Pump.fun launched Pumpswap DEX free automatic migration, will introduce creator distribution, Raydium really broken?

The launch of Pumpswap represents that Pump.fun is actively building a closed ecosystem and expanding its influence in the Solana Meme coin market, but regulatory risks and project failure rates cannot be ignored. (Synopsis: Weekly revenue surpasses Pumpfun, how to value Hyperliquid (HYPE)?) (Background supplement: Meme Coin Bubble" Pump.fun trading volume collapsed 95%, only 2 tokens market value exceeded 1 million magnesium in a single day) The most watched Meme coin launch platform on the Solana ecosystem Pump.fun officially launched the decentralized exchange Pumpswap, providing token migration services, severely damaging the services originally provided by Raydium in an attempt to strengthen ecological control. The transaction fee structure is open, and the migration mechanism is fully automated According to the official X description, Pumpswap charges a 0.25% commission per transaction, of which 0.20% is allocated to liquidity providers and 0.05% is owned by the platform protocol. The platform can automatically identify and migrate tokens that have completed the Bonding Curve mechanism, eliminating manual work and additional costs. The Pump.fun team said: In the past, the token migration process often dragged down the momentum of the coin price and made it more difficult for users to enter the market. Now the migration is free in real time, which will further improve the liquidity and activity of the coin. Introducing PumpSwap, Pump’s new native DEX beginning NOW all coins that complete their bonding curve will migrate directly to PumpSwap PumpSwap enables– instant migrations– 0 migration fees (down from 6 SOL)– more liquidity– creator revenue sharing (coming soon) & more pic.twitter.com/T9BkmmaVVS — pump.fun (@pumpdotfun) March 20, 2025 The original reliance on Raydium model has been broken, and the ecological pattern has been reshaped Most of the tokens issued in the past Pump.fun need to be manually migrated to exchanges such as Raydium for trading, and now they are newly launched Pumpswap provides real-time docking and automatic migration functions, which is expected to directly undertake transaction momentum. As a result, Raydium's native token, RAY, has fallen 11.6% in the last 24 hours and is currently currently quoted at $1.72. In the face of huge competitive pressure, Raydium is also rumored to be preparing to launch its own token launch platform "LaunchLab" to counter Pump.fun's dominance in the crypto market. Solana Ecological Meme Coin Popularity Falls Although Pumpswap shows platform integration and execution speed, regulatory risks and platform coin quality issues are still major concerns. In January 2025, prosecutors in the state of New York filed a lawsuit against him for an "unregistered securities offering"; In December 2024, the UK's Financial Conduct Authority (FCA) issued a ban on it, making the platform unable to provide services locally. In addition, according to Dune Analytics, tokens issued via Pump.fun have a failure rate of 98.6%. This extremely high ratio shows that most projects on the platform do not have long-term development plans, and the recent meme boom has a tendency to shift to the BNB chain, investors need to be more cautious when entering the market. The creator distribution system will appear, can it regain funds? It is worth noting that Pump.fun also said that a creator distribution mechanism will be introduced in the future to encourage more high-quality projects and community participation, but the relevant details have not yet been announced. If this mechanism is implemented, it may further change the creation and economic model of Meme coins, and it remains to be verified whether funds can be returned from the BNB ecosystem. Pump.fun dominates the Solana eco-offering and trading volume Pump.fun has risen rapidly since its founding in January 2024 by Noah Tweedale, Alon Cohen and Dylan Kerler, focusing on the Meme coin market, and has cumulatively created more than 5.5 million tokens as of January 2025. For graduation tokens that reach a market cap of $90,000, the platform charges a 1% transaction fee and a 1.5 SOL graduation fee. According to its data, cumulative transaction fee income reached $602 million as of March 2025. Pump.fun currently accounts for 70% of Solana token issuance and controls 56% of its DEX trading volume. If Pumpswap can undertake the original outflow of token trading needs to Raydium, it will strengthen its ecological closed loop and user retention rate. As soon as Pumpswap was launched, the community fried the pan, and many netizens left messages praising it as a "super ruthless update", which not only solved the trouble of manually moving coins after graduation of Meme coins in the past, but also directly eliminated intermediate processes and accelerated the speed of listing and transactions. Some netizens said that this was simply "a trick to hit Raydium", and some people excitedly shouted "Pump.fun is just about to start rushing". Overall, the first wave of response is very hot, and the next step depends on whether the volume can be converted into actual users and transaction volume. Related reports Weekly revenue surpasses Pumpfun, how to value Hyperliquid (HYPE)? Meme Coin Bubble" Pump.fun trading volume collapsed 95%, only 2 tokens in a single day market value exceeded 1 million magnesium Backstab Pump.fun, Solana's official repeated shouting Time.fun Can it pull back liquidity? 〈Pump.fun Launched Pumpswap DEX free automatic migration, will introduce creator distribution, Raydium really broken? This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".