I sensed a hint of a "conspiracy group" from @sugardotmoney.

It is certain that http://Sugar.Money currently has two allies, one is Axiom, and the other is Raydium.

Evidence chain:

First, on August 21, http://Sugar.Money posted its first tweet, and Raydium's official account appeared in the comments section. Moreover, after the tokens on the http://Sugar.Money platform graduated, the liquidity migrated to Raydium.

Second, Sugar Rewards can be directly claimed on the Axiom page (Rewards → Benefits).

Everything started with the "betrayal" of http://Pump.fun and the "counterattack" from Raydium.

In 2024, Raydium's total revenue was $154 million, with nearly half (about 41%) coming from transaction fees of http://Pump.fun tokens. This reflects an astonishing level of dependency.

However, after http://Pump.fun launched its self-built AMM PumpSwap in February 2025, tokens no longer needed to graduate to Raydium but remained within http://Pump.fun's own trading system. For Raydium, this was not just a loss of income but a fundamental shake-up of its ecological status.

Raydium's counterattack path is exceptionally clear:

April 2025: Launch of LaunchLab, directly targeting http://Pump.fun.

August 2025: Full support for the third-party platform http://Sugar.Money.

It can be said that LaunchLab was not a particularly successful attempt, at least so far. So, will http://Sugar.Money have a different outcome?

From a design perspective, the biggest highlight of http://Sugar.Money is its clever solution to the "liquidity waste" problem in traditional Launchpads through the pSOL mechanism. The core mechanism is:

• When tokens graduate, liquidity migration is changed to target pSOL instead of SOL.

• The system will mint an equivalent amount of 20 pSOL to represent the permanently locked 20 pSOL.

• This way, the originally "lost" 20 SOL is saved and redistributed to users.

The official claim is that this method can save about $500 million in liquidity each year.

From the data perspective, http://Sugar.Money Sugar performed impressively within 24 hours of its launch:

• $14 million in trading volume.

• 10,000 active wallets.

• Over 4,300 tokens launched.

But the question is, are these advantages and highlights enough to challenge http://pump.fun? The answer is certainly no.

Fortunately, http://Sugar.Money has just started, and the team must have many backup plans; this competition has only just begun.

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