Pump Fun wants to make DEX work, both inside and outside, which has a significant impact on Raydium. Today, RAY has fallen by 30%. Thanks to the need for Pump Fun to migrate its external market to Raydium and the wealth effect of Pump Fun's continued emergence, Raydium's market share in Solana DEX has increased from only 39% in January 2024, lagging behind Orca, to approximately 85% absolute market share. With Pump Fun doing DEX, this situation may be broken. The relationship with pump fun has shifted from being a beneficiary to a competitor, and as competitors join, the trading volume of Raydium DEX may face an impact, directly affecting the repurchase of RAY tokens. 12% of the transaction fees collected by Raydium are used for RAY repurchase, 84% belong to LP, and 4% belong to the national treasury. Raydium will capture approximately $664.4 million in expenses in 2024, equivalent to $79.728 million in annual expenses for buybacks.