Author: Arndxt, crypto researcher; Compiler: 0xjs@黄金财经
Frankly, what I saw disturbed me.
pump.fun first started the memecoin era on Solana and led the entire web3 ecosystem.
Is this a good thing or a bad thing?
Let me break down Pump’s interesting (ugly) achievements.
There is no doubt that pump.fun has earned $100 million in revenue in just 6 months, but this is at the expense of losers because, as we all know, this is a zero-sum game.
While they have created 2 million memecoins on Solana, 99.99% of issued memecoins have failed, which is obvious because where does the huge liquidity come from to support these memecoins?
Since this is a zero sum game, the 1% winners may take it all, and the project founders/memecoin developers are the only winners, while the other 99% of users lose money.
If we want this space to mature and develop further, we have to move beyond the mentality that people are currently praising this as "driving meaningful web3 adoption".
From what I have seen, this is far from the level of adoption and is likely exploited by project insiders and a few people.
pump.fun is essentially a casino that wins no matter how the memecoin price moves. They are making tons of money while almost everyone else is losing money.
Sure, they are creating a lot of activity on Solana, but it is at the expense of users.
I know crypto and web3 are still evolving, but if this is what success looks like, I think we have lost our way.
All in all, I feel very confident that this is a step towards mass adoption and a successful business (gambling) model, but it still validates the immaturity of many users.
I feel like there is a lot we can learn from this. So build a strategy around these experiences.
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