特朗普的纪念物可能会为更广泛的加密网络带来间接利益

Raydium是从最近的Memecoin热潮中获得可观的众多加密货币服务提供商之一。

Tom collapsed onto his bed in the early hours of January 18, just two days before Donald Trump was set to return to the White House. His phone lit up with a message from an old friend: "Did you see? Trump just launched his own cryptocurrency."

汤姆（Tom）在1月18日凌晨倒在床上，就在唐纳德·特朗普（Donald Trump）准备返回白宫之前的两天。他的电话带着一位老朋友的消息照亮：“你看到吗？特朗普刚刚发起了自己的加密货币。”

Tom sprang up, sat at his desk, opened his laptop, and turned on two monitors. "It doesn't feel real," he said. "I'm trying to figure out what exactly is happening."

汤姆跳起来，坐在他的桌子上，打开笔记本电脑，然后打开两个监视器。他说：“感觉并不真实。” “我试图弄清楚到底发生了什么。”

Tom is the head of Raydium, a decentralized cryptocurrency exchange registered in the British Virgin Islands where investors can trade cryptocurrencies without intermediaries. Like other employees at Raydium, Tom keeps his full name and whereabouts confidential for privacy and regulatory reasons.

汤姆（Tom）是Raydium的负责人，Raydium是一家分散的加密货币交易所，在英属维尔京群岛注册，投资者可以在没有中介机构的情况下进行加密货币。像Raydium的其他员工一样，汤姆出于隐私和监管原因将其全名和下落机密保密。

Raydium is one of many cryptocurrency service providers that have profited significantly from the recent Memecoin craze. As an important part of the Solana network's trading ecosystem, exchanges like Raydium have experienced rapid growth over the past year, even before the emergence of Trump's Memecoin.

Raydium是从最近的Memecoin热潮中获得可观的众多加密货币服务提供商之一。作为Solana网络交易生态系统的重要组成部分，像Raydium这样的交流在过去的一年中，甚至在特朗普的Memecoin出现之前都经历了迅速的增长。

In 2024, Raydium processed its highest trading volume ever, largely driven by the Memecoin frenzy. Tom quickly realized that the arrival of Trump's Memecoin was an opportunity for Raydium, as the platform takes a small fee from each transaction.

2024年，Raydium处理了有史以来最高的交易量，这在很大程度上是由Memecoin Frenzy驱动的。汤姆很快意识到，特朗普的纪念物的到来是雷迪姆的机会，因为该平台每笔交易都需要少量费用。

After Tom verified that Trump's Memecoin (TRUMP) was real and not the carefully orchestrated scam some had speculated, he rushed to ensure that Raydium's servers could handle the impending wave of transactions. (The platform had previously crashed during another Memecoin trading frenzy at the end of 2023.) Then, Tom set about ensuring there was enough of this new coin available for people to trade freely on Raydium: he monitored the number of Trump Memecoins people voluntarily listed (a practice that allows the listers to earn a portion of the trading fees) and bought more from elsewhere when necessary to meet demand on the platform.

汤姆（Tom）确认特朗普的成人（特朗普）是真实的，而不是一些人猜测的精心策划的骗局之后，他急忙确保Raydium的服务器能够处理即将来临的交易浪潮。 （该平台以前曾在2023年底爆发的另一个Memecoin交易中坠毁。）然后，汤姆（Tom）着手确保有足够的这种新硬币可以在Raydium上自由交易：他监视了自愿列出的特朗普纪念物人数（这种实践使Listers能够赚取一部分交易费用），并在必要时从其他地方购买了更多东西，以满足平台的需求。

Around 5 a.m., Tom wearily lay back down in bed. In the chaos, he forgot to buy some TRUMP for himself.

凌晨5点左右，汤姆疲倦地躺在床上。在混乱中，他忘了为自己购买一些王牌。

While Tom was sleeping, a flood of trades came in. The next day, January 19, Raydium saw $16 billion in trading volume, more than the total trading volume for all of 2023. Tom said the trading charts looked "like a hockey stick."

汤姆睡觉时，交易泛滥。第二天，1月19日，雷迪姆的交易量达到了160亿美元，超过2023年全部交易量。汤姆说，交易表看起来像“曲棍球棒”。 “

Despite the hundreds of billions of dollars changing hands in the frenzy sparked by Trump's Memecoin, only a handful of traders made a profit. The vast majority either lost money or broke even.

尽管在特朗普的成员引发的狂热中，有数千亿美元的手手易手，但只有少数商人赚钱。绝大多数人要么亏损，要么赚钱。

Value steadily flowed to Trump's affiliated companies managing the cryptocurrency and to cryptocurrency service providers like Raydium, which together made Memecoin trading possible. As one hedge fund manager described, the "Memecoin industrial complex" also includes the Solana network, companies providing wallet software for storing cryptocurrencies, liquidity providers ensuring cryptocurrencies can be traded at any time, entities aggregating price data, and more. All of them benefit from the increase in trading activity.

价值稳定地流向了特朗普的关联公司管理加密货币和像Raydium这样的加密货币服务提供商，这使Memecoin交易成为可能。正如一位对冲基金经理所描述的那样，“ Memecoin工业综合体”还包括Solana Network，提供存储加密货币的钱包软件的公司，流动性提供商确保可以随时交易加密货币，并汇总价格数据等。所有人都受益于交易活动的增加。

"If you dig deeper, you'll find there are many moving parts in the background that the public doesn't understand," said Anurag Arjun, co-founder of cryptocurrency infrastructure startup Avail and the Polygon network.

加密货币基础架构启动启动和Polygon Network的联合创始人Anurag Arjun说：“如果您更深入地进行挖掘，您会发现背景中有许多活动部件。”

Solana was a relatively quiet place until the Memecoin craze began to emerge in late 2023. Hardly anyone was using the network, and the services built on it could barely sustain themselves. Aside from financial speculation, there were very few applications built on Solana. "There were a lot of jokes about how developing on Solana was like chewing glass," Tom said, "it was really hard."

索拉纳（Solana）是一个相对安静的地方，直到2023年下半年开始出现Memecoin热潮。几乎没有人使用该网络，而建立的服务几乎无法维持自己。除了财务投机外，在Solana上构建的申请很少。汤姆说：“关于Solana在Solana上的发展如何，有很多笑话，”这真的很难。”

Previously, Memecoins have been criticized for being unserious, potentially jeopardizing efforts to establish legitimacy in the crypto industry. Trump's Memecoin was widely criticized as a "money grab." However, the emergence of cryptocurrencies like Trump's Memecoin could bring significant indirect benefits to the broader crypto network, creating a flywheel effect where the arrival of Memecoin investors attracts developers eager to build other applications for them. In theory, once people are equipped with Solana wallets, they are more likely to use various Solana-based applications, leading to sustained increases in network activity.

以前，Memecoins因在加密行业建立合法性的努力而受到危害，可能危害了危害。特朗普的成人被广泛批评为“抢钱”。但是，像特朗普的Memecoin这样的加密货币的出现可能会为更广泛的加密网络带来巨大的间接利益，从而产生飞轮效应，其中Memecoin Investors的到来吸引了渴望为其构建其他应用程序的开发商。从理论上讲，一旦人们配备了Solana钱包，他们就更有可能使用各种基于SOLANA的应用程序，从而导致网络活动的持续增加。

"Many application development teams will target these new users," Arjun said, "Memecoin is an example of something that can run on this infrastructure."

Arjun说：“许多应用程序开发团队将以这些新用户为目标，Memecoin是可以在此基础架构上运行的示例。”

According to experts, the launch of Trump's Memecoin also has significant implications for the U.S. government's stance on cryptocurrencies. For a long time, the industry has complained about the lack of clear rules governing the issuance of new coins in the U.S.; given that Trump's Memecoin has presidential backing, its launch could be interpreted as a form of tacit approval.

据专家称，特朗普的纪念因素的推出也对美国政府对加密货币的立场产生了重大影响。长期以来，该行业一直抱怨缺乏管理美国发行新硬币的明确规则；鉴于特朗普的纪念物具有总统支持，因此可以将其推出为默认批准的一种形式。

"This will create a ruling that gradually affects all different institutions: the U.S. is embracing cryptocurrencies," said Demelza Hays, digital asset portfolio manager at investment firm Zeltner & Co. and chief economist at cryptocurrency industry publication CoinTelegraph. "We will see

投资公司Zeltner＆Co。的数字资产投资组合经理兼加密货币行业出版物Cointelegraph的数字资产投资组合经理Demelza Hays表示：“这将创建一项裁定，逐渐影响所有不同机构：美国正在接受加密货币。” “我们会看到