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Raydium, a leading automated market maker operating on the Solana 
$124 blockchain, has clarified claims regarding Pump.Fun’s potential use of its market-making system. The platform stated that changes to the existing structure could significantly impact market balances. This development has increased competition between the two platforms while creating uncertainty for traders.
Pump.Fun’s New Infrastructure Trials and Market Impacts
It has emerged that Pump.Fun is testing transactions using its infrastructure instead of Raydium’s liquidity pools. This development has raised concerns about a potential decline in demand for Raydium. The possibility of disabling Raydium’s liquidity pools has prompted many traders to sell their RAY tokens.
A significant portion of Raydium’s daily transaction fees comes from transactions originating from Pump.Fun. If Pump.Fun transitions to a different system, a decline in Raydium’s revenue is anticipated. Currently, Pump.Fun transactions generate over one million dollars in daily fees for Raydium, and a switch could lead to substantial financial loss for Raydium.
Revenue Model and Risks from Increased Competition
Raydium officials emphasize that maintaining the current system is critical for the ecosystem. InfraRAY explicitly stated that “100% revenue loss is inevitable,” highlighting the associated risks. Structural changes may lead to risks such as low demand, infrastructure deficiencies, and insufficient transaction volumes.
Although Pump.Fun generates significant revenue through early-stage token launches, it does not benefit from long-term token value appreciation. In contrast, Raydium provides consistent income from transaction fees. This distinction shapes the economic dynamics between the two platforms, raising concerns about long-term revenue sustainability should Pump.Fun change its structure.
Alon Cohen, one of the partners at Pump.Fun, refrained from commenting on the matter. However, market observers are closely monitoring the future strategies of both platforms. These changes within the Solana ecosystem are emerging as critical factors that could influence traders’ decisions.
