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The Solana DEX and automated market maker Raydium is launching a token launchpad that will initially resemble a direct fork of pump.fun, Blockworks has learned exclusively.
The release of the platform, which is named LaunchLab, comes less than a month after news broke that the wildly popular Solana memecoin launchpad pump.fun was developing an AMM of its own, essentially severing an unofficial partnership it had struck with Raydium. LaunchLab will offer linear, exponential and logarithmic bonding curves that match demand and price for a token. It will also let third party UIs set their own fees.
Pump.fun tokens that reach a market cap of $69,000 have some liquidity deposited into a Raydium trading pool and burned. Pump.fun memecoins made up 41% of Raydium’s swap fee revenue over the past 30 days, according to Blockworks Research. Raydium’s native token crashed 25% in February as investors expect a major drawdown in Raydium revenue once pump.fun begins migrating tokens to pump’s in-house AMM.
Even after the flash crash, Raydium still holds some $168 million on its balance sheet, per Blockworks Research. The nice thing about having a big war chest is it allows a company to move quickly on things like suddenly building a pump.fun fork — though for what it’s worth, pump.fun’s in-house AMM had bounced around the Solana rumor mill for some time before the news leaked.
Anonymous Raydium core contributor Infra told me the protocol began developing LaunchLab “several months ago” but kept the project shelved because it “didn’t want teams to feel Raydium was competing with them directly.” That magnanimity appears to have dried up after pump.fun’s AMM plans emerged.
