Raydium's native token, Ray, rose sharply on Monday, driven by the decentralized exchange's "deep liquidity," even as it faces stiff competition from the recently launched rival PumpSwap, According to one contributor,
According to Crypto Data Provider, Ray, the 133rd most valuable crypto in terms of market capitalization is currently trading for about $1.95. CoinGecko.
Pump.fun has grown in popularity, and the company’s sales have increased 25% during the past two weeks.
Ray dropped 7.6% in a period of five minutes following the launch last Friday of Pump.fun, a competing decentralized exchange. The token had previously fallen 22%. Rumors about the upcoming Pump.fun competitor The first signs of spring emerged in the last few months.
Raydium has maintained its numbers relatively well.
DefiLlama reports that the Solana-based automated exchange processed about $321.31million worth of trades on Sunday. This is a 4% decline from the prior week.
On Monday it exceeded the trading volume of last Monday for that same day one week earlier.
Raydium continues to be popular; the popularity of Pump.fun is on the rise
Raydium has become the leading brand in 2024. DEX On Solana, the trading volume will reach $124 billion by January of this year A meme coin-fueled upswing in the market is underway.
However, Pump.fun grew to become the most popular token launchpad on all chains. The history of cryptography: app By the end of 2020Recent revenue surpassing 600 million dollars, according to Dune data.
When was this? Pump.fun When tokens have completed their bonding and graduated from the platform (currently at a market cap of $100,000), they will become tradeable. Raydium.
According to DunePump.fun has created 70,500 Tokens. 1,168 have graduated to Raydium. Launchpad Plus Accounts for as much as 70% All tokens produced on Solana, or 55% by March 23,
Raydium’s core contributor is a pseudonym. Stendhal You can tell them by clicking on the link Decrypt The reason they’re not surprised is that all the previously migrated Pump.fun Tokens’ liquidity has been locked to Raydium.
Raydium also has a “deep liquidty” of tokens in “all asset class” that is not limited to the Solana Launchpad.
Stendhal stated that the technical abilities of Raydium are not being taken into consideration.
“We have been hearing for a while that it is easy to launch a ‘vanilla’ [automated market maker]. “I don’t believe that many people realize how important distribution is for volume,” he continued.
PumpSwap has smaller figures, averaging $669.120 on a daily basis and $3.26 millions in volume traded between Saturday and Sunday. DefiLlama Data shows
'Great success'
Alon Cohen is the co-founder and CEO of Pump.fun. Decrypt This launch is a great success, and the figures “reasonably accurate.” He points out the “emergence” of the Morning Routine (ROUTINE). Over the weekend, as an example, the exchange that took place.
PumpSwap is still a long way from becoming the biggest decentralized exchange in Solana.
Raydium is the leader in Solana’s volume over the past 24 hour, with Meteora in second place at 31.56 % and Orca at 20.41 percent.
However, Pump.fun’s main competitor is only in the fifth place with a daily volume of 5.74% on Solana.
Stendhal continued, “It is too early to evaluate the impact of an additional player joining the landscape of spot markets with significant mindshare.” It is interesting that the major disruption expected by the market did not happen.
We will see the gap narrow if launchpad manages to create another meme of this magnitude. Fartcoin (FARTCOIN), whose market capitalization peaked above $2 billion.
ROUTINE has risen to $19 million in the past weekend. This is making some traders believe that meme coins are worth investing again.
Cohen explained that the volume of coins on PumpSwap has been growing day by night. I anticipate this trend continuing as more coins move and create trading volumes.
James Rubin and Sebastian Sinclair edited this book
