RAY token plunges 25% after reports of Pump.fun ditching Raydium
The token of Solana-based automated market maker (AMM) and liquidity provider Raydium (RAY) fell by 25% as the platform faces potential revenue losses.
On Monday, RAY holders aggressively sold off their tokens, pushing daily trading volume up over eightfold to $489 million. The token's price dropped to $3.1, briefly dipping as low as $2.8.
Price dynamics of RAY on February 24, 2025. Source: CoinMarketCap
The sell-off was triggered by rumors that Pump.fun, a platform for launching memecoins, is developing its own market maker and planning to exit Raydium.
Chasing profits
Currently, tokens launched on Pump.fun are routed through Raydium, where a standard 0.25% swap fee is applied—part of which goes to Raydium.
By managing liquidity independently, Pump.fun could boost its own revenue, retain fees within the platform, introduce reward mechanisms for token holders, offer new financial tools, and set higher fees without losing users.
Some sources reported that Pump.fun is beta-testing its AMM, with CRACK as its first test token.
Since its launch, Pump.fun has generated over $500 million in revenue but now aims to retain more of its earnings instead of sharing them with other projects.
As we wrote, Pump.fun, a leading platform for on-chain meme token creation, has officially launched its long-awaited mobile app, sparking a wave of new activity in the crypto space.
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