Raydium called Pump.Fun's self-built AMM pool a "strategic miscalculation".

BlockBeats News, February 25th. According to CoinDesk, Solana's leading automated market maker (AMM) Raydium has responded to the Pump.Fun self-built AMM pool rumor. Core contributor InfraRAY posted on Platform X, stating that completely abandoning Raydium for this highly popular and profitable meme coin factory would be a "strategic misjudgment." He expressed skepticism about whether Pump.Fun's self-built trading facility could successfully replace Raydium. After last weekend's rumor about the Pump.Fun self-built AMM pool surfaced, investors massively sold off RAY tokens, causing a significant price drop. The market believes that Pump.Fun is no longer satisfied with being Raydium's "liquidity provider" but is attempting to become the liquidity "controller."

The current largest AMM platform on Solana, Raydium, earns transaction fees through the Pump.Fun "graduation" token (migrating from the issuance platform to the Raydium liquidity pool), currently generating over $1 million in daily transaction fees through the platform's total liquidity pool (including the Pump.Fun token pool). According to the Dune dashboard, over 30% of Raydium's daily trading volume comes from the Pump.Fun token. If the latter switches to a self-built AMM, its fee income would significantly shrink.

InfraRAY once again stated: "The 30% market value drop of the RAY token has been exaggerated, and I believe Pump.Fun has overlooked the real risks, but it's also possible that my judgment is incorrect." Pump.Fun's co-founder Alon Cohen declined to comment on this.