The price of RAY, the native token of Raydium on the Solana blockchain, has dropped by 22% in the past 24 hours and an additional 5% in the past hour. This decline comes after the discovery of a test version of an automated market maker (AMM) that could divert trading volume away from Raydium. Raydium has not publicly addressed the situation, and Pump.fun, the platform responsible for the test version, has yet to comment. Raydium has benefited from tokens migrating to its AMM, where it charges a 0.25% fee on swaps. The potential shift threatens Raydium's position as the default trading venue for new Solana tokens and could lead to lower fee revenue. Pump.fun has experienced rapid growth, processing over $5.3 million in daily fees at its peak, but only a small percentage of tokens launched on the platform progress to Raydium's pools.



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