Memecoins驱动Solana上的DEX增长，PumpDotFun领导了电荷

Solana有一个DEX，并于2025年开始显示恢复的迹象，交易量增加到每天60亿美元

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.

索拉纳（Solana）的DEX量已经恢复到一月中旬，每天的总量超过60亿美元，而Memecoin卷现在为近40亿美元。尽管对假定的Memecoin交易的短暂性不断发表评论，但该行业仍不断适应新的叙述。

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

这种类型的交易表明自己非常坚固，适应了新趋势和叙事，有时甚至是领先的。

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.

从2023年底到2024年初，涉及Memecoins的交易提供了Solana Dexs上总交易量的40％至70％。这种交易远非我们似乎在2022年开始的总崩溃，而在2023年初，在Solana Memecoins中发现的交易可能与集中交易所中的任何交易一样安全。

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量正在经历复兴，而复兴与交易“ Memecoins”密切相关。 @pumpdotfun是该领域中的一个新球员，它似乎很快就已经膨胀到Solana Dex排行榜的顶部，最近几周占DEX量的20％以上。 @PumpDotFun具有独特的粘合曲线和自动化曲线（AMM）功能，使其在用户中受欢迎。

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，这种增长并非没有后果，因为它似乎和至少在某种程度上取代了DEX交易组合中的@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市场的指挥百分比，占总DEX量的60％。但是，在PumpDotFun等平台上占据的Memecoin贸易运动已经爆炸了，现在正在破坏Solana Dex生态系统的剩下的东西。在Defi Lama上Solana Dex生态系统的最新部分中，Raydium甚至没有被提及为关键参与者。

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上交易的代币一样，代表了Solana上的一个持久部门：Memecoin。模因经济的这些分支达到了淫秽的高度，在Solana（与其他地方一样），它们是由一些因素所支撑的。

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?

高波动性使他们成为潜在盈利能力的光环，这吸引了交易者。尽管如此，他们仍然保持了大量的用户参与度 - 因为在一天结束时，这些令牌是什么？一个笑话，等待被告知，重述和重新讲，这是这些代币价值可能上升的表面原因。如果不是重点，什么是交易模因？

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

Memecoin Empire：新的发射台和应用程序推动市场份额转移

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.

尽管PumpDotFun长期以来一直保持着主导地位，但较新的项目和平台开始在Solana的Dex景观中引起很大的兴趣。

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最近的增长是Solana App活动总体增长的关键，占总交易量的5-10％，约占Memecoin交易量的15％。这是一个转变，表明Solana生态系统正在变得越来越多样化，并且用户正在探索一套新的应用程序和交换平台。

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，对Memecoin项目的兴奋和新发射台的外观已经提高了竞争强度。一个值得注意的实例来自 @raydiumprotocol的启动行，它一直在骑着@bonk_fun的Coattail，这是一种顶级货架纪念品，它引起了该平台的关注和流量。此实例说明了使用Solana Dex基础架构在自身周围引起嗡嗡声的新波项目捕鱼的新波项目。

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发生了最惊人的变化，由于@believeapp的热情不断上升，他的市场份额逐渐升起。由于平台确实倾向于互联网资本市场的故事，因此《相信的推出》引发了人们对Solana Memecoin现场的新兴趣。

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.

在短短的几天内，Meteora的市场份额已高达25％，而PumpDotFun的市场份额略有下降，从30年代中期下降到20％左右。市场动态的这种变化是Raydium的LaunchLab和Bonk炒作的新项目的结果，这引起了该平台的广泛关注。

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.

这种转变凸显了Solana生态系统中新的发射台和应用的越来越多的影响，这些生态系统正在与PumpDotFun等长期建立的平台竞争。收集动力的最新叙述和用户关注的先锋队中的创新项目意味着，市场动态正在以令人眼花speed乱的速度发生变化，而Solana Dex部门则保持了高度竞争和流畅的特征。