pump.fun不仅乘坐Memecoin繁荣 - 它设计了

pump.fun不仅乘坐Memecoin繁荣，还对其进行了设计。虽然索拉纳（Solana）的前10个模因中只有2个可能起源于市场上限

Pump.fun has become a key player in the Solana memecoin boom, launching two of the top 10 memes on the chain and generating billions in trading activity.

Pump.Fun已成为Solana Memecoin Boom的关键参与者，在链条上推出了十大模因中的两个，并产生了数十亿美元的交易活动。

The Solana-based launchpad has quickly become one of crypto's most profitable businesses, with over $670 million in fees since January 2024.

总部位于Solana的LaunchPad迅速成为加密货币最有利可图的业务之一，自2024年1月以来，费用超过6.7亿美元。

Its rapid rise has seen it become one of the best-funded protocols and a top revenue generator, especially in the past 30 days as it outpaced even Solana in earnings.

它的迅速上升已经看到它成为资金最高的协议之一和最高收入的生成器，尤其是在过去30天内，它甚至超过了索拉纳（Solana）的收入。

However, in a move to expand its revenue streams, Pump.fun has launched its own AMM, PumpSwap, to trade graduated tokens and capitalize on even more of the market.

但是，为了扩大收入流，pump.Fun推出了自己的AMM Pumpswap，以贸易毕业的令牌并利用更多的市场。

Pump.fun has become a central part of the Solana memecoin boom. While just two of the top 10 memes on Solana by market cap may have originated on the platform — $PNUT and $FARTCOIN, the sheer volume of tokens launched and trading activity they’ve generated has redefined token generation and memecoins at large.

Pump.Fun已成为Solana Memecoin繁荣的中心部分。虽然By Breation Cap在Solana上的十大模因中只有两个源于该平台上的$ PNUT和$ FARTCOIN，但它们发起的代币和交易活动的庞大数量已重新定义了代币的生成和整个Memecoins。

In just over a year, the Solana-based launchpad has transformed from upstart to kingmaker, becoming one of crypto’s most profitable businesses while redirecting billions in trading flows from Ethereum to Solana. With over $670 million in fees generated since its January 2024 inception, Pump.fun has achieved what few DeFi protocols ever manage: massive, sustained revenue, without token incentives.

在短短的一年中，总部位于Solana的LaunchPad从Upstart转变为Kingmaker，成为加密货币最有利可图的业务之一，同时将数十亿美元从以太坊转向Solana。自2024年1月的成立以来，收取了超过6.7亿美元的费用，pump.fun实现了很少有管理协议的管理：大量，持续的收入，没有令牌激励措施。

While its yearly revenue currently ranks 10th overall in DeFi, Pump’s growth trajectory tells a more compelling story. In the past 30 days alone, it generated $75.15 million in fees — vaulting to 3rd place behind only stablecoin issuers Tether ($555 million) and Circle ($190 million) and earning double the fees of Solana itself ($33.71 million).

尽管其年收入目前在DEFI中排名第十，但Pump的增长轨迹讲述了一个更具吸引力的故事。仅在过去的30天中，它就会产生7515万美元的费用 - 拱顶落后于只有Stablecoin发行人Tether（5.55亿美元）和Circle（1.9亿美元）的第三名，并获得了Solana本身（3,371万美元）的两倍。

But Pump – clearly – isn’t satisfied with dominating just one segment of the market. By launching PumpSwap, their own AMM for trading graduated tokens, they’ve executed a textbook vertical integration play. No longer content to hand off their tokens to Raydium after launch, Pump now controls the entire value chain — potentially doubling their already impressive revenue by capturing both token creation and their post graduation trading.

但是，泵 - 显然 - 对仅仅主导市场的一部分并不满意。通过启动泵施瓦普（Pumpswap），他们自己用于交易毕业令牌的AMM，他们执行了教科书垂直集成游戏。 Pump现在不再满足于将其代币移交给Raydium，而是现在控制着整个价值链 - 通过捕获代币的创建和毕业后交易，可能使他们已经令人印象深刻的收入增加一倍。

It’s a bold strategy that could cement Pump’s control over Solana’s memecoin economy. But in reaching for more, they’ve also created an opening for new challengers.

这是一种大胆的策略，可以巩固泵对Solana的Memecoin经济的控制。但是，在寻求更多信息时，他们还为新的挑战者创造了一个空缺。

PumpFun’s Grip on Solana Trading

Pumpfun对Solana交易的控制

At this point, Pump.fun isn’t just participating in Solana’s meme economy — it is the meme economy.

在这一点上，pump.fun不仅参与索拉纳的模因经济，而且是模因经济。

In fact, at its peak in November of last year, Pump-related assets (coins launched on Pump.fun) made up nearly 60% of all monthly DEX activity on Solana — meaning that coins launched on Pump.fun generated nearly two-thirds of all trading activity across Solana. Even today, in a much less frothy market, Pump assets are still driving ~40% of monthly DEX transactions.

实际上，在去年11月的高峰期，与泵相关的资产（在pump.fun上推出的硬币）占SOLANA每月DEX活动的近60％，这意味着在Pump上推出的硬币。FUN产生了整个Solana的所有交易活动的近三分之二。即使在今天，在一个少得多的泡沫市场中，泵资产仍在每月DEX交易中占40％。

The dominance is just as clear when looking at volume. Pump-related assets accounted for over 40% of all Solana DEX volume at their height. Even now, they consistently make up about 25% of total DEX volume — a staggering figure for a single launch platform.

在查看音量时，优势同样清楚。与泵有关的资产占所有Solana DEX量的40％以上。即使是现在，它们仍始终占总DEX量的25％，这是一个单个发射平台的惊人数字。

And no protocol (outside of maybe Solana itself) has benefited more from Pump’s rise than Raydium.

而且，没有任何协议（也许在索拉纳本身之外）比雷迪恩从泵的上升中受益更多。

Because all graduated Pump tokens initially funneled their liquidity into Raydium’s pools, they became a massive source of trading volume and fee generation for Raydium’s AMM. Over the past 90 days, Pump-related assets made up about 40% of all swap volume on Raydium, helping drive a large share of the $900M+ in total fees Raydium generated last year — a figure that, notably, exceeded Pump.fun’s own fees for 2024.

由于所有毕业的泵代币最初都将其流动性汇入了Raydium的泳池中，因此它们成为Raydium's AMM的贸易数量和收费产生的巨大来源。在过去的90天中，与泵相关的资产约占Raydium所有交换量的40％，这有助于推动去年产生的9亿美元+ 9亿美元的份额，这一数字尤其超过了泵。

In other words: Raydium made more total fees than Pump — largely because Pump fed them the flow. Looking at actual protocol revenue though (not fees) Raydium generated $154.2M in 2024

换句话说：Raydium的总费用要比泵多得多 - 主要是因为泵将其流动。查看实际协议收入（非费用）Raydium在2024年产生了1.542亿美元