How much does Raydium depend on pump.fun?

Solana Eco-Mainstream Decentralized Exchange (DEX) Raydium (RAY) has dropped sharply recently, mainly because pump.fun appears to be testing its own pool of automatic market makers (AMM) liquidity. The market is concerned that the pump.fun move will cause its tokens to no longer be traded through Raydium in the future, but will be completed directly within its own agreement, thereby reducing the transaction volume of Raydium and thus affecting its revenue and RAY's repurchase scale.

Brief analysis of the relationship between Raydium and pump.fun (readers who are familiar with relevant mechanisms can skip this part)

pump.fun is the leading Meme coin issuance platform in Solana's ecosystem. Its token issuance is divided into two stages: "inner disk" and "outer disk". In the "inner trading" stage, the tokens are traded on the Bonding Curve of pump.fun itself; when the trading volume reaches $69,000, it enters the "outside trading" stage, liquidity is transferred to Raydium, and a liquidity pool is created on Raydium to continue trading.

Raydium's revenue model is to charge a 0.25% handling fee for each transaction, of which 0.22% is allocated to liquidity providers (LPs), and the remaining 0.03% is used for RAY's repurchase and ecological construction. Therefore, Raydium's transaction volume directly affects its fee income, which in turn affects the price of RAY.

If pump.fun eventually adopts self-built AMM, the liquidity of pump.fun tokens will no longer flow to Raydium, which will significantly reduce Raydium's transaction volume and fee income, and ultimately negatively affect the price of RAY.

How is Raydium's dependence on pump.fun? This is the focus of the current market attention.

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