pump.fun不僅乘坐Memecoin繁榮 - 它設計了

pump.fun不僅乘坐Memecoin繁榮，還對其進行了設計。雖然索拉納（Solana）的前10個模因中只有2個可能起源於市場上限

Pump.fun has become a key player in the Solana memecoin boom, launching two of the top 10 memes on the chain and generating billions in trading activity.

Pump.Fun已成為Solana Memecoin Boom的關鍵參與者，在鏈條上推出了十大模因中的兩個，並產生了數十億美元的交易活動。

The Solana-based launchpad has quickly become one of crypto's most profitable businesses, with over $670 million in fees since January 2024.

總部位於Solana的LaunchPad迅速成為加密貨幣最有利可圖的業務之一，自2024年1月以來，費用超過6.7億美元。

Its rapid rise has seen it become one of the best-funded protocols and a top revenue generator, especially in the past 30 days as it outpaced even Solana in earnings.

它的迅速上升已經看到它成為資金最高的協議之一和最高收入的生成器，尤其是在過去30天內，它甚至超過了索拉納（Solana）的收入。

However, in a move to expand its revenue streams, Pump.fun has launched its own AMM, PumpSwap, to trade graduated tokens and capitalize on even more of the market.

但是，為了擴大收入流，pump.Fun推出了自己的AMM Pumpswap，以貿易畢業的令牌並利用更多的市場。

Pump.fun has become a central part of the Solana memecoin boom. While just two of the top 10 memes on Solana by market cap may have originated on the platform — $PNUT and $FARTCOIN, the sheer volume of tokens launched and trading activity they’ve generated has redefined token generation and memecoins at large.

Pump.Fun已成為Solana Memecoin繁榮的中心部分。雖然By Breation Cap在Solana上的十大模因中只有兩個源於該平台上的$ PNUT和$ FARTCOIN，但它們發起的代幣和交易活動的龐大數量已重新定義了代幣的生成和整個Memecoins。

In just over a year, the Solana-based launchpad has transformed from upstart to kingmaker, becoming one of crypto’s most profitable businesses while redirecting billions in trading flows from Ethereum to Solana. With over $670 million in fees generated since its January 2024 inception, Pump.fun has achieved what few DeFi protocols ever manage: massive, sustained revenue, without token incentives.

在短短的一年中，總部位於Solana的LaunchPad從Upstart轉變為Kingmaker，成為加密貨幣最有利可圖的業務之一，同時將數十億美元從以太坊轉向Solana。自2024年1月的成立以來，收取了超過6.7億美元的費用，pump.fun實現了很少有管理協議的管理：大量，持續的收入，沒有令牌激勵措施。

While its yearly revenue currently ranks 10th overall in DeFi, Pump’s growth trajectory tells a more compelling story. In the past 30 days alone, it generated $75.15 million in fees — vaulting to 3rd place behind only stablecoin issuers Tether ($555 million) and Circle ($190 million) and earning double the fees of Solana itself ($33.71 million).

儘管其年收入目前在DEFI中排名第十，但Pump的增長軌跡講述了一個更具吸引力的故事。僅在過去的30天中，它就會產生7515萬美元的費用 - 拱頂落後於只有Stablecoin發行人Tether（5.55億美元）和Circle（1.9億美元）的第三名，並獲得了Solana本身（3,371萬美元）的兩倍。

But Pump – clearly – isn’t satisfied with dominating just one segment of the market. By launching PumpSwap, their own AMM for trading graduated tokens, they’ve executed a textbook vertical integration play. No longer content to hand off their tokens to Raydium after launch, Pump now controls the entire value chain — potentially doubling their already impressive revenue by capturing both token creation and their post graduation trading.

但是，泵 - 顯然 - 對僅僅主導市場的一部分並不滿意。通過啟動泵施瓦普（Pumpswap），他們自己用於交易畢業令牌的AMM，他們執行了教科書垂直集成遊戲。 Pump現在不再滿足於將其代幣移交給Raydium，而是現在控制著整個價值鏈 - 通過捕獲代幣的創建和畢業後交易，可能使他們已經令人印象深刻的收入增加一倍。

It’s a bold strategy that could cement Pump’s control over Solana’s memecoin economy. But in reaching for more, they’ve also created an opening for new challengers.

這是一種大膽的策略，可以鞏固泵對Solana的Memecoin經濟的控制。但是，在尋求更多信息時，他們還為新的挑戰者創造了一個空缺。

PumpFun’s Grip on Solana Trading

Pumpfun對Solana交易的控制

At this point, Pump.fun isn’t just participating in Solana’s meme economy — it is the meme economy.

在這一點上，pump.fun不僅參與索拉納的模因經濟，而且是模因經濟。

In fact, at its peak in November of last year, Pump-related assets (coins launched on Pump.fun) made up nearly 60% of all monthly DEX activity on Solana — meaning that coins launched on Pump.fun generated nearly two-thirds of all trading activity across Solana. Even today, in a much less frothy market, Pump assets are still driving ~40% of monthly DEX transactions.

實際上，在去年11月的高峰期，與泵相關的資產（在pump.fun上推出的硬幣）佔SOLANA每月DEX活動的近60％，這意味著在Pump上推出的硬幣。 FUN產生了整個Solana的所有交易活動的近三分之二。即使在今天，在一個少得多的泡沫市場中，泵資產仍在每月DEX交易中佔40％。

The dominance is just as clear when looking at volume. Pump-related assets accounted for over 40% of all Solana DEX volume at their height. Even now, they consistently make up about 25% of total DEX volume — a staggering figure for a single launch platform.

在查看音量時，優勢同樣清楚。與泵有關的資產佔所有Solana DEX量的40％以上。即使是現在，它們仍始終佔總DEX量的25％，這是一個單個發射平台的驚人數字。

And no protocol (outside of maybe Solana itself) has benefited more from Pump’s rise than Raydium.

而且，沒有任何協議（也許在索拉納本身之外）比雷迪恩從泵的上升中受益更多。

Because all graduated Pump tokens initially funneled their liquidity into Raydium’s pools, they became a massive source of trading volume and fee generation for Raydium’s AMM. Over the past 90 days, Pump-related assets made up about 40% of all swap volume on Raydium, helping drive a large share of the $900M+ in total fees Raydium generated last year — a figure that, notably, exceeded Pump.fun’s own fees for 2024.

由於所有畢業的泵代幣最初都將其流動性匯入了Raydium的泳池中，因此它們成為Raydium's AMM的貿易數量和收費產生的巨大來源。在過去的90天中，與泵相關的資產約佔Raydium所有交換量的40％，這有助於推動去年產生的9億美元+ 9億美元的份額，這一數字尤其超過了泵。

In other words: Raydium made more total fees than Pump — largely because Pump fed them the flow. Looking at actual protocol revenue though (not fees) Raydium generated $154.2M in 2024

換句話說：Raydium的總費用要比泵多得多 - 主要是因為泵將其流動。查看實際協議收入（非費用）Raydium在2024年產生了1.542億美元