I smelled a hint of a 'conspiracy group' on @ sugardotmoney. It can be confirmed that, http://Sugar.Money There are currently two allies, one is Axiom and the other is Raydium. Evidence chain: Firstly, on August 21st, http://Sugar.Money The first tweet was posted, and Raydium's official tweet appeared in the comment section. and http://Sugar.Money After graduation, the liquidity of the tokens on the platform will migrate to Raydium Secondly, Sugar Rewards can be directly claimed on the Axiom page (Rewards → Benefits) Everything must start from http://Pump.fun Speaking of betrayal and Raydium's counterattack. In 2024, Raydium's total revenue was $154 million, of which nearly half (about 41%) came from http://Pump.fun Transaction fees for tokens. It demonstrates an astonishing level of dependency. However, http://Pump.fun After the launch of the self built AMM PumpSwap in February 2025, the token no longer needs to graduate to Raydium, but remains in Raydium http://Pump.fun Within their own trading system. For Raydium, this is not only a loss of income, but also a fundamental shake of its ecological status. Raydium's counterattack path is exceptionally clear: April 2025: Launch LaunchLab for direct benchmarking http://Pump.fun August 2025: Fully support third-party platforms http://Sugar.Money It can be said that LaunchLab was not a successful attempt, at least so far. Well then, http://Sugar.Money Will there be a different ending? From a design perspective, http://Sugar.Money The biggest highlight is the clever solution to the problem of "liquidity waste" in traditional Launchpads through the pSOL mechanism. The core mechanism is: When tokens graduate, liquidity migration will be changed to target pSOL instead of SOL The system will cast an equal amount of 20 pSOL to represent the permanently locked 20 pSOL This saves the 20 SOLs that would have been "lost" and redistributes them to users The official claim is that this method can save around $500 million in liquidity annually. From a data perspective, http://Sugar.Money Sugar's performance within 24 hours of launch was impressive: A trading volume of 14 million US dollars 10000 active wallets Over 4300 tokens have been launched But the problem is that these advantages and highlights are enough to challenge http://pump.fun Is that okay? The answer is of course negative. Fortunately, http://Sugar.Money Just started, the team must have left many behind players, and this competition has just begun.