索拉納（Solana）上的分散交易所（DEX）景觀正在進行重大改組。

索拉納（Solana）上的分散交易所（DEX）景觀正在進行重大改組。儘管事情仍然非常流動​​，但Raydium曾經無法實現的主導地位正面臨著迅速分辨出大量市場份額的新興平台的巨大壓力。

The decentralized exchange (DEX) landscape on Solana is undergoing a major shakeup.

索拉納（Solana）上的分散交易所（DEX）景觀正在進行重大改組。

While things are still very much in flux, the once-unshakable dominance of Raydium is facing serious pressure from emerging platforms that are quickly carving out significant market share.

儘管事情仍然非常流動​​，但Raydium曾經無法實現的主導地位正面臨著迅速分辨出大量市場份額的新興平台的巨大壓力。

From April 14 to April 20, 2025, Raydium remained the largest DEX on Solana by trading volume. But for the first time in over a year, its position is no longer unchallenged.

從2025年4月14日至4月20日，Raydium仍然是交易量的最大的Solana Dex。但是這是一年多以來的第一次，其位置不再受到挑戰。

Market data from last week put Raydium at 31% of total DEX volume on Solana—still leading but down sharply from its 2025 peak of 63%. That dramatic 50% drop in market share shows just how rapidly things have changed in recent months. And of course, “things” refers to competitors that have emerged on Solana and are rapidly taking business from Raydium.

上週的市場數據使Raydium佔Solana的總DEX量的31％，但從2025年的63％的峰值開始，但急劇下降。急劇的50％市場份額下降表明，最近幾個月的變化迅速。當然，“事物”是指在索拉納（Solana）出現並迅速從雷迪恩（Raydium）獲得業務的競爭對手。

The present DEX volume breakdown shows a diverse and splintered ecosystem:

當前的DEX卷故障顯示了一個多樣化且分裂的生態系統：

– Raydium: 31%

- Raydium：31％

– Pumpfun (Launchpad + AMM): 19%

- Pumpfun（Launchpad + AMM）：19％

– Orca: 16%

- Orca：16％

– Meteora: 12%

- 流星：12％

– SolFi: 11%

-Solfs：11％

– Others: 11%

- 其他：11％

1/ @solana's DEX landscape has never been this competitive. Here's the market share snapshot from last week (Apr 14 – Apr 20, 2025):

1/ @Solana的Dex景觀從來都不是這種競爭力。這是上週（2025年4月14日至4月20日）的市場份額快照：

– Raydium: 31%– Pumpfun (launchpad + AMM): 19%– Orca: 16%– Meteora: 12%– SolFi: 11%– Others: 11%

- Raydium：31％ - Pumpfun（Launchpad + AMM）：19％ - Orca：16％ - Meteora：12％ - Solfi：11％ - 其他：11％

Let's dive into the data 🧵pic.twitter.com/AnXT9G3e

讓我們深入了解數據🧵PIC.twitter.com/anxt9g3e

— Blockworks Research (@blockworksres) April 21, 2025

- 2025年4月21日

Pumpfun Emerges as a Powerhouse

Pumpfun作為一個強大的人出現

The most notable development in this changing scene is the emergence of Pumpfun, a new player that has quickly surged to the number two spot on the leaderboard. Just weeks after launching its automated market maker (AMM), Pumpfun has become responsible for 19% of total DEX volume on Solana. Last week alone, it hit a record-breaking $4.3 billion in trading volume, which stands as an all-time high for the platform.

在這個不斷變化的場景中，最值得注意的發展是Pumpfun的出現，Pumpfun是一名新球員，它迅速飆升至排行榜上的第二名。在推出自動化做市商（AMM）幾週後，Pumpfun已成為Solana總DEX量的19％。僅上週，它就達到了創紀錄的43億美元交易量，這對於該平台來說是歷史最高的。

Pumpfun owes its success to a hybrid model. On the one hand, it is a memecoin-focused launchpad, and on the other, a high-speed AMM. These two functionalities have managed to siphon off the rabid retail interest in low-cap tokens, while at the same time offering traders efficient liquidity. In the Solana ecosystem, where retail passion projects have historically gone to die, what Imperium Labs has built with Pumpfun is of dangerous potential.

Pumpfun的成功歸功於混合模型。一方面，它是一種以模因子為中心的發射板，另一方面是高速AMM。這兩種功能已經設法使低帽代幣的狂熱零售利息觸發，同時為交易者提供有效的流動性。在零售熱情項目歷史上已經消失的索拉納生態系統中，Imperium Labs用Pumpfun建造的東西具有危險的潛力。

The really big question now is: can Pumpfun keep—if not increase—its market share in the face of a competitive and often rapidly shifting crypto landscape? With such explosive early growth, much of its future success will depend on how well it can hold onto liquidity providers, bring in serious traders, and develop in ways that don’t rely on its meme-centered past. And of course, the same questions apply to the many other projects in the Pumpfun space.

現在真正的大問題是：面對競爭激烈且經常迅速轉移的加密景觀，Pumpfun可以保持（如果不增加）它的市場份額嗎？隨著這種爆炸性的早期增長，其未來的大部分成功將取決於它能夠保持流動性提供者，引進認真的商人，並以不依賴其以模因過去的過去的方式發展。當然，同樣的問題也適用於Pumpfun空間中的許多其他項目。

Orca and SolFi Duel Over SOL-USD Dominance

Orca和Solfi決斗在Sol-USD主導地位上

In the world beyond the memecoin frenzy, dominance is up for grabs in core trading pairs like SOL-USD—and Orca, a decentralized exchange, currently has a slight edge. About 27% of the trading volume for this pair happens on Orca, with another decentralized exchange, SolFi, nudging just behind at 26%. But these numbers are so close that they won’t be doing SolFi any disservice if, throughout this essay, I just shorthand for both as “decentralized exchanges serving the SOL-USD market.”

在Memecoin Frenzy之外的世界中，統治地位在Sol-Usd等核心交易對中競選，而去中心化交易所的Orca目前具有輕微的優勢。這對的交易量的約27％發生在Orca上，另一個分散的交易所（Solfi）落後於26％。但是，這些數字是如此接近，以至於如果我只是在本文中，我將不會造成任何損害，我只是作為“為Sol-USD市場服務的分散交易所的交流”。

Orca has emerged as a leader in several other significant categories, especially in Project Token markets like JLP and JTO, and in Liquid Staking Token (LST) swaps. This leadership across several verticals highlights the appeal of Orca to a broader user base and suggests that its base is well-diversified beyond just one niche.

ORCA已成為其他幾個重要類別的領導者，尤其是在JLP和JTO等項目代幣市場，以及液體固定令牌（LST）掉期交易中。在幾個垂直行業的這種領導力突出了Orca對更廣泛的用戶群的吸引力，並表明其基礎的多樣化不僅僅是一個利基市場。

In the meantime, SolFi has taken great strides to establish itself as a key player in providing stablecoin and major pair liquidity. SolFi’s rapid growth in volume and usage speaks to a rising demand for DeFi platforms with simplified, clean interfaces, and trading mechanics that perform to the level of—if not better than—those on the “traditional” trading platforms.

同時，索爾菲（Solfi）取得了長足的進步，以確立自己的關鍵參與者，以提供Stablecoin和Major Pair流動性。 Solfi在數量和使用方面的迅速增長表明，對Defi平台的需求不斷上升，簡化，乾淨的界面和交易機制，這些機制在“傳統”交易平台上的級別（如果不比這些）的水平上升。

Raydium’s Position Still Strong—But Fading

Raydium的位置仍然很強 - 但正在褪色

Even though its market share continues to shrink, Raydium remains far from insignificant. It still commands 31% of the total market and leads the Solana DEX scene. But its present looking quite more vulnerable than its September 2

即使其市場份額不斷縮小，Raydium仍然遠非微不足道。它仍然佔總市場的31％，並帶領Solana Dex場景。但是它的現在看起來比9月2日更脆弱