Summary
- Solana-based Raydium is launching a new token launchpad, which analysts say is in response to PumpFun's market maker solution.
- Meme coins originating from PumpFun reportedly account for a significant portion of swap fees and have substantial influence within Raydium.
- Raydium's preparation of LaunchLab appears to be due to conflicts with PumpFun, and currently, Raydium's price has increased by 3.80% compared to the previous day.
Solana (SOL) based decentralized exchange (DEX) Raydium (RAY) is launching a token launchpad. This is speculated to be in response to news that PumpFun, another Solana ecosystem project, is launching its own Automated Market Maker (AMM) solution.
On the 18th (local time), cryptocurrency media outlet Blockworks reported that Raydium is launching a launchpad that allows direct token forking similar to PumpFun. The name of this launchpad has been set as LaunchLab.
The reason behind Raydium's introduction of this new token launchpad is attributed to conflicts with PumpFun. PumpFun, a Solana ecosystem meme coin generation protocol, hinted at the dissolution of its partnership with Raydium, which had been serving as the market maker, when it announced the development of its own market maker last month. Raydium has responded by introducing a product similar to PumpFun.
According to Blockworks' investigation, meme coins originating from PumpFun account for 41% of swap fees, wielding significant influence within Raydium.
A Raydium representative explained, "Raydium started developing LaunchLab several months ago, but we put the project on hold to avoid being perceived as competitors."
Meanwhile, as of 6:55 AM on the 19th (Korean time), Raydium is trading at $1.80, up 3.80% from the previous day according to CoinMarketCap.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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