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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…

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