

Raydium的代币是一个基于索拉纳的分散交易所（DEX）和自动化市政商（AMM）的标记，2月24日，Pump.Fun正在开发竞争性AMM的越来越多的猜测下降了25％。

An X user going by the handle “trenchdiver” claimed on Feb. 24 that Pump.fun has been working on and testing AMM liquidity pools, which would allow users to trade assets against liquidity stored in a smart contract rather than engaging directly with another trader.

2月24日，由手柄“ Trechdiver”乘出手柄“ Trechdiver”的X用户一直在研究和测试AMM流动性池，这将使用户能够对智能合约中存储的流动性进行交易，而不是直接与另一个交易者进行交易。

A website linked by the account showed an AMM interface under Pump.fun’s branding and specified that the feature is in its beta stage.

该帐户链接的网站显示了泵下的AMM界面。FUN的品牌化，并指出该功能处于Beta阶段。

With Pump.fun reportedly developing its own AMM, Raydium stands to lose part of its revenue, as Pump.fun tokens currently complete a “bonding curve” after reaching a trading threshold before transitioning to Raydium.

据报道，由于Pump.Fun开发了自己的AMM，Raydium将失去部分收入，因为Pump.Fun代币目前在过渡到Raydium之前达到交易阈值后完成了“粘合曲线”。

“It seems they are planning to have pump tokens graduate to their own pools instead of Raydium so they can either extract more fees on Solana or have some mechanism to reward token holders,” wrote trenchdiver.

Trenchdiver写道：“看来他们正计划让泵代币毕业于自己的游泳池，而不是雷迪姆，以便他们可以提取更多的索拉纳（Solana）费用，或者有一些机制来奖励令牌持有人。”

According to an on-chain transaction from Feb. 20, which was posted by trenchdiver, Pump.fun may have initiated its AMM liquidity pool by adding a test token.

根据Trechdiver发布的2月20日起的链交易，Pump.Fun可能通过添加测试令牌来启动其AMM流动性池。

DEX Screener data showed that Snowfall (CRACK), a test token likely named after the 2017 TV series about the 1980s crack crisis, hit a peak of $5.4 million within an hour of the X post.

DEX筛选器的数据显示，降雪（Crack）是一个可能以2017年电视连续剧命名的测试代币，在X POST的一个小时内达到了540万美元的高峰。

The token has since seen major price swings, with its value dropping 40% in the last hour and its market cap falling to around $1.8 million.

从那以后，代币的价格波动开始了，其价值在最后一个小时下降了40％，市值下降到约180万美元。

Pump.fun has not made any public announcements to confirm whether it is working on its own AMM pools.

pump.fun尚未发布任何公开公告来确认它是否正在使用自己的AMM池。

According to CoinGecko, Raydium’s token dropped 25% to $3.22 in the past 24 hours, prompting podcast host Tyler Warner to comment on X that it was “falling off a cliff” following trenchdiver’s post.

根据Coingecko的说法，在过去的24小时内，Raydium的代币在过去24小时内下跌了25％至3.22美元，促使播客主持人泰勒·华纳（Tyler Warner）对X发表评论说，在Trechdiver的帖子之后，它正在“从悬崖上掉下来”。

Shoal Research’s Gabriel Tramble wrote on X that while Raydium's AMM charges a 0.25% swap fee, Pump.fun could implement a higher fee and “potentially double its revenue if current market conditions last” by using its own AMM pools.

Shoal Research的Gabriel Tramble在X上写道，尽管Raydium的AMM收取0.25％的交换费，但Pump.Fun可以通过使用自己的AMM池来实施较高的费用，并“如果当前的市场状况持久，则可能会增加其收入的两倍”。

“Degens are used to paying high fees for trades,” he added.

他补充说：“ Degens习惯于为交易支付高额费用。”

Pump.fun has earned over $500 million in trading fees since going live in January 2024, according to figures from DefiLlama.

根据Defillama的数据，自2024年1月启用以来，Pump.Fun已获得超过5亿美元的交易费用。

Recently, in the wake of "Libragate," Pump.fun's founder has pushed back on the memecoin narrative. The Libragate incident follows some investors filing a lawsuit against the platform, arguing that memecoins launched on the platform were subject to securities laws.

最近，在“ Libragate”之后，Pump.Fun的创始人推迟了Memecoin的叙述。 Libragate事件是在一些投资者对该平台提起诉讼的投资者之后，认为该平台上发起的Memecoins遵守证券法。