One dex running over 90% of memecoin volume on an entire chain. More than market leadership here’s the market that have basically one door. A bug, an exploit, or even just raydium changing a fee parameter now moves the whole memecoin segment on solana, not only raydium's own users. PumpFun's default routing into raydium pools is the key point of why this happened. The flywheel was partly built by design. What happens the first time a serious competitor actually pulls meaningful share away?
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