SOL’s price performance over the past 24 hours has been in line with that of the rest of the cryptocurrency market and remains largely in red. Let’s check out some of the more important Solana ecosystem news.
Raydium Launches Pump.Fun Competitor
Raydium – Solana’s most popular decentralized exchange – saw a surge in its token’s price after announcing the launch of its own meme coin launchpad – a move that many took as a direct jab at the popular Pump.Fun.
This followed rumors that the latter was testing its very own automated market maker.
If the reports turn out true, LaunchLab – the meme coin launchpad of Raydium – is supposed to be an upgrade to Pump.Fun’s token-launching product with dynamic bonding curves, support for multiple tokens, and more.
Pump.Fun Strikes Back
In response, Pump.Fun has launched PumpSwap – a decentralized exchange that aims to compete for mindshare and market space with Raydium.
According to the original release, PumpSwap will also offer fee-free and instant token migrations, while planning to introduce revenue sharing for creators later on. What’s the big deal for Raydium, you may ask?
Well, the way Pump.Fun was designed previously, tokens needed to reach a market cap of more than the meme-ish $69,000 and “graduate” to Raydium – a process that cost 6 SOL. Now, they can list directly on PumpSwap without having to pay the fee. Note that 36% of Raydium’s trading volume came from Pump.Fun launches.
The Importance of Ecosystem Projects for Solana
If it’s not obvious by now, Pump.Fun has a huge influence on Solana’s broader ecosystem. To put this into perspective, consider this: Solana’s network revenue and DEX volume plummeted by 97% in recent months.
This decline can be attributed solely to the fading hype around meme coins, especially following the scandals with LIBRA, MELANIA, and other insider launches.
As reported by Matthe Haddad, this week, there was a full 24-hour period without a single token graduating through Pump.Fun. To contrast this – in January, the platform saw over 1.7 million tokens launched every single day, with roughly 1% of them graduating.
TRX Expands to Solana
Justin Sun, the founder of Tron, hinted at the possibility of a potential TRX exchange-traded fund (ETF) in the making. At the time of this writing, there’s no official announcement.
This development follows TRX’s recent integration into the ecosystem of Solana’s blockchain, further improving its utility and potential reach.
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