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Pump.enjoyable, the widely utilized Solana-based meme coin launchpad, is reportedly evaluating an automatic market maker (AMM) that could alter the way tokens launched on its platform manage liquidity.
If implemented, this enhancement may reduce the platform’s dependence on Raydium, the decentralized exchange currently facilitating trading for tokens transitioning from Pump.enjoyable.
Pump.enjoyable May Replace Raydium by Introducing its Own Internal AMM System
The initial signs of an internal AMM emerged when Aggr Information, a data aggregator on X, identified a new liquidity pool under the domain amm.pump.enjoyable.
https://t.co/wohP4puuSl TESTING IN-HOUSE AMM, POTENTIALLY REPLACING RAYDIUM AS THIRD PARTY PROVIDER: WEBSITE pic.twitter.com/VLavRsRHFQ
— Aggr Information (@AggrNews) February 24, 2025
This internal testing indicates that Pump.enjoyable may be preparing to host its own liquidity pools instead of directing users to Raydium.
The information gained traction after an X user, “trenchdiver,” asserted on February 24 that Pump.enjoyable was actively developing its own AMM system.
EXCLUSIVE : @pumpdotfun is working on their own AMM liquidity pools, which is currently being tested on https://t.co/nuir86gnkl
It appears they’re planning to have pump tokens transition to their own pools instead of Raydium to enable them to either extract more fees on Solana or have… pic.twitter.com/svmWfl6Rlt— trenchdiver (@trenchdiver101) February 24, 2025
This feature would allow users to trade assets directly against liquidity secured in smart contracts rather than through a traditional counterparty model.
A link shared by the user leads to a website displaying an AMM interface branded with Pump.enjoyable, suggesting that the feature is in beta testing.
Currently, when a token on Pump.enjoyable completes its bonding curve—a structured pricing model—it moves to Raydium for trading.
If Pump.enjoyable launches its own AMM, it could retain that liquidity within its ecosystem instead of directing it elsewhere.
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Further speculation arose after an on-chain transaction dated February 20 revealed what appears to be Pump.enjoyable’s first test token added to its AMM liquidity pool.
The token, named Snowfall (CRACK), seemingly referencing a 2017 TV series, experienced a sharp increase, reaching a peak market capitalization of $5.4 million within an hour of Trenchdiver’s post, as reported by DEX Screener.
However, its value has since undergone significant fluctuations, with a 40% decrease in price reducing its market capitalization to approximately $1.8 million.
Despite the growing speculation, Pump.enjoyable has not issued any public comments regarding the AMM’s development or its potential impact on the platform’s token graduation process.
Pump.enjoyable’s AMM Plans Impact Raydium Significantly—RAY Down 22%, May Lose 50% of Volume
Raydium’s RAY token fell 22% to $3.28 amid speculation that the meme coin launchpad Pump.enjoyable might introduce its own automated market-making (AMM) system. Over the past hour, RAY declined an additional 5%, according to Coingecko.
If Pump.enjoyable proceeds, Raydium could experience a 30-50% reduction in trading volume, which would affect its market position. Currently, projects pay 6 SOL (approximately $950) to transition their tokens to Raydium’s trading pools, but Pump.enjoyable may implement competitive fees.
Pump.enjoyable has expanded rapidly, processing over $5.3 million in daily fees at its peak. However, only 1.4% of tokens launched on the platform currently reach Raydium’s pools, and fewer than 100 have exceeded a $1 million market cap.
Speculation is also increasing regarding potential new features such as meme coin perpetuals and lending, adding uncertainty to Raydium’s future dominance in Solana’s ecosystem.
@pumpdotfun is hit with a stop and desist letter from Burwick Law over 200+ IP-infringing meme coins and allegations of market manipulation.#Pump.enjoyable #BurwickLawhttps://t.co/JsMFC1yUia
— Cryptonews.com (@cryptonews) February 6, 2025
Meanwhile, Pump.enjoyable is facing legal challenges. Burwick Law filed a second class-action lawsuit on January 16, accusing it of selling unregistered securities, including the PNUT token, which once reached a $1 billion market cap. Filed in New York, the case alleges that the platform facilitates Ponzi-like schemes while lacking investor protections.
Looking ahead, if the rumors regarding Pump.enjoyable prove accurate, it could challenge the dominance of Solana’s largest liquidity pool, potentially prompting users to migrate to the new platform, especially considering that Pump.enjoyable remains the leading meme coin creation tool on Solana.
The post Pump.enjoyable AMM Rumors Trigger 28% Decline in Raydium Token (RAY) Price appeared first on Cryptonews.
