The RAY price increased significantly following the recent announcement.
This year, the effects of the crypto market’s pumpfun have been profoundly felt. New investors have embraced the bullish excitement, but as we stand now, we are grappling with significant losses in altcoins following the disappearance of liquidity into the black hole of crypto scams. Nevertheless, some are refusing to give up.
Pumpfun Faces New Competition
Despite a substantial decline in new users, trading revenue, and volumes, Pumpfun has announced the launch of its own platform as a Raydium pumpfun fork. The Solana $125 DEX and automated market maker Raydium will be named LaunchLab. An anonymous core developer from Raydium, Infra, stated that the new platform had been in development for several months but was put on hold to avoid giving the impression of direct competition with Pumpfun.
“LaunchLab is not intended to replace Pump or any other platform – it will serve as an alternative for teams that do not wish to develop their programs from scratch and for users of Pump who prefer Raydium’s AMM v4 for pool transitions.” – Infra
In summary, a competitor is emerging from within the Solana ecosystem itself. Although the hype may be fading, the announcement has led to an increase in RAY prices, which rose by 18%.
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