In the crypto world, competition has always been the main theme, and the recent civil war in Solana ecosystem has pushed this "cake grab" drama to a climax. Last month, the popular Solana Meme coin launch pad Pump.fun announced the development of its own AMM to weaken its dependence on Raydium.Less than a month later, Raydium announced that it is launching LaunchLab, a token launch platform similar to Pump.fun. As soon as the news came out, it basically ended the informal cooperative relationship between Pump.fun and Raydium in disguise.It is reported that LaunchLab will provide linear, exponential and logarithmic combination curves to match the demand and price of tokens.It will also allow third-party user interfaces to set their own fees.The market responded quickly to the news, and as of writing, RAY rose 16.2% in 24 hours, hitting $2.05 in a short period of time. Pump.fun "Backstab" Raydium "Counterattack" In fact, Raydium and Pump.fun are a mutually beneficial symbiotic relationship.As the popular Meme coin launch platform on Solana, Pump.fun issuance is divided into two stages: first, in the "inner trading" stage, relying on its own Bonding Curve mechanism for transaction matching. After the transaction volume reaches US$69,000, it will enter the "foreign trading" stage, migrate liquidity to Raydium to build a pool and continue to open trading.Raydium, as the mainstream DEX of the Solana ecosystem, charges a 0.25% handling fee from each transaction, of which 0.22% is allocated to LP, and the remaining 0.03% is used to repurchase RAY tokens and support ecological development.This means that Raydium's transaction volume directly determines its fee income, which in turn affects the value of RAY. However, if Pump.fun builds its own AMM liquidity pool, the situation will change.Pump.fun tokens may no longer flow to Raydium, but will be directly "intercepted" within its own agreement.This is undoubtedly a slash for Raydium.According to Blockworks Research, Pump.fun's Meme coins accounted for 41% of Raydium's transaction fee revenue in the past 30 days.Raydium’s native token plummeted 25% in February as investors expected Raydium’s revenue to drop sharply once Pump.fun starts moving tokens to its internal AMM. Related reading: "Pump.fun turned off the card table?Self-built AMM pool to get rid of Raydium constraints》 Raydium did not sit and wait for death, but had expected Pump.fun's "backstab".Data shows that Raydium still has about $168 million on its balance sheet, which is enough for it to upgrade and revamp some products.The advantage of having adequate funding is that it allows companies to act quickly, such as suddenly developing a branch of Pump.fun.According to reports, pump.fun's internal AMM had been circulating in Solana's rumor circle for some time before the news leaked.This time, LaunchLab was actually Raydium's ultimate move for several months, which shows that this is not a temporary intention, but a carefully prepared counterattack.Raydium relies on the technical background and user base accumulated over the years to directly snatch Pump.fun's job from the source.This match is like a duel, it is simply a "needle-to-head" and no one is willing to give in. Then why did Pump.fun and Raydium suddenly terminate reciprocity and set up their own doors?Perhaps this year, the Meme market has been tragically curbed after the harvest of President's coins and Wife's coins. After the inside story of the dealer, the cashing of chips at low prices, and the rug after the market, there are no longer so many retail investors willing to sit in the PVP battle after pills that will make the dream of getting rich. The battle between Pump.fun and Raydium this time may be a battle for the small amount of traffic and users.Pump.fun wants to "lock" users in their own ecosystem through DEX, while Raydium uses Meme launcher to try to steal people from Pump.fun. DeFi Old Drama: The History of Vertical Integration Overall, the way Pump.fun and Raydium plays is to not only improve their own technology stack, but also to integrate vertical categories, and to create tokens into transactions. In fact, this "one-stop business line" routine has long been commonplace in the previous DeFi cycle.At that time, DeFi protocols were popular to play "three-piece sets" - trading, lending, and stablecoins, and they wanted to fill the entire logic.From public chains such as Near and Tron to protocols such as Aave and Curve, they have entered the stablecoin track, and some even use them as the initial feature and are nested in their own ecosystem.Public chains can "create liquidity" by issuing native stablecoins or get rid of external dependencies, while the DeFi protocol builds its own AMM and lending platform to stabilize the liquidity moat.The logic behind it is like whoever masters the "three-piece set" can occupy a strategic high ground in the crypto-financial ecosystem.Whether it is the new public chain that uses stablecoins to attract users, or the old protocol nested lending and trading components are not thrifty, the ultimate goal of vertical integration is scale and independence. Related Readings: "Crypto War for All""De-USDCization" Stablecoins' Road to Defend the Road" Pump.fun and Raydium are also following this path. Pump.fun has a first-mover advantage in token creation. Raydium's AMM pool has a deep foundation and each side has its own trump card.If you look optimistic, this competition may stimulate the Solana ecosystem to a higher level; if you are a little pessimistic, it may lead to the dispersed attention and funds of the Meme sector, which is already insufficient in liquidity, and maybe everyone will not please them.Will this "civil war" in Solana ecosystem separate the territory, or will it end up in the end both sides suffer?The ultimate success or failure depends on whether the market and users buy it. The "cake" battle between Pump.fun and Raydium may be a microcosm of the increasing competition in Solana.Will we set up a different business or internal resources in the future?Who can laugh to the end?Let's move the small stool