Raydium在Pump.Fun進行反擊

5月13日，鏈上數據分析師Adam Yux發布了沙丘儀表板數據

On May 13, on-chain data analyst Adam YuX posted Dune dashboard data showing that in the past 24 hours, Raydium's token issuance platform LaunchLab (including Letsbonk.Fun and other third-party issuance platforms built on LaunchLab) had graduated 198 tokens, surpassing Pump.fun's 171 token graduations.

5月13日，鍊鍊數據分析師Adam Yux發布了沙丘儀表板數據，顯示在過去的24小時中，Raydium的令牌發行平台Launchlab（包括Letsbonk.Fun和其他在LaunchLab上建造的第三方發行平台）已逐漸畢業198 Sogkens。

Adam commented that this was the first time in history that Pump.fun had encountered real competition.

亞當評論說，這是pump.fun遇到真正競爭的歷史上第一次。

The feud between Pump.fun and Raydium has a long history.

Pump.Fun和Raydium之間的爭執歷史悠久。

In the early design of Pump.fun, token issuance needs to go through two stages: "internal market" and "external market" - after the token is issued, it will first enter the "internal market" trading stage, which relies on the pump.fun protocol's own Bonding Curve for matching. When the trading volume reaches US$69,000, it will enter the "external market" trading stage. At that time, liquidity will be migrated to Raydium, a pool will be established on the DEX and trading will continue to be open.

在泵的早期設計中，令牌發行需要經歷兩個階段：“內部市場”和“外部市場” - 在發行令牌後，它將首先進入“內部市場”交易階段，該階段依賴於泵。 Fun協議自己的粘結曲線進行匹配。當交易量達到69,000美元時，它將進入“外部市場”交易階段。當時，流動性將遷移到Raydium，將在DEX上建立一個池，並將繼續開放交易。

However, Pump.fun announced the launch of its self-built AMM DEX product PumpSwap on March 21. From then on, when Pump.fun tokens enter the "external market", the liquidity will no longer be migrated to Raydium, but will be directed to PumpSwap. This move directly cuts off the diversion path from Pump.fun to Raydium, thereby reducing the latter's trading volume and fee income.

但是，Pump.Fun宣佈於3月21日推出其自製成的AMM DEX產品Pumpswap。從那時起，當pump.fun代幣進入“外部市場”時，流動性將不再遷移到Raydium，但將導致泵送。此舉直接切斷了從泵的轉移路徑，從而減少了後者的交易量和費用收入。

In response, Raydium announced on April 16 that it had officially launched the token issuance platform LaunchLab, which allows users to quickly issue tokens through the platform and automatically migrate to Raydium AMM after the token liquidity reaches a certain scale (85 SOL). Obviously, this is Raydium's direct counterattack against the aggressive Pump.fun.

作為回應，Raydium於4月16日宣布，它已正式啟動了代幣發行平台LaunchLab，該發射台允許用戶通過該平台快速發出代幣，並在代幣流動性達到一定規模（85 SOL）後自動遷移到Raydium AMM。顯然，這是Raydium對侵略性泵的直接反擊。

Odaily Note: For details, please refer to "Data Analysis: How Much Does Raydium Rely on Pump.fun?" and "Raydium Fights Back at Pump.fun, Who Will Have the Last Laugh in the Meme Encore Season?"

Odaily注意：有關詳細信息，請參閱“數據分析：Raydium依賴於泵。和“ Raydium在Pump.Fun進行反擊，Fun，誰將在模因埃恩賽季的最後一個笑聲？ ”

LaunchLab's "Killer Weapon"

LaunchLab的“殺手武器”

Although LaunchLab is similar to Pump.fun in terms of token issuance functions, its greatest feature is not in the issuance process itself - LaunchLab's architecture supports third-party integration, which enables external teams and platforms to create and manage their own launch environments within the LaunchLab ecosystem. In other words, third parties can rely on LaunchLab's underlying technology (the key point is that the liquidity pool remains in LaunchLab and Raydium) to launch an independent token launch front end.

儘管就代幣發行功能而言，LaunchLab與pump.Fun相似，但其最大功能不在發行過程本身中 - LaunchLab的體系結構支持第三方集成，該集成使外部團隊和平台能夠創建和管理啟動LAB生態系統中的自己的啟動環境。換句話說，第三方可以依靠LaunchLab的基礎技術（關鍵點是流動性池中仍在發射列表和Raydium中）來啟動獨立的令牌發布前端。

The official interface of LaunchLab shows that there are currently more than ten third-party token issuance platforms built on LaunchLab, including the recently popular Bonk community token issuance platform Letsbonk.Fun. In fact, the vast majority of tokens graduated from the LaunchLab ecosystem currently come from Letsbonk.Fun (see "New coin issuance platform Letsbonk.fun becomes popular again, and IKUN becomes the latest top star on the platform?").

LaunchLab的官方界面表明，目前有十個以上的第三方代幣發行平台在LaunchLab上構建，其中包括最近受歡迎的Bonk社區代幣發行平台Letsbonk.Fun。實際上，絕大多數來自LaunchLAB生態系統畢業的代幣目前來自Letsbonk.Fun（請參閱“新硬幣發行平台Letsbonk.Fun再次流行，Ikun成為平台上的最新頂級明星？”）。

In short, LaunchLab's strategy is to use third-party platforms such as Letsbonk.Fun to besiege Pump.fun with a "pack of wolves" strategy. Judging from the current trend, this strategy has begun to show results.

簡而言之，LaunchLab的策略是使用Letsbonk.Fun等第三方平台以“狼包”策略圍攻泵。從當前趨勢來看，該策略已經開始顯示結果。

In addition, Raydium launched an incentive plan ahead of Pump.fun to provide incentives for issuance and trading on LaunchLab and related third-party platforms.

此外，Raydium在Pump.Fun之前啟動了激勵計劃，以提供發行和交易的激勵措施和相關的第三方平台。

According to the latest official disclosure, as of today, Raydium has distributed approximately US$2.8 million (approximately 950,000 RAY) in rewards to traders on LaunchLab and Letsbonk.Fun, and the current daily incentive scale is approximately US$110,000.

根據最新的官方披露，截至今天，Raydium已向啟動LAB和LETSBONK.FUN的交易員分配了約280萬美元（約950,000射線），而當前的每日激勵量表約為110,000美元。

Perhaps sensing the aggressive approach of the "wolves" of the LaunchLab system, Pump.fun was finally forced to give up some of its cake in order to attract more users to stay. Last night, Pump.fun announced that it would launch a "creator income sharing" mechanism, where token creators will receive 50% of the transaction income from the PumpSwap platform. From now on, after any user creates a token, as long as the token generates a transaction, the creator can continue to receive income. Officials said that the mechanism is designed to encourage more high-quality project parties to participate in ecological construction.

也許要感知到發射樂隊系統的“狼”的積極方法，pump.fun終於被迫放棄了一些蛋糕，以吸引更多的用戶留下來。昨晚，Pump.Fun宣布將推出“創建者的收入共享”機制，代幣創建者將從Pumpswap平台獲得交易收入的50％。從現在開始，在任何用戶創建一個令牌之後，只要令牌產生交易，創建者就可以繼續獲得收入。官員說，該機制旨在鼓勵更多高質量的項目政黨參與生態建設。

Meanwhile, another incident happened last night. The X page of Pump.fun briefly blocked Tom, the founder of Letsbonk.Fun, and some Raydium contributors, but I don’t know what happened…

同時，昨晚發生了另一起事件。泵的X頁面簡短地阻止了letsbonk.fun的創始人和一些Raydium貢獻者湯姆（Tom），但我不知道發生了什麼……

As shown in the figure below, for most of the time since mid-2024, Pump.fun (green part) has occupied a nearly dominant market position in the issuance of Solana ecosystem memes. It was only recently that emerging issuance platforms such as LaunchLab (purple

如下圖所示，自2024年中期以來的大部分時間裡，pump.fun（綠色部分）在發行Solana生態系統模因中佔據了幾乎占主導地位的市場位置。直到最近，新興的發行平台（例如punaghtlab）（紫色