As the "wealth creation machine" of the Meme coin ecosystem within Solana, Pump.fun has become an undeniable force in the crypto world since its launch in January 2024, generating over $700 million in revenue and issuing more than 7 million tokens. Recently, Pump.fun released its new mobile application, Pump.fun 2.0, which has sparked enthusiastic discussions among cryptocurrency enthusiasts with its numerous convenient features. However, Pump.fun's ambitions may extend far beyond this. Reports suggest that the project plans to raise $1 billion at a $4 billion valuation, prompting deep industry reflections on the use of this substantial funding and Pump.fun's next steps: will it build its own L1 blockchain, or move towards a more ambitious "on-chain Twitch"?
The Pump.fun 2.0 mobile application is now available on iOS and Android platforms, designed to enhance user experience and make Meme coin trading more convenient than ever:
Dynamic Information: A real-time tracker displaying token fluctuations, helping users instantly identify market trends.
Tap-to-Ape: A one-click purchase feature enabling lightning-fast transactions, especially suitable for grabbing tokens during "pump" periods.
News Section: Providing popular token and market headlines to increase user engagement.
Portfolio and Watchlist Tools: Allowing users to manage investments and track tokens, creating a one-stop shop for Meme coin enthusiasts.
User-Friendly and Low Barrier: Pump.fun 2.0 integrates Solana wallet creation through Privy and offers free token creation, significantly lowering the barrier for anyone wanting to try Meme coins. Its user-friendly experience, combined with Solana's low-cost transactions, attracts many newcomers and experienced traders.
Revenue Sharing Model: In May, Pump.fun also launched a disruptive revenue-sharing model, directly sharing 50% of its protocol fees with project founders. This not only incentivizes the creation of Meme coins but also brings considerable income to creators.
These features are designed to attract users and promote its popularity, especially as Pump.fun has already issued over 7 million tokens, including popular tokens like Fartcoin and Peanut the Squirrel.
Blockworks reports that Pump.fun plans to raise $1 billion through token sales at a $4 billion valuation. This potential massive funding has sparked speculation in the industry about its future strategic direction.
The Temptation of an L1 Blockchain: Some speculate that this new funding could be used to launch a Pump.fun blockchain, which would absorb some of the transaction fees currently flowing to Solana, thereby increasing the platform's profit margins.
Skepticism from Industry Experts: However, Helius CEO Mert Mumtaz is cautious about this. He believes that launching an L1 without taking other measures to develop the core business serves little purpose beyond increasing profit margins, making the expenditure unjustifiable. Mumtaz questions, "If they only care about increasing profit margins from 80% to 85%, do you think they would raise $1 billion?" He believes that Pump.fun's venture capitalists would find this "too boring."
Diversification and Risk Reduction: The CEO of Solana Infrastructure believes that this $1 billion could reduce the risks of new "moonshot" ideas, thereby diversifying the core business. While Pump.fun is highly profitable, it is clearly vulnerable to the whims of Meme coin traders.
If Pump.fun attempts to internally develop the next big idea, live streaming may be the first choice. After facing content moderation issues in its early version, the platform restored its live streaming feature earlier this year. In the latest version, it aims to create a Twitch-like platform through Meme coins.
Mumtaz believes that Pump.fun's next steps will be more enlightening than creating another L1. He points out, "I think a more attractive proposition is: 'Look, we really want to redefine the interaction between cryptocurrency and media, right? We will focus on the entertainment and social aspects of this business, really daring to try, aiming for the next 10x to 100x growth.'"
This suggests that Pump.fun may be looking towards a broader "Meme economy" and "creator economy," combining the issuance of Meme coins with social interaction and content creation to build a decentralized entertainment and social platform centered around Meme coins, similar to "on-chain Twitch." This model would transform its core business from a mere "Meme coin launchpad" to a "Meme coin-driven social entertainment platform," achieving greater growth potential.
The future development of Pump.fun is not without challenges.
Acquisition Strategy: Blockworks Research Director Ryan Connor points out that if Pump.fun follows Jupiter's lead, dominating the Solana swap market, it may need to make significant acquisitions and add features like Meme coin front-end, NFTs, and lending. Understanding the synergy of its acquisition targets and business will be crucial. Connor emphasizes that cryptocurrency mergers and acquisitions seem to lack discipline, and if Pump attempts to further expand its global business, it may incur substantial legal costs.
Diversification of Core Business: Although the Meme coin market is highly profitable, its volatility and the "whims" of its audience mean that Pump.fun needs to seek new growth points to reduce risk and achieve business diversification.
The launch of Pump.fun 2.0 marks a significant upgrade in its mobile experience, further solidifying its leading position in the Meme coin space. However, its plan to raise $1 billion and the industry's speculation about its future strategic direction reveal that Pump.fun may have ambitions grander than merely building an L1. From a simple Meme coin launchpad to potentially becoming a social entertainment platform like "on-chain Twitch," Pump.fun is attempting to redefine the interaction between cryptocurrency and media. This transformation journey is fraught with challenges, but if successful, it could not only be another miracle in the Solana ecosystem but also a new paradigm in the integration of the "Meme economy" and "creator economy" in the Web3 space.
Related: PUMP.FUN Official Token: Bubble or Trend? Survival and Breakthrough in the Meme Coin Frenzy
Original: “Pump.fun 2.0 Launch: From Meme Token Launchpad to On-Chain Twitch, Ambitions Beyond L1?”
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