For projects preparing to launch tokens on the Solana ecosystem, choosing the right liquidity pool type directly affects token issuance costs, price stability, and community engagement. This article offers a practical breakdown of the key differences between Raydium’s three main liquidity pools—AMM, CPMM, and CLMM—comparing their creation barriers, cost structures, and use cases to empower project teams to make precise decisions in token economy design.
In the Solana ecosystem, 90% of new tokens opt for Raydium as their initial trading platform. Yet, many teams encounter tough choices when setting up liquidity pools:
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High Cost Pitfall: Traditional AMM pools require a market ID application and extra fees, putting financial pressure on early-stage projects.
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Liquidity Volatility: Selecting the wrong pool type can trigger sharp price swings, undermining token credibility.
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Inefficient Incentives: Poor liquidity setups may prevent token rewards from effectively reaching target users.
This article unveils the foundational logic behind these three pool types, helping projects optimize liquidity with minimal costs.
Understanding the Three Liquidity Pool Types
1. AMM Pool (Standard Pool): A Cold-Start Tool with High Costs
Core Benefits
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Mandatory Liquidity Lock: Burning LP tokens enables permanent liquidity locking (e.g., Meme coins launched via Pump.fun follow this approach).
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Zero-Slippage Cold Start: Prices auto-adjust from 0 to infinity, ideal for tokens without a clear valuation anchor early on.
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Broad Compatibility: Supported by OKX Wallet, Phantom Wallet, Jup, and more.
Hidden Costs
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Requires an OpenBook market ID, costing 0.55 SOL to 3 SOL (tool: https://solana.pandatool.org/en/market).
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Capital efficiency is only 10%-15%, with actual liquidity depth well below the displayed TVL.
Best Use Cases
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Meme coins needing rapid launches without price controls.
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Initial liquidity setup for community-driven tokens.
2. CPMM Pool (Constant Product Pool): A Step-Up for Compliance
Enhanced Features
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Token 2022 Standard: Includes metadata features for compliance mechanisms like dividends or taxes.
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Dynamic Fee Tiers: Fee rates range from 0.01% to 1% based on token type (0.01% for stablecoins, 1% for volatile tokens).
Cost Benefits
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No LP token burning required, reducing creation costs to 0.4 SOL.
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Dual-token incentives via Fusion Pools lower reward expenses for projects.
Best Use Cases
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Utility tokens needing transaction taxes or dividends (e.g., GameFi projects).
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Compliant tokens aiming to onboard institutional market makers.
3. CLMM Pool (Concentrated Liquidity Pool): The Go-To for Stablecoin Projects
Game-Changing Innovations
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Permissionless Creation: Anyone can set up a pool without market ID fees.
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Precise Price Anchoring:
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Allows a tight ±1% fluctuation range (e.g., stablecoins locked at $0.99-$1.01).
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Delivers up to 400x liquidity depth compared to AMM pools with the same capital.
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Incentive System
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Supports dual-token rewards (one must be a pool token).
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Liquidity positions are NFTized, preventing chaotic community exits.
Best Use Cases
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Stablecoins or anchored assets (e.g., LST) requiring tight control.
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Mid-to-long-term projects building a price moat via liquidity mining.
Key Decision Factors Comparison
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Factor
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AMM Pool
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CPMM Pool
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CLMM Pool
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|---|---|---|---|
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Creation Cost
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High
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Low
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Medium
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Price Control
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Fully Flexible
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Limited (via fees)
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Precise Range
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Capital Efficiency
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10%-15%
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30%-50%
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70%-90%
|
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Support Level
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Universal
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Partial
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Moderate
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Unique Trait
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Market ID Fee
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Token 2022 Support
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Price Stability
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Step-by-Step: Creating a Liquidity Pool
If you’re unsure how to set up liquidity, here’s a guide from PandaTool:
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Visit PandaTool’s liquidity creation page: https://solana.pandatool.org/en/createpool
2.Choose your pool type—AMM, CPMM, or CLMM—based on your needs.
3.Select a base token and quote token, then enter the amounts.
4. Confirm via your wallet to finalize. (Note: AMM requires an OpenBook market ID first.)
Conclusion: Liquidity as a Moat
In Solana’s liquidity battleground, CLMM pools stand out as a strategic asset for project teams. They slash market-making costs by 90% and foster loyal community liquidity through NFTized position management. Keep an eye on Raydium’s upcoming LP token locking feature—it’s poised to become a new shield against malicious shorting.
Take note: Liquidity design isn’t just a technical choice; it’s an extension of token economics. Leverage CLMM pools for price range locking, CPMM pools for compliant scaling, and AMM pools for cold starts—this trinity is the survival playbook for today’s project teams.
本文由PandaAcademy原创，如若转载，请注明出处：https://academy.pandatool.org/en_US/solana/223
。PandaAcademy是PandaTool旗下的Web3学习中心，专注于向普通用户提供区块链和加密货币知识输出
