Written by: 0xTodd
Let me start with a bold statement: the only solution for T1 CEX to simultaneously maintain its revenue, reputation, and status is to launch a model similar to pumpfun.
Why?
Many people previously cited a piece of news and laughed at it, saying that only 3% of people on pumpfun made a profit of more than $1,000, and used it as a reason not to participate in meme coins.
Let me tell you, the fact that pumpfun doesn’t make money is not a disadvantage but rather its feature.
Precisely because most of the projects on pumpfun do not make money, and everyone knows that the probability of making money is low, everyone will carefully examine the above project with equal glasses (of course, if you agree that reading emoticons is also a kind of censorship).
This mechanism gives each project:
A very full window of participation;
A buying window at a very low price.
Its fairness far exceeds the current [team -VC- airdrop-listing] system.
Because it is easy to lose money, everyone who participates in pumpfun does so with great caution and very little ambition, and the maximum loss is 0.1SOL each time.
However, for BN or CB, people don’t think so. They naturally think that it will rise if it is endorsed by a big exchange.
For new coins on T1 CEX, everyone who participates, on the contrary, participates with minimal caution and great ambition. Once a loss occurs, the starting amount is 50,000 or 100,000 yuan.
If BN and CB directly launch the pumpfun model (that is, the GEM mentioned by Jason), and set extremely low thresholds for listing coins: for example, 5wU deposit, dev ban on selling within 1 year of the deposit and other basic terms, they can list coins freely.
Then it can allow the free market to fully compete, instead of the invisible hand of Listing+bribe manipulating it, which is definitely a good thing.
It can ensure that every star project is first born on BN (rather than bybit, bitget, MXC, etc.).
And this is proven: because pumpfun now almost ensures that every star project originally comes from there.
And the so-called "leaving enough profits for the secondary market" is to take back everything that Raydium and Uniswap stole.
Let CEX’s T1 status remain forever.
