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Crypto’s most lucrative tech marriage appears headed for a divorce.
Presently, the Solana memecoin launchpad pump.fun migrates tokens with sufficient liquidity to trade on Raydium, a Solana-based automated market maker. The so-called graduation mechanism has proven very profitable for Raydium: Pump.fun pools accounted for 36% of the DEX’s $154 million in 2024 swap revenue.
That looks set to change, as an amm.pump.fun URL recently went online, and an onchain sleuth posted evidence that pump.fun was testing liquidity pools for its own AMM. Raydium’s token is down some 40% since Sunday as investors respond to a looming dent in the protocol’s revenue.
AMMs are easy enough to spin up in the open-source world of crypto, and pump.fun’s aspirations to create its own had been spinning around the Solana rumor mill for some time. By graduating memecoins to its own AMM, pump.fun would vertically integrate the token launch process — and potentially push its already-gaudy revenue figures even higher.