Source: Cointelegraph Original: "{title}"
The company behind Raydium has launched its meme coin creation protocol, LaunchLab, aimed at competing with Pump.fun.
The release of LaunchLab on April 16 comes a month after Pump.fun severed ties with Raydium and migrated its tokens from Raydium's liquidity pool to its new decentralized exchange, PumpSwap. Pump.fun was once a significant source of revenue for Raydium.
LaunchLab will utilize Raydium's liquidity pool and aims to replace Pump.fun as the leading Solana memecoin launch platform.
Raydium stated that LaunchLab offers customizable bonding curves for memecoin enthusiasts and has no migration fees, while raising 85 Solana (SOL) (currently valued at $11,150) will immediately transition to Raydium's AMM.
According to data from the LaunchLab platform, approximately 10 LaunchLab tokens have already surpassed this threshold.
Raydium also mentioned that tokens can be launched for free, and creators can choose to participate, earning 10% of the trading fees from the AMM pool after the tokens "graduate."
The trading fee for LaunchLab is set at 1%, with 25% of the fees allocated for Raydium (RAY) token buybacks.
This news prompted the price of the RAY token to surge nearly 14% within four hours of the announcement, rising to $2.41 before retreating to $2.21, according to CoinGecko.
PumpSwap's trading volume skyrockets
PumpSwap set a new record for trading volume on April 17, achieving $460 million in volume after five consecutive days of breaking volume records.
The trading volume on April 17 slightly exceeded the $454.9 million recorded on April 16, marking the fourth consecutive day of trading volume surpassing $400 million.
Data shows that since its launch on March 22, PumpSwap has processed $7.3 billion in trading volume.
Related: Ethereum transaction fees drop to a five-year low due to declining trading volume.
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