Solana Memecoins 終極指南：深入了解 Pump.fun 和 Raydium

自從我們三月上一篇 memecoin 文章以來，該行業的總市場規模和市場份額持續增長，沒有明顯的停滯跡象。

Author: hyphin, On Chain Times

作者：hyphin、鏈上時代

Translation: Golden Finance xiaozou

Translation: Golden Finance xiaozou

1. Introduction

一、簡介

Since our last memecoin article in March, the industry’s total market size and market share have continued to grow with no clear signs of stagnation. It is undoubtedly the fastest horse on the track.

自從我們三月上一篇 memecoin 文章以來，該行業的總市場規模和市場份額持續增長，沒有明顯的停滯跡象。毫無疑問，它是賽道上跑得最快的馬。

This phenomenon can be attributed to the virality of social media (its inherent nature), extremely low barriers to entry, and the constant emergence of fresh narratives that attract speculators, although many (if not most) fail to retain meaningful attention for the long term. Nevertheless, market participants have become accustomed to this, often jumping in and out of profitable short-term trends, taking advantage of momentum to gain gains, while remaining loyal to high-conviction bets and making them more durable. Although some people are reluctant to admit it, in the current market environment, long-standing memes that have been well-tested by the market are less likely to die than assets that are merely impression-driven and do not provide any substantive value (limited to money transfer).

這種現象可歸因於社交媒體的病毒式傳播（其固有本質）、極低的進入門檻以及吸引投機者的新鮮敘事的不斷出現，儘管許多（如果不是大多數）未能長期保持有意義的關注。儘管如此，市場參與者已經習慣了這一點，經常在有利可圖的短期趨勢中跳進跳出，利用勢頭獲得收益，同時保持忠誠於高信念的押注並使它們更加持久。儘管有些人不願意承認，但在當前的市場環境下，經過市場充分檢驗的長期存在的表情包，比那些僅靠印象驅動、不提供任何實質性價值的資產（有限）更不容易消亡。匯款）。

While Solana may not be the only contributor to these massive token total market caps, the majority of activity in the space does occur within the trenches of its on-chain ecosystem. For this reason, this article will continue to focus on that chain in an attempt to provide a global picture.

雖然 Solana 可能不是這些巨大代幣總市值的唯一貢獻者，但該領域的大部分活動確實發生在其鏈上生態系統的內部。因此，本文將繼續關注該鏈，試圖提供全球概況。

2. Tribute to Pump

2.向幫浦致敬

With the creation of pump.fun, a Solana native token incubation platform, the local market dynamics have undergone a major shift. Interacting with speculative tokens has become easier, cheaper, and safer (from a security perspective). Through a user-friendly interface, standardized token deployment in a controlled environment allows anyone to create new tokens based on common configurations, eliminating the risk of potential abuse by malicious actors hidden in smart contracts. This really only requires some creative input from the deployer, no technical knowledge required. Abstract away all the complexity to focus on what really matters - speculation at scale.

隨著 Solana 原生代幣孵化平台 Pump.fun 的創建，當地市場動態發生了重大轉變。與投機代幣的互動變得更容易、更便宜、更安全（從安全角度來看）。透過用戶友好的介面，受控環境中的標準化代幣部署允許任何人基於通用配置創建新代幣，從而消除隱藏在智慧合約中的惡意行為者潛在濫用的風險。這實際上只需要部署者的一些創造性輸入，不需要任何技術知識。抽象化所有的複雜性，專注於真正重要的事情——大規模的猜測。

When a tokenized meme is created, it can be traded directly on the platform’s internal market and automatically deployed to Raydium once it reaches a market cap of approximately $69,000. However, most creations fail to reach this threshold and are never released to the market.

當創建代幣化 meme 時，它可以直接在平台的內部市場上進行交易，並在市值達到約 69,000 美元時自動部署到 Raydium。然而，大多數創作未能達到這個門檻，因此從未推出市場。

Roughly one in every 100 tokens “graduates” from pump.fun due to massive saturation and limited liquidity, among other reasons beyond the scope of this article. Those who step into the ring must present something interesting and shockingly unique to get noticed by the warriors in the trenches. Despite these difficulties, the protocol has quickly established itself as a veritable gateway for trading micro-cap tokens and launching new ones, quickly surpassing all other competitors in the space.

由於大量飽和和有限的流動性以及超出本文範圍的其他原因，大約每 100 個代幣中就有一個從 Pump.fun「畢業」。那些踏入擂台的人必須呈現出一些有趣且令人震驚的獨特東西，才能吸引戰壕裡的戰士們的注意。儘管存在這些困難，該協議很快就成為了名副其實的微型市值代幣交易和推出新代幣的門戶，並迅速超越了該領域的所有其他競爭對手。

So far, the deployment dominance over other alternatives has reached a staggering 71.9%, demonstrating the app’s widespread popularity and far-reaching influence. The recent momentum has rapidly made it mainstream, with many new users from TikTok joining in with their ambitions to make it bigger and fuel the fire.

到目前為止，相對於其他替代方案的部署優勢已達到驚人的71.9%，顯示出該應用程式的廣泛流行度和深遠影響。最近的勢頭迅速使其成為主流，許多來自 TikTok 的新用戶加入進來，他們的野心是讓它變得更大並火上澆油。

3. All roads lead to Raydium

3.條條大路通Raydium

Regardless of whether it is a secret release, pump.fun release or pre-sale tokens, the vast majority of meme coin liquidity pools come from Raydium. The influx of a large number of memes into the market has increased its market share, and decentralized exchanges account for a considerable proportion of Solana's current on-chain transaction volume.

無論是秘密發行、pump.fun發行或預售代幣，絕大多數meme幣流動性池都來自Raydium。大量表情包的湧入市場增加了其市場份額，去中心化交易所在 Solana 目前的鏈上交易量中佔據了相當大的比例。

In the gold rush, those who sell shovels to speculators often reap the most. This analogy applies to the situation at hand. Regardless of how well the meme coins perform, the platforms that facilitate trading activity will benefit greatly from the volume generated by increasing speculative activity. Anecdotal evidence and common sense suggest that only a few tokens gain traction, and the rest are destined to fade into obscurity. This view can be confirmed or refuted simply by looking at the market capitalization distribution of all existing trading pairs.

在淘金熱中，那些向投機者出售鏟子的人往往收穫最多。這個類比適用於目前的情況。無論迷因幣的表現如何，促進交易活動的平台都將從投機活動增加所產生的交易量中受益匪淺。軼事證據和常識表明，只有少數代幣獲得關注，其餘的注定會消失。只需查看所有現有交易對的市值分佈即可證實或反駁這一觀點。

Distinguishing between memes and non-memes on a larger scale is quite difficult due to the lack of effective labeling methods by data providers. After careful consideration, the approach used to curate a comprehensive dataset is to collect information on all Raydium liquidity pools with non-zero liquidity (as of November 25, 2024), excluding official token lists and legitimate projects in Coingecko. The remaining 493,203 pools contain 474,161 unique address tokens and will serve as the basis for the analysis in this section.

由於數據提供者缺乏有效的標記方法，在更大範圍內區分模因和非模因是相當困難的。經過仔細考慮，用於整理綜合資料集的方法是收集所有非零流動性的 Raydium 流動性池的資訊（截至 2024 年 11 月 25 日），不包括官方代幣清單和 Coingecko 的合法項目。其餘 493,203 個池包含 474,161 個唯一地址代幣，將作為本節分析的基礎。

Most tokens, with even very small amounts of activity at any one point in their life, tend to be in the $100k to $10k range, with clear peaks in the early and mid-terms. It is clear that a gradually smoothing downward tail has formed in the chart - highlighting a small number of tokens with high valuations, which is expected as it is challenging to maintain a modest market cap in such an attention environment. While this example encompasses the entire dataset, it is also worth exploring potential structural distribution differences between tokens originating from pump.fun and those deployed directly

大多數代幣，即使在其生命週期中的任何一個階段的活動量非常小，也往往在 10 萬美元到 1 萬美元的範圍內，在早期和中期有明顯的峰值。很明顯，圖表中已經形成了逐漸平滑的向下尾部 - 突出顯示了少數具有高估值的代幣，這是預期的，因為在這樣的關注環境下保持適度的市值具有挑戰性。雖然此範例包含整個資料集，但也值得探索源自 Pump.fun 的代幣與直接部署的代幣之間潛在的結構分佈差異