Will Time.fun, repeatedly shilled by the Solana official team, be able to restore Liquidity after backstabbing Pump.fun?

After the Solana ecosystem faced a celebrity coin scandal, it brought a Liquidity crisis, the official strongly promoted Time.fun to explore new directions, trying to rebuild market confidence and vitality. (Background: Alpha Exploration》TimeFun's unique 'Time Token Market' sparks a new wave of celebrity coin craze?) (Background: Solana Meme Season is over? Pump.fun's daily volume big dump by 82%, success rate of launch only 1%) On February 24th, the Time Tokenization platform Time.fun officially landed on Solana, the Solana official team quickly provided strong support, even Solana co-founder Toly frequently mentioned in tweets, giving the market exposure. This move is not only a strong response to Pump.fun's Liquidity bloodsucking, but also another exploration of rising after the chaos of celebrity coin issuance hit the Solana ecosystem. Pump.fun intends to 'upset the apple cart', exacerbating the Solana ecosystem crisis. After experiencing scandals involving celebrity coins like Libra, Solana's Liquidity was quickly drained, and market sentiment remained low. As the flow engine of the Solana ecosystem in this cycle, as well as the on-chain 'money printer', the protocol has difficulty providing Liquidity at this stage, and uncertainties such as self-built AMM, coin issuance rumors, continuous Token dumping, and regulatory litigation have also made Solana officials 'unhappy'. In January this year, Pump.fun's business faced litigation despite continuous rise. According to Bloomberg Law at the time, Pump.fun faced a class-action lawsuit, accused of violating U.S. securities laws by marketing and issuing unregistered and highly volatile Meme coins, exposing investors to significant financial risks and collecting nearly $500 million in fees. The lawsuit has been filed in the Southern District of New York Federal Court in the United States, with the plaintiffs describing it as 'a new evolution of a Ponzi Scheme and Pump and Dump'. Shortly after, two U.S. law firms, Burwick Law and Wolf Popper, also sued Pump.fun, demanding the platform to remove Tokens using its IP, stating that these Tokens used intellectual property (including its logo and name) without permission. Even worse, with MEME 'fizzling out', as the hardest hit in this wave of impact, Pump.fun's graduation rate and volume both fell significantly, leading to an overall decline in Solana ecosystem activity. Data from The Block shows that as of February 24th, Pump.fun's Token graduation rate to Raydium was only 0.96%, a 54.7% drop from the historical peak of 2.12%. At the same time, Pump.fun's on-chain transactions also cooled down significantly, with daily volume dropping from a peak of $3.13 billion in January to $190 million as of February 24th, a 93.9% drop. In terms of protocol fee income, DeFiLlama data shows that as of February 25th, Pump.fun's protocol fee income was $2.45 million, a decrease of nearly 84.1% from the historical peak of $15.38 million on January 25th. The significant decline in business forced Pump.fun to explore more products. However, some of these measures are undoubtedly a heavy blow to the Solana ecosystem, which has not yet recovered. Earlier this month, encryption KOL Hecoin (@hebi555) revealed in X that Pump.fun plans to adopt a Dutch auction model for public sale on multiple CEXs (Centralized Exchanges). Although Pump.fun co-founder Alon denied the rumor and claimed that the information about potential Tokens was untrue, this response was questioned by many industry insiders. For example, Wu said in a blockchain public statement that Alon was lying, and several listed companies on CEXs confirmed Pump.fun's coin issuance plan and stated that they could publicly disclose relevant preparation files after obtaining approval. Once Pump.fun eventually issues coins, it will undoubtedly have a huge impact on the Solana market, especially with Liquidity already tight, it will inevitably lead to a greater capital outflow. Furthermore, Pump.fun has earned substantial revenue through transaction fees, even entering the top 10 global gaming companies with an annual revenue of $1 billion by 2024. According to Onchain Lens monitoring, Pump.fun has accumulated about 2.99 million SOL, with a current Market Cap of about $431 million, and its ongoing cash-out behavior also puts significant pressure on SOL Token through dumping. What's more intriguing is that Pump.fun recently intended to 'upset the apple cart'. On February 24th, market rumors indicated that Pump.fun is internally testing its self-developed AMM Liquidity pool, and the community speculated that it may launch its own Swap platform to replace third-party supplier Raydium, in order to extract more Money Laundering, which is widely considered too greedy by the community. Once this information is confirmed, it will undoubtedly deal a heavy blow to DEXs on Solana, as Raydium and Jupiter, among other DEXs, carry a significant amount of Liquidity from Pump.fun, and these DEXs are also the hub of Liquidity in the Solana ecosystem. To make matters worse, platforms like Raydium and Jupiter have recently been implicated in the Libra insider coin issuance scandal. Following this information, CoinGecko data shows that since the news of Pump.fun's AMM came out, Raydium Token RAY has already experienced a big dump of 40.9%, despite the overall market decline also having a certain impact. Regarding Pump.fun's possible complete abandonment of Raydium, Raydium's core contributor InfraRAY responded that this was a 'strategic misjudgment' and questioned whether Pump.fun could replicate its existing success. He also pointed out that if Pump.fun turns to a new AMM, it may face multiple risks such as insufficient infrastructure, low Token migration demand, and insufficient initial volume. It is worth noting that the Solana Foundation invested in Raydium and Jupiter in October 2020 and March 2021 respectively, Pump.fun's 'solo' move undoubtedly touches the interests of the Solana Foundation, bringing greater uncertainty to the Solana ecosystem. 'Those bastards who disrupt the market to maximize profit can now reap what they sow. But those companies that build quality products, charge transparent fees, and compete for users are great. Their revenue should be the motivation for you to compete and seize their market share.' Toly's latest tweet has been interpreted by the community as criticizing Pump.fun. MEME core endorsement, Time.fun backed by Solana officials MEME...