Written by: NingNing
Recently, I heard a saying: Pump fun is poisoning Solana's ecological environment, which will lead to the rapid BNB chainization of Solana chain environment. By then, Solana ecosystem will no longer be able to grow high-quality assets, and will be full of 3-second Rug dogs and ground-pushing Ponzi disks, just like the current BNB chain.
This worry is not without reason. The emergence of Pump Fun, by combining the bonding curve of the primary market and the AMM algorithm of the secondary market, standardizes and industrializes the issuance of meme coins.
The issuance of meme coins is a completely free competition market. In such a game pattern, the more DEVs that take advantage of the opportunity to sell RUGs in seconds, the more likely they are to become market winners by dispersing risks and enhancing capital efficiency. In the end, all meme issuing teams in this market will no longer have a pattern.
According to on-chain data, Pump Fun-related TXs have recently accounted for 38.4% of the total TXs. Solana has quietly transformed from an instantiation of the American liberal cryptographic concept to a public chain ecosystem, from a paradise for people who love to be real in North America, to a Southeast Asian rug-plate paradise and a concentration camp for gamblers.
Solana 1.0 version The pastoral idyll of the joy of Meme coins, playing memes, and making extra money is gone. Now we have entered the era of industrialized harvesting and anti-harvesting. Every day, there are MEV Bot wars, Telegram Bot wars, insider manipulation of smart money addresses, and farces of celebrities outside the circle issuing coins for harvesting.
Up to now, the total number of deployed tx of Pump fun is about 1.4217 million. Here, 1 tx represents the deployment of 1 meme coin. You can count how many meme coins with a market value of more than $10M from Pump fun, and you will understand that Pump fun is essentially a negative EV slot machine with a small win rate and low odds. Being addicted to Pump fun is ultimately fueling the income of other platforms. Pump fun has currently earned 444,300 Sols, which are all the dedication of the gamblers who fantasize about getting rich overnight.
Currently, Solana's staking income is about 7%, and the average monthly risk-adjusted return is 6.18%. Holding SOL and staking, and then doing nothing, can get very generous returns. However, most people cannot understand the mystery of "Can you hold on?" They think that staying up late to play cards is hard work, but they are destined to toss away precious SOL.
