0xTodd ( thinking )|Jan 26, 2026 09:46
To be honest, I haven't thought about it from this perspective before: the four or five SOL fees for building a pool at Raydium have created a rare ecological niche for PumpFun. Think about it, it's indeed reasonable.
In addition, following the wings of this butterfly, I also thought of the wings of another butterfly that would make the butterfly wings flap, that is, the 'wings of the wings'.
Firstly, why did Raydium insist on charging 3-4 SOL fees back then, causing Little Meme to hand over to Pump?
In fact, the rent for Solana network is mainly 0.1-0.2 (yes, there are rental requirements for using Solana accounts, which many people are not aware of), which is a small amount.
And the majority of these Sol expenses are mainly given to OpenBook Market IDs.
Raydium didn't make that money either.
OpenBook can be understood as a front-end for the "order book mode", which allows transactions to be both AMM and order book. These front-end tasks theoretically do incur some costs.
Why does OpenBook charge this money?
In fact, the predecessor of Open Market was Serum supported by FTX boss SBF.
After the bankruptcy of FTX and the imprisonment of SBF, Serum fell into crisis.
So Solana DeFi's big brothers, Jupiter and Raydium, took action and forked, turning Serum into the "SBF free version" of DAO governance called OpenBook.
Actually, Open Market IDs are much cheaper now, it's not the era of 5 SOL anymore.
Because it has been discovered that Memecoin does not require a large order book. Now, by shortening the attributes, the low-cost OpenBook market configuration only requires about 0.2-0.4 SOL.
However, it's too late to say anything now. Pump has already borrowed the east wind and risen in that golden window.
Why didn't OpenBook lower its fees earlier?
If SBF were still here and not imprisoned, then the development progress of Serum would surely be much faster. They have identified a market opportunity and will immediately reduce fees.
However, since the forked version of OpenBook is managed by DAO, the development of the project may not be as agile, resulting in missed opportunities and allowing Pump to develop.
Of course, how was SBF imprisoned? That's the flapping wings of another butterfly, which everyone is familiar with and will not be repeated here.
So, there's really no problem, the world is a huge butterfly effect.
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