Followin':
- pump.fun is silently testing its own AMM, which may replace Raydium as the default liquidity platform for "graduated" tokens on pump.fun.
- pump.fun is developing its own AMM, blocking memecoin money laundering from the Bybit hacker. Image: Decrypt
- According to sources on X on February 24, the meme coin issuance platform with a
valuation of over $1.5 Bit,
pump.fun, is quietly testing its own
AMM at
amm.pump.fun.
- Trenchdiver (@trenchdiver101) said: "pump.fun is Buildin' its own AMM, currently being tested at amm.pump.fun. Looks like they're plannin' to have graduated tokens migrate to their own pool instead of Raydium. This could allow them to extract more fees on Solana or have a custom reward mechanism for holders."
- The first memecoin added to pump.fun's AMM pool is CRACK, which has pumped sharply in just a few minutes, reaching a market Cap of over $5 million and is now down to over $2.3 million.
- Currently, graduated tokens on pump.fun will be moved to the largest Solana AMM,
Raydium, with a standard 0.25% fee per trade, of which 0.22% goes to the LP and 0.03% is used to buy back RAY, causing pump.fun to share profits with a third party. However, with its own developin' AMM, pump.fun can eliminate its dependence on Raydium, control the liquidity flow, and optimize revenue in the way most beneficial to its ecosystem.
- Many predict that pump.fun's new AMM could increase the swap fee to 2-3% and implement a reward program for holders of the platform's
upcoming token.
- According to DeFiLlama data, pump.fun has generated over $509 million in transaction fees since its launch, and this figure could explode further if they fully control the liquidity system, making this platform a "force" dominating the entire cash flow in the Solana memecoin ecosystem.
- The news immediately impacted the price of RAY - Raydium's token. Just a few hours after the news spread, the price of RAY plummeted, recording a drop of more than 22.7% in 24 hours, currently fluctuating around $3.31.
- Regarding the Bybit hack with a loss of up to $1.4 Bit, the hacker exploited the pump.fun platform to launder money through memecoin. However, this platform immediately took strong action to prevent this worrying behavior.
- Specifically, the wallet address
5STkQy...95T7Cq - related to the Bybit hack - transferred
60 SOL to the address
9Gu8v6...aAdqWS, which then deployed a memecoin called QinShihuang. In a short time, this token recorded a trading volume of up to
$26 million, raising suspicions that the hacker is using memecoin to legitimize the stolen money.
- In response,
pump.fun quickly reacted by
blocking and removing the QinShihuang memecoin to prevent the hacker from continuing to launder money on the platform.
- Although QinShihuang has been handled, the address
9Gu8v6...aAdqWS and many other related wallets are still receivin'
a slew of other memecoins to continue laundering money. Controlling these tokens completely is not a simple task, as any strong action by Pump.fun could inadvertently affect users who have already purchased those tokens.
- In response to pump.fun's decisive action, the Bybit exchange expressed gratitude, affirming this as a typical example of proactively protecting the cryptocurrency ecosystem.
Followin': Followin'
Bit: Bit
Block: Block
Vốn: Capital
Circle: Circle
DeFi: DeFi
Thanh khoản: Liquidation
Token: Token
Tether: Tether
CEA: CEA
ROA: ROA
Khối lượng giao dịch: Trading Volume
holder: holder
nhà cung cấp thanh khoản: LP
MEME: MEME
DefiLlama: defillama
khối lượng giao dịch: volume
khối lượng giao dịch: trading volume
thanh khoản: liquidation
USDT: USDT
Solana: Solana
TRON: TRON
THORChain: THORChain
Sui: Sui
Chia: Chia
Amp: Amp
Ren: Ren
Raydium: Raydium
AVA: AVA
Kin: Kin
BTC: BTC
ETH: ETH
DOT: DOT
SOL: SOL
AVAX: AVAX
FIL: FIL
HT: HT
ENS: ENS
AR: AR
AMP: AMP
meme: meme
SUI: SUI
ORDI: ORDI
USDC: USDC
RON: RON
ONG: ONG
Bybit: Bybit
Bitget: Bitget
CoinEx: CoinEx
"Thanks to the pump.fun team for quickly blocking a Solana token that may be associated with a hacker group. This is a clear demonstration of proactive action to protect the community."
Thanks to @caLilyLiu and the @pumpdotfun team for taking swift action to block and remove a Solana-based token whose creator may be affiliated with hacker groups, ensuring the security of the ecosystem. This is a great example of proactive security in action
— Bybit (@Bybit_Official) February 23, 2025
In addition, Bybit has also coordinated with various organizations to
freeze the stolen funds. In the
past 24 hours,
over $42.89 million has been frozen:
- Tether (USDT): Flagged the suspicious address and froze 181,000 USDT.
- THORChain: Blocked the blacklist related to the hackers.
- ChangeNOW: Froze 34 ETH.
- FixedFloat: Froze 120,000 USDC + USDT.
- Avalanche (AVAX): Froze 0.38755 BTC.
- CoinEx, Bitget: Supported the blacklisting and freezing of a significant amount of assets.
- Circle (USDC): Assisted in the tracing and provided crucial leads.
A coordinated effort led to the freezing of $42.89M in just one day. Thanks to the following teams for their swift action: @Tether_to: Flagged address and froze 181K USDT @THORChain: Blocked the blacklist @ChangeNOW_io: Froze 34 ETH @FixedFloat: Froze 120K USDC + USDT...
— Bybit (@Bybit_Official) February 23, 2025
Although pump.fun has been criticized for the
pump & dump token issue and the livestream feature that once likened it to a "
darkweb" on the blockchain, the leading Solana-based meme coin platform has continuously listened to community feedback, adjusted its policies, and taken a firm stance against any illegal activities through meme coins.
Most recently, founder Alon also had a
strong reaction after the collapse of the
LIBRA meme coin, publicly criticizing those behind the scenes who exploited users for personal gain, and emphasizing that "the community needs to be protected".
Compiled by Coin68
