泵。FUN的AMM测试火花射线（Ray）抛售

Raydium的原住民令牌Ray在越来越多的猜测中，基于Solana（Sol）的Meme Coin Launchpad的Pump。

Raydium’s native token (RAY) has seen substantial declines amid growing speculation that Pump.fun, a leading Solana (SOL)-based meme coin launchpad, is testing its own Automated Market Maker (AMM).

在越来越多的猜测中，Raydium的原住民令牌（Ray）在越来越多的猜测中，基于Solana（SOL）的Meme Coin发射台pump.fun正在测试自己的自动做市商（AMM）。

This move could potentially shift trading volume and fees away from Raydium and towards Pump.fun's own liquidity pools.

此举可能会将交易量和费用从雷迪恩转移到泵。

Pump.fun, known for enabling users to create and launch meme coins at a low cost, has had a close partnership with Raydium, a leading AMM and liquidity provider on Solana.

Pump.Fun以使用户能够以低成本创建和推出模因硬币而闻名，他与Solana的领先AMM和流动性提供商Raydium建立了密切合作伙伴关系。

While Pump.fun facilitates meme coin launches, Raydium provides the liquidity infrastructure. Once these tokens gain traction, they enter Raydium’s trading pools, driving volume and generating swap fees.

尽管Pump.Fun促进了Meme Coin的推出，但Raydium提供了流动性基础设施。一旦这些令牌获得吸引力，它们便进入了Raydium的交易池，驾驶量并产生掉期费用。

Currently, Raydium charges a 0.25% swap fee, profiting from the trading activity that Pump.fun brings in.

目前，Raydium收取0.25％的掉期费用，从泵送的交易活动中获利。

However, Pump.fun's testing of its own AMM liquidity pools might change this dynamic.

但是，Pump.Fun对其自己的AMM流动性库的测试可能会改变这种动态。

If successful, Pump.fun could collect more fees on Solana or introduce new reward mechanisms for token holders, posing a direct challenge to Raydium's dominance in the decentralized exchange (DEX) ecosystem.

如果成功的话，Pump.Fun可能会收取有关Solana的更多费用，或为令牌持有人带来新的奖励机制，对Raydium在分散交易所（DEX）生态系统中的主导地位提出直接挑战。

“This move could really hurt Raydium’s business,” an analyst said.

一位分析师说：“此举确实可能损害Raydium的业务。”

The first token integrated into Pump.fun's experimental liquidity pool is reportedly the CRACK meme coin.

据报道，FUN的实验流动性库是裂纹模因硬币。

If these pools prove successful, Pump.fun could reduce its reliance on Raydium entirely, breaking the partnership that has historically fueled Raydium's growth.

如果这些池证明是成功的，那么Pump.Fun可以完全减少对Raydium的依赖，从而打破了历史上助长Raydium增长的伙伴关系。

As a result, Raydium may be forced to adjust its strategy or risk losing a key revenue source. The battle for Solana’s liquidity is heating up, and the market is already reacting.

结果，Raydium可能被迫调整其策略，或者冒着失去关键收入来源的风险。为Solana的流动性而战的斗争正在加热，市场已经在做出反应。