Raydium, the decentralized exchange at the center of the Solana ecosystem, plans to spin out a rival memecoin launch-pad to compete with Pump.fun. The move comes about a month after Pump.fun was found to be testing a custom-built automated market maker possibly to replace Raydium.
Over 35% of Raydium’s revenue comes from Pump.fun, the platform for creating tokens that surged to popularity after launching in early 2024. Core contributor InfraRAY said shortly after Pump.fun’s AMM code leaked that it would be a "strategic miscalculation" to swap out Raydium.
Raydium is a highly profitable decentralized exchange. In 2024, it generated about $154 million from swap revenue, which is set to grow to about $1 million per day across all its liquidity pools.
Pump.fun uses Raydium to support secondary market trading for tokens hitting a market capitalization of $69,000. Once the bonding curve is “filled,” tokens automatically move from one platform to the other.
According to Blockworks, which broke the news, Raydium’s “LaunchLab” will essentially be a fork of Pump.fun with a few select differences. It will feature a similar logarithmic bonding curve but will also allow third-party UIs to set fees and have direct access to Raydium’s liquidity pools. The project has reportedly been under development for several months.
The Block previously reported that Pump.fun plans to launch a native token. The RAY token is up over 5% to around $1.67.
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