The Web3 business behind the $22.74 million transfer

Author: Samuel QIN

Recently, the Web3 project Pump.Fun has attracted the attention of the industry again: it has transferred more than 22.74 million US dollars worth of SOL to Kraken, and has shown a steep upward growth trend since September. So far, the project has accumulated revenue of more than 1.5 million SOL (based on the current SOL price, the profit is more than 300 million US dollars). The Meme market is booming, and a large number of stories about wealth survivor bias are flooding different channels. Pump.Fun is the epitome of this "attention battle".

Pump.fun's success can be said to be the continued manifestation of the attention economy in the Web3 industry.

In the world of Web3, Meme is no longer just a symbol of Internet culture, but combined with the token economy, it has become a powerful economic tool.

Especially with the support of Pump.fun, you only need a picture, a name, and a small platform fee to complete all deployments. Currently, more than 4 million tokens have been deployed. The ideas in the user's mind can become a token within 5 minutes. Any hot topic, label, or cultural symbol can undoubtedly enhance the dissemination effect.

Photo Source: OKG Research, https://dune.com/hashed_official/pumpdotfun

In this way, the binding relationship between hot spots and user attention is enhanced, and market sentiment can change with the heat of the event itself. For this reason, Pump.Fun launched a live broadcast function, trying to further attract attention through real-time interaction. But then, in order to gain more attention, various live broadcast contents that were trying to attract attention caused controversy, and the live broadcast function had to be temporarily removed. Similar to traditional Web2, various live broadcast events may be followed by live broadcast sales. Pump.fun further compressed this process and successfully converted attention into economic value directly through Crypto. In addition, the fair launch model has no pre-sale or team reserved shares. This "frank way" without VC support and all-out disclosure also has insight into the contradictions between ordinary investors and institutions since this year. At the same time, the threshold for Web3 to issue coins is also being further lowered. Take Clanker as an example. This is an AI Agent based on Base. Users can generate Meme tokens in Farcaster with simple text interactions. This gameplay has greatly reduced the threshold for participation, allowing more people to easily enter the "wealth-making track" of Meme. The lowering of the threshold has also brought about another significant problem: the weakening of cultural attributes and the strengthening of commercialization.

The hidden worries of PVP game mode - strengthening narrative or amplifying risks?

The extreme nature of this attention economy is also reflected in the strengthening of the PVP game mode. Through the narrative of "convincing people with price increases", Meme tokens have shown amazing effectiveness in attracting users. The hidden worry is that this model based on attention-driven, will invisibly amplify risks, and the volatility and possibility of manipulation in the market will increase significantly. In this environment, users may be dragged into high-risk speculative behavior, and once the heat dissipates, they will be left with only a mess.

Metamask Co-founder Dan Finlay also said after recently conducting a Memecoin launch experiment on Sol and Base: The concept of personal issuance or Meme tokens may be useful if implemented correctly, but the current lack of a consistent consensus hinders the effectiveness of Memecoin in empowering the ecosystem. He called for clearer mechanisms and better systems to enhance user experience and community trust.

Eco-empowerment beyond the Meme business

The Meme economy is so lucrative, but can this business serve the subsequent Web 3 ecosystem?

Just like the gold rush in the western United States, those who ultimately make money are often those who sell water and shovels. The craze for Meme tokens may be just a carnival for a few projects and tool platforms, and the real ordinary participants are likely to become the harvested in this economic game.  

To make the Meme economy go beyond short-term traffic gameplay and become an ecological force that is truly beneficial to the development of Web3, the industry needs not only the ability to attract attention, but also the thinking of how to convert attention into long-term value. The attention economy is just a tool, not an end. What really determines the future of Web3 is not those memes that attract fans, but whether a healthier and more sustainable ecosystem can be built through the Meme business. The next wave of craze is coming, will you choose to dig for gold or sell shovels?