Time.Fun打算“翻转桌子”，Solana生态系统危机加剧了

2月24日，在Time Tokenization Platform Time.Fun正式在Solana上发布，Solana官方团队迅速提供了强有力的支持

Author: Nancy, PANews

作者：Nancy，Panews

On February 24, after the time tokenization platform Time.fun officially launched on Solana, the Solana official team quickly provided strong support, and even Solana co-founder Toly mentioned it in a tweet, giving it ample market exposure. This move is not only a strong response to the liquidity drain of Pump.fun but also another growth exploration after the Solana ecosystem was severely impacted by the chaos of celebrity token issuance.

2月24日，在Time tokenization Platform Time.Fun正式在Solana上启动，Solana官方团队迅速提供了强有力的支持，甚至Solana的联合创始人Toly都在推文中提到了这一点，从而使其充分敞开了市场。这一举动不仅是对泵的流动性流失的强烈反应。FUN，而且在索拉纳生态系统受到名人代币发行的混乱严重影响之后的另一种增长探索。

After the scandals involving celebrity tokens like Libra, liquidity on Solana was rapidly withdrawn, and market sentiment remained low. As the traffic engine of the Solana ecosystem in this cycle and an on-chain "printing machine," the protocol is currently struggling to maintain liquidity. Multiple factors, including self-built AMM, rumors of token issuance, ongoing token sell-offs, and uncertainties from regulatory lawsuits, have also caused "discontent" from Solana officials.

在涉及Libra之类的名人代币的丑闻之后，Solana上的流动性迅速撤回，市场情绪仍然很低。作为本周期中Solana生态系统的交通引擎和一链“打印机”，该协议目前正在努力维持流动性。包括自我建造的AMM，代币发行的谣言，持续的代币抛售以及监管诉讼的不确定性在内的多种因素也引起了Solana官员的“不满”。

In January of this year, Pump.fun's business, despite ongoing growth, unfortunately faced a lawsuit. According to a Bloomberg Law report at the time, Pump.fun was facing a class-action lawsuit, accused of violating U.S. securities laws by marketing and issuing unregistered and highly volatile meme tokens, exposing investors to significant financial risks and collecting nearly $500 million in fees. The lawsuit was filed in the Southern District of New York, with the plaintiffs describing it as "a new evolution of a Ponzi scheme and pump-and-dump." Shortly after, two U.S. law firms, Burwick Law and Wolf Popper, also sued Pump.fun, demanding the platform remove tokens that used their IP, indicating that these tokens used their intellectual property (including their logo and name) without permission.

不幸的是，在今年1月，尽管持续增长，但Fump.Fun的业务仍面临诉讼。根据当时的彭博法律报告，Pump.Fun面临着集体诉讼，被指控通过营销和发行未注册和高度波动的模因标记违反了美国证券法，使投资者面临重大的财务风险，并收取了近5亿美元费用。该诉讼是在纽约南部地区提起的，原告将其描述为“庞氏骗局和泵和雨衣的新进化”。不久之后，两家美国律师事务所Burwick Law和Wolf Popper也起诉泵。

Worse still, as MEME "cooled off," Pump.fun, as the primary victim of this wave of impact, saw both its graduation rate and trading volume plummet, further affecting the overall activity of the Solana ecosystem.

更糟糕的是，随着Meme“冷静”，作为这种影响浪潮的主要受害者的泵。

Data from The Block shows that as of February 24, the graduation rate of Pump.fun tokens transferred to Raydium was only 0.96%, down 54.7% from the historical peak of 2.12%. Meanwhile, Pump.fun's on-chain trading also saw a significant drop, with the average daily trading volume falling from a peak of $3.13 billion in January to $190 million as of February 24, a decline of 93.9%. In terms of protocol fee revenue, DefiLlama data shows that as of February 25, Pump.fun's protocol fee revenue was $2.45 million, a decrease of nearly 84.1% from the historical peak of $15.38 million on January 25.

来自该块的数据表明，截至2月24日，转移到Raydium的泵的毕​​业率仅为0.96％，比历史峰值2.12％下降了54.7％。同时，Pump.Fun的链交易也显着下降，平均每日交易量从1月份的31.3亿美元下降到截至2月24日的1.9亿美元，下降了93.9％。在协议费收入方面，Defillama数据显示，截至2月25日，Pump.Fun的协议费收入为245万美元，比1月25日的历史峰值减少了近84.1％。

The significant downturn in business forced Pump.fun to start exploring more products. However, some of these initiatives undoubtedly pose a heavy blow to the still-recovering Solana ecosystem. Earlier this month, crypto KOL Hebi (@hebi555) disclosed on X that Pump.fun plans to adopt a Dutch auction model for public offerings on multiple CEXs (centralized exchanges). Although Pump.fun co-founder Alon denied this rumor and claimed that the news about potential tokens was untrue, this response was questioned by many industry insiders. For instance, Wu said blockchain publicly pointed out that Alon was lying, with several CEX-listed companies confirming Pump.fun's token issuance plans and stating they could publicly share relevant preparatory documents once permission was obtained. If Pump.fun ultimately issues tokens, it will undoubtedly have a huge impact on the Solana market, especially given the already tight liquidity, which will likely lead to even greater capital withdrawal.

业务急剧下降的强迫泵开始探索更多产品。但是，其中一些举措无疑对仍在恢复的Solana生态系统造成了沉重的打击。本月早些时候，Crypto Kol Hebi（@Hebi555）在X上披露，pump.Fun计划在多个CEXS（集中式交易所）上采用荷兰拍卖模型。尽管Pump.Fun联合创始人Alon否认了这一谣言，并声称有关潜在代币的新闻是不正确的，但许多行业内部人士都对此做出了质疑。吴说，区块链公开地指出，阿隆正在撒谎，几家CEX上市的公司确认了Pump。如果Pump.fun最终发出代币，它无疑会对Solana市场产生巨大影响，尤其是考虑到已经很紧张的流动性，这可能会导致更大的资本退出。

Moreover, Pump.fun has earned considerable revenue through trading fees, even ranking among the top 10 global gambling companies in 2024 with an annual revenue of $1 billion. According to Onchain Lens monitoring, Pump.fun has accumulated approximately 2.99 million SOL, currently valued at about $431 million, and its ongoing cash-out behavior has also put significant selling pressure on the SOL token.

此外，Pump.Fun通过交易费获得了可观的收入，甚至在2024年的全球十大赌博公司中，年收入为10亿美元。根据OnChain Lens监控，Pump.Fun累积了约299万辆溶胶，目前价值约4.31亿美元，其持续的现金行为也对Sol代币造成了巨大的销售压力。

What’s more concerning is that Pump.fun recently intends to "flip the table." On February 24, market rumors suggested that Pump.fun is internally testing a self-developed AMM (automated market maker) liquidity pool, with the community speculating that it may launch its own Swap platform to replace third-party suppliers like Raydium to extract more trading fees, a move widely regarded by the community as overly greedy. If this news is true, it would undoubtedly deal a heavy blow to DEXs on Solana, as Raydium and Jupiter have carried a significant amount of liquidity from Pump.fun, and these DEXs are also the liquidity hubs of the Solana ecosystem. To make matters worse, platforms like Raydium and Jupiter have recently also been implicated in the Libra

更令人担忧的是泵。FUN最近打算“翻转桌子”。 2月24日，市场谣言暗示pump.fun正在内部测试一个自发开发的AMM（自动营销商）流动性池，社区推测它可能会启动自己的交换平台，以替换像Raydium这样的第三方供应商，以提取更多交易费，这一举动被社区广泛认为是过于贪婪。如果这个消息是正确的，那么毫无疑问，这将对Solana的DEX造成沉重打击，因为Raydium和Jupiter从Pump.Fun进行了大量流动性，而这些DEX也是Solana生态系统的流动性枢纽。更糟糕的是，雷迪恩和木星等平台最近也与天秤座有关