2025-04-04 Today
1d ago
On April 2, as Trump's "reciprocal tariffs" approached, market sentiment has undergone repeated tests, and ultimately betting on clear trade policies will help stabilize the market. The three major U.S. stock indexes fluctuated violently during the session, and closed up and down: the Dow Jones Industrial Average fell slightly by 0.03%, the S&P 500 rose slightly by 0.38%, and the Nasdaq rose by 0.87%. Large technology stocks strengthened across the board, with Tesla rising by more than 3%. The cryptocurrency market rose simultaneously, and Bitcoin was driven by a low opening in the early trading of technology stocks, which once approached $82,000, and then followed the rebound of the US stock market, reaching a maximum of $85,579. It is currently challenging whether it can stand firm at the $85,000 mark, up 2.36% within 24 hours. Other mainstream tokens have generally risen, and Ethereum strives to hit the $2,000 mark. Last night, multiple meme token chains on the BNB chain collapsed, slashing the market's confidence in meme coins. The U.S. stock market's "reciprocal tariff" deadline is about to end the eve of the eve of the previous market. The market believes that Trump will not insist on any tariff policies that will seriously drag down economic growth, and expects clear trade policies to help stabilize the market. The global eye is focusing on tonight's tariff announcement, paying attention to whether it can clarify the policy direction and eliminate uncertainty, and whether the tariff hike will further deteriorate the economic outlook.
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03-28 16:43
In the Solana ecosystem, a "civil war" about hundreds of millions of dollars in transactions is taking place. Author: Frank, PA Coin World Network In the Solana ecosystem, a "civil war" about hundreds of millions of dollars in transactions is taking place. Pump.fun and Raydium, two once interdependent platforms, are now heading for a competitive situation. Through in-depth analysis of Raydium pool data, PA Coinjie.com found that the impact of Pump.fun on Raydium may be far beyond market expectations. In the past year, relying on the popularity of Pump.fun, Raydium has achieved a lie-out win. Pump.fun's launch of its own decentralized exchange PumpSwap is undoubtedly cutting off Raydium's biggest financial path. Against the backdrop of the overall cooling of the MEME market, is this "civil war" just a meaningless internal friction? PA Coinjie.com will reveal the essence of this battle through data analysis and explore its impact on the Solana ecosystem and the entire MEME market. Pivot: Pump.fun tokens occupy half of Raydium When Pump.fun announced its DEX, PumpSwap, in early March, it was generally believed that this would have a certain impact on Raydium, but few people realized the severity of the impact. PA Coinjie.com has analyzed about 250,000 transaction pairs of Raydium AMM and CLMM pools, and may be able to get a glimpse of the real relationship between Pump.fun and Raydium and the future possibilities. In Raydium's AMM pool, the tokens generated by Pump.fun account for as much as 43.96%. Specifically, out of the 216,000 AMM pools, there are 95,000 pools containing Pump.fun tokens. The total TVL of these Pump.fun token pools reached US$726 million, accounting for 50.79% of AMM’s total TVL. Even if CLMM pools are included in the calculation, the overall proportion of Pump.fun tokens in all Raydium pools is still as high as 43.68%. This means that Pump.fun contributes nearly half of the transaction volume and revenue to Raydium. PA Coinjie.com estimates that Pump.fun brings about tens of millions of dollars in annual revenue to Raydium. When Pump.fun announced the launch of PumpSwap, the price of RAY token plummeted by 15% in 24 hours. The market's reaction to this news confirmed the importance of Pump.fun to Raydium. The launch of PumpSwap poses a direct threat to Raydium, which is mainly reflected in three aspects: first, zero migration fees (compared to Raydium's 6 SOL) greatly reduces the cost of user migration; second, the instant migration function simplifies the process of tokens from launch to transactions; finally, the improved liquidity and creator revenue sharing model is more friendly to token creators. These advantages may lead to a large number of users migrating from Raydium to PumpSwap, further exacerbating Raydium's revenue losses. Raydium's counterattack: Can LaunchLab turn the tide? Faced with the threat of PumpSwap, Raydium is not waiting to die. In mid-March, Raydium announced that it was developing a token launch platform called LaunchLab as a direct competition for Pump.fun. Interestingly, Raydium has actually been developing LaunchLab for several months, but has put the project on hold before, perhaps because it doesn't want the team to feel that Raydium is competing directly with Pump.fun. Apparently, the launch of PumpSwap has broken this concern. On March 26, Raydium said it will officially launch LaunchLab within a week. According to reports, LaunchLab plans to offer a number of innovative features, including linear, exponential and logarithmic binding curves to adjust token prices according to demand; allow third-party UIs to set their own fees; support a variety of quotation tokens besides SOL; and integration with Raydium's liquidity provider locker. These features are designed to provide token creators with more flexibility and control, thus competing with Pump.fun. However, it is still unknown whether LaunchLab can save the huge revenue losses faced by Raydium. First, Pump.fun has established a strong brand awareness and user base in the field of meme coin launch; second, PumpSwap's zero migration fee and instant migration function have provided users with significant cost and convenience advantages; finally, Raydium needs to complete the development and promotion of LaunchLab in a short time, which is a huge challenge in itself. From a strategic perspective, Raydium emphasizes that LaunchLab is not intended to replace Pump.fun, but rather provides alternatives to teams who don’t want to develop their own programs from scratch. This statement may be to avoid direct confrontation with Pump.fun, but in fact, LaunchLab's launch is undoubtedly a strategic response to the PumpSwap threat. MEME market cooling: Civil war is just unnecessary internal friction? Behind the "civil war" between Pump.fun and Raydium, the bigger background is the overall cooling trend of the MEME market. At the beginning of 2025, the meme coin market showed a change from Solana's dominance to multi-chain competition, but the market popularity has dropped significantly. Solana's on-chain expenses fell from a weekly maximum of $89.91 million in January 2025 to $5.64 million on March 17, a drop of about 93.7%. In addition, DEX trading volume has also ushered in a cliff-like decline. Solana's DEX trading volume on March 27 was about US$1.38 billion.Compared with the high of $35.8 billion in January, it was only 3.8% at that time. From a large cycle perspective, the current trading volume seems to have returned to the same level in 2024. Several other competitive public chains also experienced a downturn, with the daily trading volume of Base chains currently falling to US$369 million, down 86% from January. BSC Chain created a short-term peak with the call from leading Vs such as CZ. Although the current daily trading volume remains above US$1 billion, it is also much worse than the 8.4 billion peak in January. Four.meme, which is popular on the BSC chain, has also experienced a significant decline recently after experiencing a short peak. On March 27, Four.meme's trading volume was only $20 million, down 75% from the highlight of $80 million on March 21. According to the observation of PA Coinjie.com, several professional Rug robots on Pump.fun have also been in a state of downtime recently. When the sickle is no longer profitable, the market seems to have entered a cold winter period. In this context, the "civil war" between Pump.fun and Raydium is likely to be just a meaningless internal friction. The two sides are competing for a shrinking market, rather than a blue ocean that continues to grow. Without real innovation and practical value, this competition may only accelerate the cooling of the market and the division of the Solana ecosystem. The transition from cooperation to competition between Pump.fun and Raydium reveals deep contradictions in the Solana ecosystem. Although data analysis shows that the launch of PumpSwap may cause Raydium to lose nearly half of its new token market in the future. But it should be noted that data can only illustrate history, but cannot truly predict the future. As the market shrinks, Pump.fun may not have much ability to transfusion blood to Raydium. Launching PumpSwap is more like a helpless self-protection behavior. For investors, while paying attention to the competition between Pump.fun, Raydium or Four.meme, they should be more wary of the overall cooling trend of the MEME market and avoid becoming the "last leek" in this "civil war". The future market trend is still not clear, but maintaining patience is always the most core technology that spans the cycle.
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