Pump.fun said to be ditching Raydium, launching own AMM

Pump.fun’s aspirations to create its own AMM has been spinning around the Solana rumor mill for some time

article-image

Pump.fun and Adobe stock modified by Blockworks

share


This is a segment from the Lightspeed newsletter. To read full editions, subscribe.


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. 

Pump.fun had at least one other potential suitor for its AMM needs. Ellipsis Labs contacted the launchpad about implementing Plasma, an AMM designed to limit sandwich attacks, two sources with knowledge of the matter told Blockworks. Pump.fun declined the offer. 

Regardless, the in-house AMM launch feels like a pretty obvious move. Pump.fun apparently plans to launch a token, and having its own fee-collecting AMM could provide value accrual to that token. That likely may depend on whether hardcore memecoin traders deem the pump.fun AMM liquid enough to be worth their time.

On X yesterday, anonymous Raydium core contributor Infra warned that pump.fun would be making a “strategic miscalculation” launching its own AMM since Raydium provided the “liquidity that helped Pump tokens thrive.”

It’s unclear how good of a look the world would get into any future pump.fun AMM. The memecoin launchpad is closed-source, so it would be a slight change in direction if it releases a fully open-source AMM.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

The state’s decision opens staking access to New Yorkers, signaling a regulatory shift toward broader crypto participation

by Blockworks /
article-image

The startup says it aims to rival Stripe and Worldpay by using stablecoins to speed merchant settlements from days to seconds

by Blockworks /
article-image

“S&P 500” for crypto comes as segment gains “established role in global markets,” S&P exec says

article-image

The S&P Digital Markets 50 Index combines 15 cryptocurrencies with 35 crypto-linked companies, offering investors hybrid exposure

by Blockworks /
article-image

Gnosis is betting that openness — not ownership — will define the future of onchain money

article-image

Crypto’s quest to imbue shareholder protections for tokens