The development was first spotted by X news aggregator platform Aggr News, which took notice of amm.pump.fun, a new liquidity pool under internal testing.
Pump.fun, a Solana-based memecoin launchpad, is reportedly testing its own automated market maker (AMM) to replace Raydium as the default decentralized exchange for graduated tokens.
This development was spotted by X news aggregator platform Aggr News, which highlighted a new liquidity pool under internal testing on amm.pump.fun. If implemented, Pump.fun’s in-house AMM would enable the platform to capture more fees, potentially impacting trading fees on Raydium (RAY).
The shift comes as memecoins continue to drive massive volumes in the DEX market. According to DeFiLlama, Pump.fun has generated over $500 million in total swap fees. Currently, around 1.4% of tokens launched on the platform proceed to Raydium, indicating that an in-house AMM could help retain more liquidity within the ecosystem.
The X community speculates that this development could also pave the way for additional features like memecoin perpetuals and lending. If Pump.fun proceeds with the transition, Raydium could experience a 30-50% decrease in trading volume. This would significantly impact Raydium's market position. In response to the news, Raydium's token, RAY, has dropped by 20% in the last 24 hours, according to CoinGecko.
Apart from the liquidity shift, Pump.fun has also made headlines for stopping a hacker linked to the recent $1.4 billion Bybit hack from laundering funds on the platform. Pump.fun blocked the attacker's ability to transfer assets through Pump.fun's infrastructure, preventing them from laundering stolen funds through a memecoin launch.
Through a coin called “QinShihuang (500000),” the hacker managed to generate over $26 million in trading volume before being banned. According to on-chain data, the attacker moved 60 SOL to a different wallet and then proceeded to launch the token on Pump.fun, likely in an attempt to mix and conceal the stolen assets.
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