Original｜Odaily Planet Daily (@OdailyChina)

Author: Wenser (@wenser 2010 )

Shortly after the cumulative revenue exceeded 55 million US dollars, Solana Ecosystem Meme Coin issuance platform pump.fun suddenly released a "shocking statement" yesterday - "That's it, friends. Thank you for joining our bull market. We had a lot of fun, and I hope you did too. In order to save costs, pump.fun will be closed at UTC 00: 00 until market conditions improve. Make sure to set your alarm for 18 months later! See you then."

Although it was later confirmed to be an official joke, this move still triggered a wide range of discussions in the community and the market: Is pump.fun, created by a small team, safe enough to "retire from the game"? Are there any competitors in the market that are competitive enough to fight? What are the core competitiveness of a one-click coin issuance platform? Odaily Planet Daily will discuss and analyze the above questions in this article.

Solana Meme Coin Craze Continues to Build Momentum

As early as the beginning of May, Nan Zhi, a senior writer of Odaily Planet Daily, had conducted an in-depth interpretation of pump.fun (see: "The driving force behind the continued record growth of Solana tokens, interpreting the growth engine Pump.fun"). As mentioned in the article, "Pump.fun was launched in February 2024. At the time of its launch, there were not many users paying attention to and using it. By mid-March, the number of users and usage began to soar."

It can be seen that the rapid rise of pump.fun benefited from the Solana ecosystem Meme coin craze led by BOME in mid-March. Moreover, compared with other single Meme coin projects that have fluctuated or disappeared, its performance once again shows that platform-based protocols can achieve the greatest degree of value capture through the fee model and become the "ultimate reaper".

pump.fun official website interface

A cursory review of its development history shows that pump.fun has all the elements in its story:

  • In early April, according to data from The Block, the Memecoin issuance and trading platform Pump.fun earned $5.2 million in 38 days, and claimed that it could ensure that tokens created on the platform would not have malicious "Rug Pull" behavior, and that each token was issued fairly, without pre-sales or team allocations. ——But this was quickly falsified in the performance of token issuance measured in minutes.

  • At the beginning of May, pump.fun had issued 418,936 tokens and had accumulated revenue of $6.9 million. From April 1 to May 1, Pump.fun's revenue reached $4.99 million. Not only that, its 24-hour revenue once exceeded popular ecosystems, projects or platforms such as Base, Lido and Uniswap, ranking among the top five in terms of revenue. - With the help of Meme coin, pump.fun became one of the few "bright spots" in the crypto market during the bull-bear transition. After all, everyone needs a casino. It used to be CEX, but now it has become pump.fun.

  • In mid-May, pump.fun suffered a flash loan attack. The official later said that the attack was caused by a former employee who used his privileges in the company to illegally obtain withdrawal rights and carried out a flash loan attack with the help of the loan agreement, stealing about 12,300 SOL (worth about 1.9 million US dollars). The official has subsequently upgraded the contract to ensure the security of the platform. - Pump.fun can continue to operate well after being stolen, which also shows its anti-fragility.

  • In early June, pump.fun’s cumulative revenue exceeded 30 million US dollars, and then it became unstoppable. In early July, it achieved the result of “ranking first in blockchain in 24-hour revenue”, surpassing Ethereum, Tron, Solana and other public chains, reaching 1.99 million US dollars. At this time, pump.fun truly became a promoter of “subverting the blockchain network ecology with a platform”.

Not only that, the relationship between pump.fun and the Solana ecosystem is becoming closer and closer. It not only enjoys its ecological dividends, such as the launch of Blinks that boosted the launch and surge of tokens such as SC, the cost advantage of project launches on the Solana network and the low threshold for participation costs; at the same time, it has injected new innovative power into the Solana ecosystem to a certain extent. For example, the market value of the BILLY emoji token once exceeded US$100 million, bringing new traffic and liquidity to the Solana ecosystem.

It can be said that pump.fun has achieved a perfect combination of asset issuance efficiency and fair distribution of chips, thus complementing this round of market cycle.

pump.fun profit calculation

The emergence of new market entrants

After seeing pump.fun's terrifying ability to attract money, many project parties and platforms in the market became jealous, and a number of similar "one-click coin issuance" platforms gradually emerged. The following are currently representative or original projects, and we will briefly introduce them.

Moonshot: Backed by the aggregation platform Dexscreener, it performs well

In late June, the real-time DEX analysis platform Dexscreener released a pump.fun-like token issuance platform, Moonshot. It is worth mentioning that the platform does not use a separate new website, but a built-in page on the Dexscreener platform. The specific project threshold and transaction page are also relatively simpler, which is much less visually stressful than the densely packed and constantly jumping pages of pump.fun. Of course, it may also be because of these reasons that Moonshot gives people a lower intensity of numerical stimulation. Soon after its launch, Moonshot also created a lot of achievements. Not only did it launch tens of thousands of tokens in just a few days, but the price performance of tokens such as SC was also extremely good. Regarding this, Odaily Planet Daily also introduced it in the previous article "Using AI robots to snipe Moonshot new coins: Can Xiaobai become a scientist?"

Moonshot interface at a glance

We.Rich: Base ecosystem imitation, low platform activity

We.Rich is a one-click coin issuance platform similar to pump.fun in the Base ecosystem. It has similar functions, but the Base ecosystem and pixel-style UI interface are the two major features of the platform.

However, judging from the update frequency of its official Twitter account and the information on its official website, the project has not achieved similar results to pump.fun. Instead, it feels a bit struggling. The platform projects are also mixed, and there is no shortage of projects containing adult image materials.

In addition, according to its official website, the transaction amount of the platform project is also extremely pitiful. It can be seen that the trading activities are not active.

We.Rich official website interface

Rug.fun: Gamified Token Ranking Guessing Platform

As you can tell from the project name, this is another pump.fun clone, but it originated from the Farcaster ecosystem.

In addition, the project has made some upgrades and gamification based on pump.fun——

First, the project turned the coin issuance into a "guessing game". At the beginning, players needed to guess the 1st and 10th place correctly to get high odds returns. Later, perhaps to enhance the fun of the game or the competitiveness of the project, or perhaps because the number of participants was too small and the liquidity was poor, the official changed it to the 1st and 3rd place winners, and other projects would suffer a "rug"; secondly, each round of the game lasts 12 hours, and players can create or buy tokens. Currently, three games have been completed, including the internal test, the first round, and the second round, and the third round has not yet begun; finally, the funds in the prize pool come from the liquidity of the 2nd to 9th place tokens, and the protocol official charges a 1% handling fee.

In addition, the official X account has only updated on June 28, which seems to be the “real Rug”.

Official website interface

Four.Meme: A suspected “shell platform” on the BNB chain

According to its official introduction, this is the first fair launch platform for Meme coins on the BNB chain, and its project name and brand LOGO also use CZ's classic gesture "Four", which shows that they have done their homework. In addition, the project has added a "pie-in-the-sky interface" on the official website interface - Airdrop Coming Soon, and informed users that they only need to participate in platform activities (creating token projects, buying and selling transactions or comments, etc.) to obtain future points to obtain airdrops.

However, judging from the follower and tweet data of the official account of Platform X, this is most likely a one-off “shell project”, and the authenticity of the token project is questionable. The seemingly serious ranking list may also be a self-directed setting by the project owner.

https://four.meme/

Flap.sh: SocialFi token launch platform that participated in ETHGlobal and joined the PK mechanism

This is also an emerging one-click coin issuance platform. It has launched the BNB chain and focuses on the SocialFi concept (mainly the chat room). It has added a "token PK mechanism" - once a token project reaches a market value of $86,000, it can become a PK candidate and compete for more liquidity (the winner merges the loser's liquidity). If a project's market value can reach $774,000, it wins. If you want to launch Pancakeswap V3, you need to inject at least 70,000 tokens as liquidity tokens and destroy them.

However, perhaps due to the fact that the platform is in its infancy, no candidate projects have been generated yet.

https://flap.sh/

Bibobibo: a bullet screen trading platform where you can trade while talking

It is understood that BiboBibo is committed to building a bullet screen trading platform, allowing users to express their trading views and trading emotions during trading. At present, the project has not enabled the "one-click coin issuance" function. The official website interface shows that many projects are about to be launched. Whether it can attract users' attention and introduce more liquidity to DEX through bullet screen communication in the future is still a big question mark.

https://bibobibo.xyz/

Lmao: The latest work of investment traders

The platform was founded by Suki, the former quantitative department of Pantera (some say the design idea of ​​similar products like pump.fun came from this person, and was later generated after the communication between the founder Alon and Qiao of AllianceDAO, but it has not been confirmed by the parties involved), but more information about the project has not been announced. And according to the tweets of the X platform account of the project, it still uses the earlier "hunger marketing" gameplay, which is a bit old-fashioned and boring.

https://lmao.fun/

Conclusion: For the time being, "there is no one who can beat them", pump.fun is still the "only king"

At present, there is still no competitor in the market that can compete with pump.fun or even pose a certain threat to it. I think there are three main reasons for this:

  • The meme coin sentiment has subsided, market attention and market liquidity are concentrated, and pump.fun has occupied an excellent ecological niche with its first-mover advantage;

  • The new platform lacks a sustained wealth-creating effect, making it difficult to leverage Meme’s attention economy advantage and attract a wider range of liquidity through Meme coins;

  • A low threshold for issuing coins does not mean there is no threshold, and a low threshold for participation does not mean that users are willing to participate in losing money. The focus of a one-click coin issuance platform is still to stir up liquidity on a larger scale, rather than simply PVP.

Looking back at the Meme coin project market in the first half of the year, we can clearly see that Meme coin is a zero-sum game field. Therefore, on the one hand, it is extremely dependent on the large amount of funds and high liquidity brought by whales and crocodiles. On the other hand, it relies on a good narrative, memorable materials and a gimmicky background to achieve further dissemination and discussion, so that more retail investors in the market can participate. Therefore, in the current situation where the market fluctuates back and forth, for many Meme coin players, pump.fun is enough as a platform, and there is no overflow liquidity to support the survival of more platforms. Therefore, the stories of getting rich quickly like JENEE, MOTHER and other projects may become a "swan song" that is difficult to be staged again.

What users need are never fancy functions or high-end platform concepts; they just come for the wealth-creating effect and leave because of repeated losses.

If it is impossible to attract liquidity through incremental growth, the so-called "one-click coin issuance platform" is just a false proposition.