pump.fun self-built AMM plan shakes Raydium ecosystem Solana's largest liquidity pool Substitute risk triggers $RAY price decline

On February 24th, Raydium, the largest AMM protocol on the Solana chain, was caught in an ecological game storm. The meme coin publishing platform pump.fun was exposed to be testing its own automated market maker (AMM) system, planning to replace the basic liquidity pool currently provided by Raydium. This news directly led to a drop of more than 30% in the RAY token within 24 hours, setting the largest single-day fluctuation in nearly six months. On-chain data shows that a whale address has accumulated 6.45 million dollars RAY to the centralized exchange in the past three days. According to the cost price of 4.73 dollars, the actual loss is 1.517 million dollars. If all the 867,000 RAY (worth 2.83 million dollars) held in the four months are sold, an additional loss of 1.27 million dollars will be generated.

 

Today, InfraRAY, a core contributor to Raydium, responded urgently, stating that there was a strategic misjudgment in pump.fun's independent construction of AMM, pointing out that it may face core risks such as insufficient on-chain infrastructure support and lack of token migration momentum. As the liquidity center of the Solana ecosystem, more than 30% of Raydium's current trading volume relies on pump.fun publish tokens. Industry analysts believe that although the pump.fun has not yet announced a specific migration plan, market panic has caused investors and market makers to simultaneously reduce their positions.

 

This niche competition exposes the dependency risk of Solana DeFi protocol, pump.fun if the AMM closed loop is successfully realized, it may reconstruct the industrial chain pattern of meme coin publishing, liquidity supply and trading scenarios.