There are three major conglomerates on Solana, with asset issuers and asset traders eroding each other (1) Pump Fun&Pump Swap: Memecoin launched from Pump Fun migrated to Pump Swap after graduation, and the trading volume of Pump Swap heavily relies on its leading position in issuing Pump Fun assets (2) Raydium&LaunchLab+LetsBank: After Pump Fun built its own DEX portal, Raydium launched its own launcher, LaunchLab. LetsBank, created by Solana's veteran Meme BONK community based on LaunchLab, significantly increased the issuance of Raydium assets (3) Jupiter/Meteora&Believe: The transmitter after the reincarnation of polluted soil. Believe has created the ICM token concept, relying on the unilateral liquidity pool of Meteora for startup, and behind Meteora is the Solana leader aggregator Jupiter On the asset issuance side, Pump Fun's market share plummeted from over 90% to below 50% in just one week; Believe+Meteora has occupied~35% of the market share in the past two days; Radydium series LaunchLab+LetsBank has also been significantly impacted by Believe in the past two days On the asset trading side, with the support of the Believe ICM token issuance, Meteora's trading volume has surpassed PumpSwap in the past two days, second only to Raydium; The pressure and challenges faced by Raydium on the asset trading side are no less than those faced by Pump Fun on the asset issuance side