超级交换=一个更平滑的定价泵乐趣

众所周知，这一时期的索拉纳（Solana）表现紧密与乐趣相关。泵的乐趣使每个人都可以超低发出令牌

Solana's performance this period is closely tied to Pump Fun. Pump Fun allows everyone to issue tokens at an ultra-low cost, industrializing asset issuance. At its peak in late January this year, approximately 60,000 tokens were deployed daily, and daily revenue reached as high as $15 million. In terms of trading volume, tokens related to Pump Fun accounted for over 50% of Solana's overall volume.

Solana的表现紧密与乐趣相关。泵的趣味使每个人都可以超低成本发行代币，并发行工业化资产。在今年1月下旬的顶峰时，每天部署了大约60,000个令牌，每天的收入高达1500万美元。在交易量方面，与泵趣味相关的令牌占Solana总量的50％以上。

On the external environment front, it has experienced various negative events: a general market downturn, the Trump family issuing tokens to siphon market attention, and various countries and celebrities following suit to issue tokens, overstretching their influence. The last straw was Argentine President Milei's Libra, which harvested the hopes of the entire crypto market in less than three hours.

在外部环境方面，它经历了各种负面事件：一般市场的低迷，特朗普家族向虹吸市场的关注发出令牌，以及遵循诉讼的各个国家和名人发行代币，过度拉伸其影响力。最后一根稻草是阿根廷总统麦莉的天秤座，它在不到三个小时的时间内收获了整个加密货币市场的希望。

Returning to Pump Fun itself, since its launch, it has been continuously selling off its SOL holdings. Since 2025, the platform has transferred a total of 1,322,830 SOL to Kraken exchange, worth approximately $260 million.

自推出以来，它恢复了泵的乐趣本身，它一直在不断出售其Sol Holdings。自2025年以来，该平台总共将1,322,830索尔转移到了Kraken Exchange，价值约2.6亿美元。

Recently, they have been testing Pump Fun Swap, expecting to launch their own Dex, replacing the previous liquidity deployment at Raydium when the internal Bonding Curve was fully utilized. The desire for a "winner takes all" mentality is evident.

最近，他们一直在测试泵的有趣互换，希望在充分利用内部粘结曲线时启动自己的DEX，以取代先前在Raydium的流动性部署。对“赢家夺取所有”心态的渴望显而易见。

According to recent data, the number of issued tokens has plummeted from a high of 60,000 to around 22,000, returning to levels seen in October 2024, which coincided with the rise of memes and AI Agents.

根据最近的数据，发行的代币数量已从60,000升至22,000左右，恢复到2024年10月的水平，这与模因和AI特工的兴起相吻合。

In terms of mechanism design, Pump Fun resembles "fast food," where prices are more easily manipulated. In a market with ample liquidity, it can bring about countless wealth myths, but during market downturns with a lack of liquidity, it is destined for issues such as token market cap adjustments and reduced price sustainability. So, if the original mechanism of Pump Fun is combined with DeFi elements, can it extend sustainability?

在机理设计方面，泵趣味类似于“快餐”，在这里更容易操纵价格。在流动性充足的市场中，它可以带来无数的财富神话，但是在缺乏流动性的市场下滑期间，它注定要出于诸如代币市值调整和价格可持续性降低等问题。因此，如果将泵趣味的原始机制与防那元素结合在一起，它可以扩展可持续性吗？

Reference: Dune

参考：沙丘

Super Exchange = A Smoother Pricing Pump Fun

超级交换=一个更平滑的定价泵乐趣

Super Exchange is also a token issuance platform, using an Infinite Bonding Curve pricing mechanism, which differs from Pump Fun's internal bonding curve and external AMM mechanism. Super Exchange uses Bonding Curve pricing throughout, characterized by more stable price fluctuations, preventing early investors from severely controlling the market.

Super Exchange也是一个代币的发行平台，使用无限粘结曲线定价机制，它与泵Fun的内部粘结曲线和外部AMM机制不同。 Super Exchange始终使用粘结曲线定价，其特征是价格更稳定，以防止早期投资者严格控制市场。

For example, purchasing 80% of the token supply on Super Exchange costs 40,269 times more than on Pump.fun, while Pump.fun is only 15 times, indicating that if insider addresses want to collect tokens to control the market, the cost of doing so is significantly higher.

例如，购买超级交易所的令牌供应的80％的费用比泵。

Reference: super.exchange

参考：super.exchange

How to Participate in Super Exchange?

如何参加超级交流？

The total supply of the platform token SUPER is 1 billion, 100% allocated to the community. Among them, 50% of the platform's trading fees are used to buy and burn SUPER in real-time. However, users cannot directly purchase SUPER; they must first buy meme coins on the platform to earn points, which can then be used to purchase SUPER. The obtained SUPER can be withdrawn and exchanged for SOL.

平台代币超级供应的总供应为10亿，100％分配给了社区。其中，该平台的50％的交易费用用于实时购买和燃烧。但是，用户不能直接购买超级。他们必须在平台上首先购买模因硬币才能赚取积分，然后可以用来购买超级。获得的超级可以撤回并换成SOL。

Reference: super.exchange

参考：super.exchange

After understanding the rules of the game, there are mainly two ways to participate:

在了解游戏规则之后，主要有两种参与的方法：

Thus, if the flywheel of this model operates successfully, the following scenario should occur:

因此，如果该模型的飞轮成功运行，则应发生以下情况：

Traders increase trading volume on top tokens (SEND) -> SEND token price rises -> 50% of trading fees buy back SUPER -> Earn points to purchase SUPER -> SUPER price rises -> Attract more people to trade SEND.

交易者增加了顶级代币（发送）的交易量 - >发送令牌价格上涨 - >交易费用的50％回购超级 - >赚取购买积分以购买超级 - >超级价格上涨 - >吸引更多的人来交易。

From the above propagation chain, it can be seen that the most important factor is whether the SEND token price can stabilize and rise, which determines the overall trading volume of the

从上面的传播链中可以看出，最重要的因素是发送令牌价格是否可以稳定和上升，这决定了总体交易量