The Solana ecosystem's meme coin launch platform Pump.fun has confirmed that its native token $PUMP will launch its initial coin offering (ICO) on July 12, aiming to raise over $1.3 billion. Pump.fun's grand vision is to transform into a decentralized social platform, challenging existing social giants like Facebook, TikTok, and Twitch. However, the tokenomics it has announced has sparked strong criticism within the community, being labeled as "exploitative," with a high proportion allocated to the team and early investors. How this highly anticipated ICO will affect Pump.fun's future development, and whether it can achieve its disruptive goals amidst controversy, remains to be seen.
Pump.fun officially announced that its native governance and utility token $PUMP will be launched through ICO on July 12, 2025. The total supply of the token is fixed at 1 trillion, with a structured distribution plan aimed at covering institutions, the community, and internal stakeholders.
Funding goals and pricing: The total amount of $PUMP tokens is 1 trillion, of which 33% (330 billion) will be sold through ICO, with a target fundraising amount of up to $1.32 billion. The private sale and public sale price is set at $0.004 per token.
Private sale round: 18% of the total supply (180 billion tokens), with a target fundraising of $720 million, aimed at qualified institutional investors.
Public sale round: 15% of the total supply (150 billion tokens), with a target fundraising of $600 million, to be conducted on major cryptocurrency exchanges like Gate, continuing until 150 billion tokens are sold out or until July 15 at 14:00 UTC (whichever comes first).
Unlocking rules and restricted regions: All tokens sold through ICO will be fully unlocked when tradable, with no vesting restrictions. Participants will receive tokens shortly after the public sale ends, but there will be a non-transferable period of 48 to 72 hours before they can be traded. It is important to note that residents of the United States and the United Kingdom are unable to participate in this ICO (Solana token presale restrictions).
Despite Pump.fun's detailed token distribution plan, the proposal has faced strong criticism within the cryptocurrency community.
High proportion for the team and early investors: Cryptocurrency researcher Rex bluntly stated that its tokenomics is "exploitative." He pointed out that the team allocated over 40% of the token supply (20% for the team + 13% for existing investors + 2% for the foundation + 2.4% for the ecosystem fund ≈ 37.4%, plus potential control over some community/ecosystem funds) to itself and related parties, while the platform's revenue of over $750 million in the past year largely depended on community contributions.
Ambiguity of community rewards: Rex specifically questioned the ambiguity of the community rewards section: "The community rewards, which should be the core purpose of $PUMP, are labeled as 'coming soon,' which is just another way of saying 'we actually have no airdrop plan.'"
This distribution model has raised community concerns about fairness and decentralization, suggesting it may deviate from the spirit of Web3, resembling more of a traditional internet company's equity distribution model.
Despite the controversy surrounding its tokenomics, Pump.fun still envisions a grand plan that goes beyond the current meme coin launchpad model, aiming to transform into a decentralized social platform.
Challenging social giants: Pump.fun states that its goal is to become an alternative to existing social platforms (such as Facebook, TikTok, and Twitch), with the core difference being that Pump.fun is committed to rewarding users rather than merely monetizing their attention (user incentive model).
Innovating the livestreaming field: Pump.fun co-founder Alon Cohen emphasized the platform's commitment to leveraging on-chain transaction social trends. He explained that Pump.fun aims to revolutionize the livestreaming field by rewarding viewers who discover talent early and enabling creators to monetize their content more effectively.
Nurturing community and culture: Cohen further stated that Pump.fun intends to cultivate a thriving community, movement, and even cultural circles, believing this will create a new crypto-native participation space within the social media landscape.
Pump.fun boldly declared on X (formerly Twitter): "Our plan is to defeat Facebook, TikTok, and Twitch on Solana." This demonstrates its ambition to disrupt traditional social media.
The upcoming $1.3 billion ICO from Pump.fun is undoubtedly a significant event for the Solana ecosystem and the entire cryptocurrency market. Its grand vision—transforming from a meme coin launchpad to a decentralized social platform that challenges traditional social giants—is eye-catching. However, the "exploitative" controversy surrounding its tokenomics casts a shadow over this ICO. Whether Pump.fun can find a balance amidst community criticism and ultimately achieve its disruptive goals will depend on its ability to genuinely fulfill its promise of "giving rather than taking" and build a truly fair and decentralized user incentive model.
Related: LetsBonk surpasses Pump.fun: Is the Solana meme coin truly making a comeback?
Original article: “Pump.fun to launch ICO fundraising $1.3 billion: Controversial tokenomics raises questions, can it challenge social media giants?”
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