SOL's price over the past 24 hours has been in line with the overall cryptocurrency market trend and remains largely in the red. Let's take a look at the latest news in the Solana ecosystem.
Raydium Launches LaunchLab Platform
Raydium, Solana's most popular decentralized exchange, saw a surge in its token's price after launching its own meme coin launchpad, LaunchLab. This move is seen as a direct jab at the popular Pump.Fun, rumored to be testing its own automated market maker.
Pump.Fun Strikes Back with PumpSwap
Pump.Fun has launched PumpSwap, a decentralized exchange that aims to compete with Raydium. PumpSwap offers fee-free and instant token migrations, and plans to introduce revenue sharing for creators. Previously, tokens needed to reach a market cap of over $69,000 to 'graduate' to Raydium, but now they can list directly on PumpSwap without a fee. Note that 36% of Raydium's trading volume came from Pump.Fun launches.
Importance of Ecosystem Projects for Solana
Pump.Fun has a significant influence on the Solana ecosystem. The network's revenue and DEX volume have plummeted by 97% in recent months as the hype around meme coins fades. Recently, a full 24-hour period passed without a single token graduating through Pump.Fun, contrasting with January when over 1.7M tokens were launched daily.
With the latest developments, Solana faces challenges in maintaining market interest in its ecosystem projects. The new competition between Raydium and Pump.Fun and the potential emergence of a TRX ETF may influence the platform's future development.
