Memecoins驅動Solana上的DEX增長，PumpDotFun領導了電荷

Solana有一個DEX，並於2025年開始顯示恢復的跡象，交易量增加到每天60億美元

Solana's DEX volumes have recovered to mid-February levels, with daily total volumes crossing $6 billion and memecoin volumes now at nearly $4 billion. Despite constant remarks about the supposed ephemerality of memecoin trading, the sector has continuously adapted to new narratives.

索拉納（Solana）的DEX量已經恢復到一月中旬，每天的總量超過60億美元，而Memecoin卷現在為近40億美元。儘管對假定的Memecoin交易的短暫性不斷發表評論，但該行業仍不斷適應新的敘述。

This type of trading has shown itself to be quite sturdy, adapting to—and sometimes leading—new trends and narratives.

這種類型的交易表明自己非常堅固，適應了新趨勢和敘事，有時甚至是領先的。

From late 2023 to early 2024, trades involving memecoins have provided between 40% and 70% of the total trading volume found on Solana DEXs. This kind of trading is far from the total collapse we seemed set for in 2022 and at the beginning of 2023, with trades found in Solana memecoins likely as safe as any trades found on centralized exchanges.

從2023年底到2024年初，涉及Memecoins的交易提供了Solana Dexs上總交易量的40％至70％。這種交易遠非我們似乎在2022年開始的總崩潰，而在2023年初，在Solana Memecoins中發現的交易可能與集中交易所中的任何交易一樣安全。

Solana DEX volumes are experiencing a resurgence, and that revival is closely linked to trading “memecoins.” A new player in this realm is @pumpdotfun, which seems to have quickly inflated to near the top of the Solana DEX leaderboard, commanding over 20% of DEX volume in recent weeks. @pumpdotfun features a unique bonding curve and automated market maker (AMM) functionality that have made it popular with users.

Solana Dex量正在經歷復興，而復興與交易“ Memecoins”密切相關。 @pumpdotfun是該領域中的一個新球員，它似乎很快就已經膨脹到Solana Dex排行榜的頂部，最近幾周占DEX量的20％以上。 @PumpDotFun具有獨特的粘合曲線和自動化曲線（AMM）功能，使其在用戶中受歡迎。

This growth has not come without consequences, though, as it has seemingly and at least to some extent displaced @RaydiumProtocol in the DEX trading mix.

但是，這種增長並非沒有後果，因為它似乎和至少在某種程度上取代了DEX交易組合中的@RayDiumProtocol。

Previously, Raydium held a commanding percentage of the Solana DEX market, accounting for as much as 60% of the total DEX volume. But the memecoin trading movement—taking place on platforms such as PumpDotFun—has blasted off and is now wrecking what’s left of the Solana DEX ecosystem. Raydium is not even mentioned as a key player in the latest segment of the Solana DEX ecosystem on DeFi Lama.

此前，Raydium持有Solana Dex市場的指揮百分比，佔總DEX量的60％。但是，在PumpDotFun等平台上佔據的Memecoin貿易運動已經爆炸了，現在正在破壞Solana Dex生態系統的剩下的東西。在Defi Lama上Solana Dex生態系統的最新部分中，Raydium甚至沒有被提及為關鍵參與者。

Tokens like those traded on PumpDotFun represent an enduring sector on Solana: the memecoin. These offshoots of the meme economy reach obscene heights, and on Solana (as elsewhere), they are propped up by a few factors.

像在PumpDotFun上交易的代幣一樣，代表了Solana上的一個持久部門：Memecoin。模因經濟的這些分支達到了淫穢的高度，在Solana（與其他地方一樣），它們是由一些因素所支撐的。

High volatility lends them an aura of potential profitability, which attracts traders. Still, they maintain a decent amount of user engagement—because, at the end of the day, what are these tokens but a joke? A joke waiting to be told, retold, and riffed on, the surface reason why the value of these tokens might go up. What are trading memes if not a punchline?

高波動性使他們成為潛在盈利能力的光環，這吸引了交易者。儘管如此，他們仍然保持了大量的用戶參與度 - 因為在一天結束時，這些令牌是什麼？一個笑話，等待被告知，重述和重新講，這是這些代幣價值可能上升的表面原因。如果不是重點，什麼是交易模因？

Memecoin Empire: New Launchpads and Apps Drive Shift in Market Share

Memecoin Empire：新的發射台和應用程序推動市場份額轉移

While PumpDotFun has held a dominant position for a long time, newer projects and platforms are starting to make a big splash in Solana's DEX landscape.

儘管PumpDotFun長期以來一直保持著主導地位，但較新的項目和平台開始在Solana的Dex景觀中引起很大的興趣。

AxiomExchange's recent rise has been key to the overall increase in app activity across Solana, contributing 5-10% of total trading volume and about 15% of memecoin trading volume. This is a shift that shows the Solana ecosystem is becoming more diversified and that users are exploring a new set of applications and exchange platforms.

AxiomeXchange最近的增長是Solana App活動總體增長的關鍵，佔總交易量的5-10％，約佔Memecoin交易量的15％。這是一個轉變，表明Solana生態系統正在變得越來越多樣化，並且用戶正在探索一套新的應用程序和交換平台。

Additionally, the excitement around memecoin projects and the appearance of new launchpads have turned up the competitive intensity. One notable instance comes from @RaydiumProtocol's LaunchLab, which has been riding the coattails of @bonk_fun, a top-shelf memecoin that has driven attention and traffic to the platform. This instance illustrates the new-wave project fishing for momentum using the Solana DEX infrastructure to create a buzz around itself.

此外，對Memecoin項目的興奮和新發射台的外觀已經提高了競爭強度。一個值得注意的實例來自 @raydiumprotocol的啟動行，它一直在騎著@bonk_fun的Coattail，這是一種頂級貨架紀念品，它引起了該平台的關注和流量。此實例說明了使用Solana Dex基礎架構在自身周圍引起嗡嗡聲的新波項目捕魚的新波項目。

Maybe the most amazing change has occurred with @MeteoraAG, whose market share has rocketed upward thanks to the rising enthusiasm around @believeapp. The roll-out of Believe has sparked fresh interest in the Solana memecoin scene, as the platform really leans into the Internet Capital Markets story.

@meteoraag發生了最驚人的變化，由於@believeapp的熱情不斷上升，他的市場份額逐漸升起。由於平台確實傾向於互聯網資本市場的故事，因此《相信的推出》引發了人們對Solana Memecoin現場的新興趣。

Over just a couple days, Meteora's market share has blasted up to 25%, while PumpDotFun has seen a slight dip, moving from the mid-30s down to around 20%. This change in market dynamics is a result of the new projects launching on Raydium's LaunchLab and the hype surrounding Bonk, which has brought a lot of attention to the platform.

在短短的幾天內，Meteora的市場份額已高達25％，而PumpDotFun的市場份額略有下降，從30年代中期下降到20％左右。市場動態的這種變化是Raydium的LaunchLab和Bonk炒作的新項目的結果，這引起了該平台的廣泛關注。

This transformation highlights the increasing impact of new launchpads and applications within the Solana ecosystem, which are competing with long-established platforms like PumpDotFun. The latest narratives that are gathering momentum and the innovative projects that are in the vanguard of user attention mean that the market dynamics are changing with dizzying speed and that the Solana DEX sector retains a highly competitive and fluid character.

這種轉變凸顯了Solana生態系統中新的發射台和應用的越來越多的影響，這些生態系統正在與PumpDotFun等長期建立的平台競爭。收集動力的最新敘述和用戶關注的先鋒隊中的創新項目意味著，市場動態正在以令人眼花speed亂的速度發生變化，而Solana Dex部門則保持了高度競爭和流暢的特徵。