Author: Poopman, IOSG researcher; Translated by: 0xjs@Golden Finance
1. Business Model
PumpFun: 1% transaction fee + 2 sols during the bonding curve period to be listed on Raydium.
Clanker: Since there is no bonding curve, permanently charge 1% fees from Uni v3 and use the#LpFeesCutfunction.
New Upgrade: 0.4% of fees will be returned to issuers, providing more incentives for issuing tokens.
2. Total income
PumpFun: $363 million in revenue in 10 months. Currently 55x clanker.
Clanker: $6-7M in revenue in 20 days. Revenue is inflated since part of the fees are in tokens.
3. Token quantity growth (7 days)
PumpFun 4 million tokens, daily growth of about 1.3%)
Clanker currently has 4768 tokens, with a daily growth of about 12%.
4. Top 3 Tokens by Market Cap
PumpFun：
Pnut – $1.1 billion
GOAT - $838 million
Chillguys – $490 million
Clanker：
Clanker – $83 million
LUM - $39 million
ANON - $33 million
Some key points:
While Clanker has managed to direct significant volume on Base, it has yet to send any positive signals for Farcaster.
Early bot sniping appears to be a problem, but there is no clear/accurate data on its toxicity.
Farcaster has a limited user base, which may hinder the growth of the number of tokens. However, this design can provide strategic value to both Base and Farcaster.
The increasing diversity of assets on Base is the key to unlocking a “real” Base Season.
