Raydium 和 Pump.fun 互做仿盘，“分手”后能有赢家吗？

链捕手Опубліковано о 2025-03-19Востаннє оновлено о 2025-03-19

作者：flowie，ChainCatcher

在Pump.fun“单飞”做AMM后，Raydium开始反击了。今晨，据 Blockworks 报道，Raydium推出类似于Pump.fun的 Meme 币发射平台 LaunchLab 。

或受此消息影响，Raydium代币Ray 最高上涨约30%至2.07美元，截止发稿回落至1.8美元左右。

但在Solana生态meme热退去后，Raydium和Pump.fun的分手“互刚”，最后能有赢家吗？

彼此或早有异心

Raydium推出的LaunchLab，本质上是 Pump.fun 的一个分叉版本，但进行了优化和改进。比如与 Pump.fun 仅支持 SOL 作为报价代币不同，LaunchLab 将支持多种报价代币，这为用户提供了更多选择。

而Raydium 此次整Pump.fun 的活看似是一次被迫反击，但可能早有异心。

Raydium核心贡献者Infra在Blockworks 的采访中提到，早在“数月前”就开始开发LaunchLab，但由于“不想让团队觉得Raydium在直接与他们竞争”，所以一直搁置这个项目。

但随着Pump.fun的AMM计划浮出水面，Raydium可能也就彻底不装了。

这轮meme热潮下，Pump.fun 和Raydium 此前可以说是最好的“搭档”。

Pump.fun代币发行机制分为“内盘”和“外盘”。当用户在 Pump.fun 上发行的代币交易量达到 6.9万美元时，会进入“外盘”交易阶段。

而外盘交易主要依赖于Raydium ，Raydium 提供的深度流动性池和稳定性，能够帮助 Pump.fun 上的代币更好地进行交易。但Raydium 会对每笔交易收取 0.25%的费用，Pump.fun 需要因此支付大量费用。

作为Solana生态头部的AMM平台，也正是因为meme和Pump.fun的爆火，近一年可以说是赚的盆满钵满。

《2024 Memecoin 年度消费报告》显示，2024年Solana 生态 Meme 币交易至少产生了超 30.93 亿美元手续费。其中Raydium 或赚取了超10亿美元，Pump.fun 则只赚取 2.4 亿美元。

但是上个月，随着Pump.fun 推出自家的AMM，试图摆脱Raydium的依赖后，Raydium的躺赚模式被打破了。受次消息影响，Raydium 的代币Ray代币当日下跌了超20%。

Pump.fun自建AMM的目的也昭然若揭，给Raydium的钱想放自己口袋，此外，自建 AMM 后，Pump.fun 可以完全掌控流动性池的规则和费用分配，可能对用户有更强的控制力。

而作为Pump.fun的最大受益者，Pump.fun的单飞对于Raydium的收入确实影响巨大。

根据 Blockworks Research 的数据，在过去 30 天内，Pump.fun 的 Meme 币占 Raydium 交易费用收入的 41%。

但好在Raydium确实赚到了钱，经历了大幅下跌和Pump.fun的单飞威胁后，根据 Blockworks Research 的数据称，Raydium 的资产负债表上仍有约 1.68 亿美元的资金，可以支撑其做新的meme发射平台尝试。

难兄难弟，“分手”过后能有赢家吗？

Solana 生态meme热近期已退潮，市场注意力已暂时转移到了币安家的BSC链上。

无论是Raydium还是Pump.fun，都已经从高点大幅下坠。

据DeFillam 数据显示，Raydium的TVL从1月底的27亿美元高点已经下滑约60%至11亿美元，日交易费用也从1月底的1000万美元下跌超90%至80万美元左右；而代币价格也从高点的7.6美元下跌超75%至1.8美元左右。

Pump.fun的交易费用也从高点的1500万美元下跌超95%至80万美元。昨日，据 Lookonchain 监测，24小时内在 Pump.fun 上仅有一个代币市值超过 100 万美元。

可能也正是因为收入大幅下降，钱不好赚了，Pump.fun和Raydium都不希望给对方赚钱。

但是互做仿盘后，Pump.fun和Raydium这对难兄难弟能有赢家吗？

目前一个现实是，整体行情低落，市场本来在长期的PVP下有点疲软，Solana生态meme的注意力也转移到BSC链上。需求都不在了，Pump.fun和Raydium 似乎很难大力出奇迹。

另一方面，对方的生意都那么好做吗？Pump.fun 自建AMM后也被 Raydium质疑过，Raydium 的核心贡献者 Infra 在 X 平台发文称，Pump.fun 完全抛弃 Raydium 是一个“战略性误判”。

Infra 认为 Pump.fun 低估了 Raydium 的流动性支持带来的价值，Raydium 在Solana 已经获取了主导地位，对用户是否有足够动力迁移到 Pump.fun 的新 AMM 上表示质疑。。

但对于Raydium而言，Pump.fun 已经在 Solana 生态中建立了强大的用户基础和品牌认知， “傻瓜式”操作和社交互动等体验上建立了用户粘性。Raydium如何短时间让其代币平台更具吸引力也并非易事。以及Pump.fun 已因大量无法毕业的垃圾代币而饱受诟病，Raydium 的 LaunchLab 如果沿用类似低门槛的代币创建机制，同样会面临类似质疑。

目前从推特用户的反应来看，在注意力转移后，Pump.fun和Raydium互刚可能并没有引起太大的关注，对于孰赢孰输也暂时难有定论。

加密kOL Jeremy和SonicSVM BD负责人Arif Kazi等用户则认为，无论两家的竞争如何，用户都是赢家，因为可能带来更低的费用或更好的创新。

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