Raydium在Pump.Fun进行反击

5月13日，链上数据分析师Adam Yux发布了沙丘仪表板数据

On May 13, on-chain data analyst Adam YuX posted Dune dashboard data showing that in the past 24 hours, Raydium's token issuance platform LaunchLab (including Letsbonk.Fun and other third-party issuance platforms built on LaunchLab) had graduated 198 tokens, surpassing Pump.fun's 171 token graduations.

5月13日，链链数据分析师Adam Yux发布了沙丘仪表板数据，显示在过去的24小时中，Raydium的令牌发行平台Launchlab（包括Letsbonk.Fun和其他在LaunchLab上建造的第三方发行平台）已逐渐毕业198 Sogkens。

Adam commented that this was the first time in history that Pump.fun had encountered real competition.

亚当评论说，这是pump.fun遇到真正竞争的历史上第一次。

The feud between Pump.fun and Raydium has a long history.

Pump.Fun和Raydium之间的争执历史悠久。

In the early design of Pump.fun, token issuance needs to go through two stages: "internal market" and "external market" - after the token is issued, it will first enter the "internal market" trading stage, which relies on the pump.fun protocol's own Bonding Curve for matching. When the trading volume reaches US$69,000, it will enter the "external market" trading stage. At that time, liquidity will be migrated to Raydium, a pool will be established on the DEX and trading will continue to be open.

在泵的早期设计中，令牌发行需要经历两个阶段：“内部市场”和“外部市场” - 在发行令牌后，它将首先进入“内部市场”交易阶段，该阶段依赖于泵。Fun协议自己的粘结曲线进行匹配。当交易量达到69,000美元时，它将进入“外部市场”交易阶段。当时，流动性将迁移到Raydium，将在DEX上建立一个池，并将继续开放交易。

However, Pump.fun announced the launch of its self-built AMM DEX product PumpSwap on March 21. From then on, when Pump.fun tokens enter the "external market", the liquidity will no longer be migrated to Raydium, but will be directed to PumpSwap. This move directly cuts off the diversion path from Pump.fun to Raydium, thereby reducing the latter's trading volume and fee income.

但是，Pump.Fun宣布于3月21日推出其自制成的AMM DEX产品Pumpswap。从那时起，当pump.fun代币进入“外部市场”时，流动性将不再迁移到Raydium，但将导致泵送。此举直接切断了从泵的转移路径，从而减少了后者的交易量和费用收入。

In response, Raydium announced on April 16 that it had officially launched the token issuance platform LaunchLab, which allows users to quickly issue tokens through the platform and automatically migrate to Raydium AMM after the token liquidity reaches a certain scale (85 SOL). Obviously, this is Raydium's direct counterattack against the aggressive Pump.fun.

作为回应，Raydium于4月16日宣布，它已正式启动了代币发行平台LaunchLab，该发射台允许用户通过该平台快速发出代币，并在代币流动性达到一定规模（85 SOL）后自动迁移到Raydium AMM。显然，这是Raydium对侵略性泵的直接反击。

Odaily Note: For details, please refer to "Data Analysis: How Much Does Raydium Rely on Pump.fun?" and "Raydium Fights Back at Pump.fun, Who Will Have the Last Laugh in the Meme Encore Season?"

Odaily注意：有关详细信息，请参阅“数据分析：Raydium依赖于泵。和“ Raydium在Pump.Fun进行反击，Fun，谁将在模因埃恩赛季的最后一个笑声？”

LaunchLab's "Killer Weapon"

LaunchLab的“杀手武器”

Although LaunchLab is similar to Pump.fun in terms of token issuance functions, its greatest feature is not in the issuance process itself - LaunchLab's architecture supports third-party integration, which enables external teams and platforms to create and manage their own launch environments within the LaunchLab ecosystem. In other words, third parties can rely on LaunchLab's underlying technology (the key point is that the liquidity pool remains in LaunchLab and Raydium) to launch an independent token launch front end.

尽管就代币发行功能而言，LaunchLab与pump.Fun相似，但其最大功能不在发行过程本身中 - LaunchLab的体系结构支持第三方集成，该集成使外部团队和平台能够创建和管理启动LAB生态系统中的自己的启动环境。换句话说，第三方可以依靠LaunchLab的基础技术（关键点是流动性池中仍在发射列表和Raydium中）来启动独立的令牌发布前端。

The official interface of LaunchLab shows that there are currently more than ten third-party token issuance platforms built on LaunchLab, including the recently popular Bonk community token issuance platform Letsbonk.Fun. In fact, the vast majority of tokens graduated from the LaunchLab ecosystem currently come from Letsbonk.Fun (see "New coin issuance platform Letsbonk.fun becomes popular again, and IKUN becomes the latest top star on the platform?").

LaunchLab的官方界面表明，目前有十个以上的第三方代币发行平台在LaunchLab上构建，其中包括最近受欢迎的Bonk社区代币发行平台Letsbonk.Fun。实际上，绝大多数来自LaunchLAB生态系统毕业的代币目前来自Letsbonk.Fun（请参阅“新硬币发行平台Letsbonk.Fun再次流行，Ikun成为平台上的最新顶级明星？”）。

In short, LaunchLab's strategy is to use third-party platforms such as Letsbonk.Fun to besiege Pump.fun with a "pack of wolves" strategy. Judging from the current trend, this strategy has begun to show results.

简而言之，LaunchLab的策略是使用Letsbonk.Fun等第三方平台以“狼包”策略围攻泵。从当前趋势来看，该策略已经开始显示结果。

In addition, Raydium launched an incentive plan ahead of Pump.fun to provide incentives for issuance and trading on LaunchLab and related third-party platforms.

此外，Raydium在Pump.Fun之前启动了激励计划，以提供发行和交易的激励措施和相关的第三方平台。

According to the latest official disclosure, as of today, Raydium has distributed approximately US$2.8 million (approximately 950,000 RAY) in rewards to traders on LaunchLab and Letsbonk.Fun, and the current daily incentive scale is approximately US$110,000.

根据最新的官方披露，截至今天，Raydium已向启动LAB和LETSBONK.FUN的交易员分配了约280万美元（约950,000射线），而当前的每日激励量表约为110,000美元。

Perhaps sensing the aggressive approach of the "wolves" of the LaunchLab system, Pump.fun was finally forced to give up some of its cake in order to attract more users to stay. Last night, Pump.fun announced that it would launch a "creator income sharing" mechanism, where token creators will receive 50% of the transaction income from the PumpSwap platform. From now on, after any user creates a token, as long as the token generates a transaction, the creator can continue to receive income. Officials said that the mechanism is designed to encourage more high-quality project parties to participate in ecological construction.

也许要感知到发射乐队系统的“狼”的积极方法，pump.fun终于被迫放弃了一些蛋糕，以吸引更多的用户留下来。昨晚，Pump.Fun宣布将推出“创建者的收入共享”机制，代币创建者将从Pumpswap平台获得交易收入的50％。从现在开始，在任何用户创建一个令牌之后，只要令牌产生交易，创建者就可以继续获得收入。官员说，该机制旨在鼓励更多高质量的项目政党参与生态建设。

Meanwhile, another incident happened last night. The X page of Pump.fun briefly blocked Tom, the founder of Letsbonk.Fun, and some Raydium contributors, but I don’t know what happened…

同时，昨晚发生了另一起事件。泵的X页面简短地阻止了letsbonk.fun的创始人和一些Raydium贡献者汤姆（Tom），但我不知道发生了什么……

As shown in the figure below, for most of the time since mid-2024, Pump.fun (green part) has occupied a nearly dominant market position in the issuance of Solana ecosystem memes. It was only recently that emerging issuance platforms such as LaunchLab (purple

如下图所示，自2024年中期以来的大部分时间里，pump.fun（绿色部分）在发行Solana生态系统模因中占据了几乎占主导地位的市场位置。直到最近，新兴的发行平台（例如punaghtlab）（紫色