pump.Fun的AMM测试导致Raydium（Ray）抛售

雷（Ray）的第二天价值下降了31％。在撰写本文时，令牌的交易价格为2.9美元。这是自2024年10月底以来最低的比赛。

Raydium's native token, RAY, has undergone significant drops amid rising speculation that Pump.fun, a leading Solana (SOL)-based meme coin launchpad, is testing its own Automated Market Maker (AMM).

Raydium的原住民令牌Ray在猜测上有很大的下降，因为Pumper.fun是一家领先的Solana（Sol）Meme Coin Coin Launchpad，他正在测试其自己的自动化销售商（AMM）。

Neither Pump.fun nor Raydium have officially commented, leaving the market to react on speculation alone.

Pump.Fun和Raydium都没有正式发表评论，使市场仅对猜测做出反应。

Pump.fun’s AMM Test Sparks Raydium (RAY) Sell-Off

泵。

Over the past day, RAY has seen a 31% decrease in value. At the time of writing, the token was trading at $2.9—marking its lowest price since late October 2024.

在过去的一天中，雷的价值下降了31％。在撰写本文时，代币的交易价格为2.9美元，标志着自2024年10月下旬以来的最低价格。

The drop appears to be sparked by the discovery of a testing version of an AMM at the URL “amm.pump.fun.” This was spotted by an on-chain sleuth, "trenchdiver," and quickly gained attention on social media platform X (formerly Twitter).

在URL“ amm.pump.fun”上发现AMM的测试版本的测试版本似乎引发了下降。这是由链子侦探“ Trechdiver”发现的，并迅速在社交媒体平台X（以前为Twitter）上引起了人们的关注。

“Pump.fun making their own AMM liquidity pools, currently being tested at amm.pump.fun,” the user posted.

用户发布说：“泵。Fun制作自己的AMM流动性池，目前正在Amm.Pump.Fun进行测试。”

The implications of this move are substantial. Raydium is a leading AMM and liquidity provider on the Solana blockchain. It has long benefited from its mutually-synergistic relationship with Pump.fun.

这一举动的含义是巨大的。 Raydium是Solana区块链上的领先AMM和流动性提供商。它长期以来从与Pump.Fun的相互伴随的关系中受益。

The launchpad enables users to create and launch meme coins at a low cost, while Raydium provides liquidity infrastructure. Once these tokens gain traction, they are listed on Raydium’s trading pools, which generates volume and swap fees. Currently, Raydium charges a 0.25% swap fee, earning it revenue from the trading activity that Pump.fun facilitates.

该启动板使用户能够以低成本创建和启动模因硬币，而Raydium提供流动性基础设施。一旦这些代币获得吸引力，它们就会在Raydium的交易池中列出，该交易池产生数量和交换费。目前，Raydium收取0.25％的交换费，从泵送的交易活动中获得IT收入。

However, Pump.fun seems to be pivoting—potentially shifting trading volume and fees away from Raydium and into its own liquidity pools.

但是，Pump.Fun似乎在旋转 - 潜在地将交易量和费用从Raydium转移到其自身的流动性池中。

This move would allow the platform to either collect more fees on Solana or introduce new reward mechanisms for token holders, posing a direct threat to Raydium’s dominance in the decentralized exchange (DEX) ecosystem.

此举将使平台可以收取有关Solana的更多费用，或者为令牌持有人引入新的奖励机制，从而直接威胁到Raydium在分散交易所（DEX）生态系统中的主导地位。

“This move could really hurt Raydium’s business,” one analyst noted.

一位分析师指出：“此举确实会损害Raydium的业务。”

Meanwhile, the first token to be integrated into its experimental liquidity pool is reportedly the CRACK meme coin. If these pools prove successful, Pump.fun could completely reduce its reliance on Raydium, dissolving the partnership that has historically fueled Raydium’s growth.

同时，据报道，第一个集成到其实验流动性库中的令牌是裂纹模因硬币。如果这些池证明是成功的，那么Pump.Fun可以完全减少其对Raydium的依赖，从而消除了历史上助长Raydium增长的伙伴关系。

As such, Raydium may be forced to adapt its strategy or risk losing a major revenue stream. The battle for Solana’s liquidity is heating up, and the market is already reacting.

因此，Raydium可能被迫调整其战略，或者冒着失去重大收入来源的风险。为Solana的流动性而战的斗争正在加热，市场已经在做出反应。