Raydium is releasing LaunchLab, a new token launchpad to compete with Pump.fun. The exchange announced this platform last month, and its full release has sparked community enthusiasm.

Pump.fun and Raydium have been locked in an intense competition in the Solana ecosystem. Last month, Pump.fun launched its own decentralized exchange, and now Raydium has introduced its own launchpad.

Raydium Increases Solana Dominance with new Launchpad

Raydium, Solana’s largest decentralized exchange, has the opportunity to make some serious gains in the near future. Solana meme coins are eyeing a comeback with heightened trade volumes and rising token prices, and the firm is releasing a long-awaited project.

Although it will compete with Pump.fun, Raydium’s launchpad services look more extensive. They will allow all kinds of tokens to be launched, not just meme coins, and these tokens can be directly traded on the exchange.

“Introducing LaunchLab, Raydium’s all-in-one token launchpad. Built for creators, developers, and the community. Get started with JustSendIt mode: launch a token, hit 85 SOL, [and] liquidity migrates to Raydium’s AMM INSTANTLY. Seamless, on-chain token creation. No migration fee. No gatekeepers,” the firm claimed in its launch announcement.

Pump.fun is the most popular meme coin launchpad on Solana, and its business has been intertwined with Raydium in a few ways. Since it launched Pumpswap, its own DEX, both exchanges have fueled a meme coin frenzy.

A month and a half ago, rumors that it was testing an AMM made Raydium’s RAY token drop significantly.

Last month, however, this same asset soared when Raydium first announced Launchpad. Pump.fun entered the DEX sector, and Raydium is enabling users to launch their own meme coins.

Since this launch announcement took place, RAY spiked around 10%, signifying the community’s enthusiasm.

Raydium (RAY) Daily Price Chart. Source: BeInCrypto

There may be another explanation for this token rally in addition to community hype. Raydium also mentioned that all of Launchpad’s trading fees will go towards ecosystem development.

More specifically, 25% of these fees will directly fund buybacks of RAY tokens, while the other 75% go towards a Community Pool and Program fee.

These other funds can enable a few generous user incentives. Raydium claimed that Launchpad token creators can earn up to 10% of trading fees from the AMM pool post-graduation, and users can also receive SOL tokens from referring new clients. Token creators will also enjoy several other quality-of-life features.

The post Raydium’s New Token Launchpad to Compete with Pump.Fun appeared first on BeInCrypto.