泵。FUN測試平台暗示了潛在的AMM系統開發，觸發了市場反應

在Amm.Pump.Fun發現的交易平台的測試版本揭示了Pump.Fun朝著創建自己的自動化做市商（AMM）系統的潛在行動。

A test version of a trading platform discovered at amm.pump.fun has revealed Pump.fun’s potential move toward creating its own automated market maker (AMM) system. The discovery triggered immediate market reactions, with Raydium’s RAY token dropping 22% within 24 hours and an additional 5% shortly after.

在Amm.Pump.Fun發現的交易平台的測試版本揭示了Pump.Fun朝著創建自己的自動化做市商（AMM）系統的潛在行動。該發現引發了立即的市場反應，Raydium的Ray代幣在24小時內下降了22％，不久後又下降了5％。

The test site displays basic trading functions including swap, deposit, and withdrawal options – key features that could transform Pump.fun from a token launch platform into a full-service trading ecosystem. Security certificates connected to the test site appear genuine, linking directly to Pump.fun’s infrastructure.

測試網站顯示基本交易功能，包括交換，存款和提款選項 - 可以將泵的關鍵功能從代幣啟動平台轉換為全方位服務的交易生態系統。連接到測試站點的安全證書看起來很真實，直接鏈接到pump.fun的基礎架構。

Pump.fun has risen to prominence in the Solana ecosystem by offering an accessible platform for token creation. Users can launch new tokens for less than $2, choosing their own supply levels and customizing with meme-related imagery. This low barrier to entry has led to over 8 million token launches since the platform’s debut in 2024.

Fump.Fun通過為代幣創建提供了可訪問的平台，從而在Solana生態系統中崛起。用戶可以以不到2美元的價格推出新令牌，選擇自己的供應水平並使用與模因有關的圖像進行自定義。自2024年該平台首次亮相以來，這種低障礙的進入障礙已導致超過800萬個令牌發布。

Currently, new tokens on Pump.fun can move to Raydium’s trading pools after reaching a $69,000 market capitalization. Projects must pay 6 SOL (approximately $950) for this transition. However, data shows that only 1.4% of Pump.fun’s tokens make this move, with fewer than 100 achieving market caps above $1 million.

目前，在達到69,000美元的市值之後，Fum.Fun上的新令牌可以轉移到Raydium的交易池。項目必須為此過渡支付6個溶膠（約950美元）。但是，數據表明，泵的代幣中只有1.4％的代幣採取了這一舉動，只有不到100的市值超過100萬美元。

The platform’s financial performance tells a compelling story. Without issuing its own token, Pump.fun has collected more than $550 million in fees since March 2024. Recent activity shows $2.4 billion in trading volume processed just within the past two weeks.

該平台的財務績效講述了一個引人入勝的故事。自2024年3月以來，Pump.Fun在沒有自己的代幣的情況下，已收取超過5.5億美元的費用。最近的活動顯示，在過去兩週內處理了24億美元的交易量。

Technical Analysis

技術分析

Technical analysis of the test site’s terms and conditions reveals references to a fee structure, though specific rates remain undefined. This suggests Pump.fun could implement competitive trading fees to match current market standards.

測試網站條款和條件的技術分析揭示了對費用結構的參考，儘管具體費率仍然不確定。這表明Pump.Fun可以實施競爭性交易費，以符合當前的市場標準。

A researcher at Presto Research, Min Jung, explained to Decrypt that Raydium currently benefits from a 0.25% fee on all token swaps from Pump.fun graduates. The new platform could redirect these fee streams away from Raydium’s ecosystem.

Presto Research的一名研究人員Min Jung向解密解釋說，Raydium目前從泵。新平台可以將這些費用流從Raydium的生態系統中轉移。

Domain name service lookups show the test AMM’s branch domain hasn’t been fully integrated, indicating ongoing development. However, the security certificates’ authenticity suggests serious intent behind the project.

域名服務查找顯示測試AMM的分支域尚未完全集成，表明正在進行的開發。但是，安全證書的真實性暗示了該項目背後的意圖。

The market’s reaction reflects concerns about future trading volume distribution. Raydium currently processes around $500 million in daily trading volume across various markets, including major Solana pairs and stablecoin trading.

市場的反應反映了對未來交易量分佈的擔憂。 Raydium目前在各個市場（包括主要的Solana Pairs和Stablecoin交易）上處理約5億美元的每日交易量。

Several tokens launched through Pump.fun have achieved remarkable success, including fartcoin (FART), which reached a market capitalization in the billions. These successes demonstrate the platform’s ability to generate high-value projects despite the low progression rate to Raydium.

通過Pump.Fun推出的幾個令牌取得了顯著的成功，其中包括Fartcoin（Fart），該公司在數十億美元的市值達到了市值。這些成功表明，儘管對Raydium的發展速度較低，但平台可以產生高價值項目。

Pump.fun has established itself as one of crypto’s most profitable applications, achieving this without relying on token sales for revenue. At its peak, the platform processed over $5.3 million in daily fees.

Pump.Fun已將自己確立為加密貨幣最有利可圖的應用程序之一，在不依靠代幣銷售來獲得收入的情況下實現了這一目標。在其頂峰時，該平台的每日費用超過530萬美元。

Neither platform has officially commented on the situation. Requests for statements from both Pump.fun and Raydium representatives have gone unanswered, leaving market participants to speculate about future developments.

這兩個平台都沒有正式評論這種情況。泵。FUN和Raydium代表的聲明請求尚未得到答复，使市場參與者推測未來的發展。

The discovery comes as Pump.fun continues to grow its user base and trading activity. An independent AMM could allow the platform to retain more value within its ecosystem rather than directing it to external trading venues.

這一發現是隨著泵的。FUN繼續增長其用戶群和交易活動。獨立的AMM可以允許該平台在其生態系統中保留更多的價值，而不是將其引導到外部交易場所。

Market observers note that Raydium maintains diverse trading pairs beyond Pump.fun tokens, including major Solana markets. This diversity could help buffer against potential volume losses if Pump.fun launches its own trading system.

市場觀察家指出，Raydium在包括主要的Solana Market在內的泵。如果pump.fun啟動自己的交易系統，這種多樣性可以幫助緩衝潛在的量損失。

The test platform’s emergence suggests a strategic move by Pump.fun to capture more value from its token ecosystem. By providing its own trading infrastructure, the platform could offer a complete token lifecycle from creation through active trading.

測試平台的出現表明，泵的戰略性舉動。FUN從其令牌生態系統中捕獲更多價值。通過提供自己的交易基礎設施，該平台可以從創建到積極交易提供完整的令牌生命週期。