The spotlight in the crypto world has suddenly turned to the Solana ecosystem. On July 9, Pump.fun, which has created countless "meme coin myths," announced the launch of its token PUMP for public fundraising, aiming to raise $600 million, with a project valuation as high as $4 billion. The news hit like a stone in water, instantly causing a polarized reaction: Gate exchange boldly offered a cashback prize pool of 625,000 USDT to attract users, while industry leaders have heavily criticized this "sky-high IPO"—as the meme frenzy subsides, the naked swimmers collide with the exchanges' hunger for traffic, and a dangerous game is counting down.
Once dubbed the "meme coin factory" for generating thousands of meme coins in a single day, Pump.fun is now undergoing a critical transformation. On-chain data shows that the platform has generated over $700 million in cumulative fee revenue, with an average of over 23,000 active creators daily. The issuance of the PUMP token is essentially a way to feed back the ecological value to users through a token economy:
Token Distribution: 15% of the public offering is open to the community.
Value Return: 40% of platform revenue will be used for token buybacks and burns.
Governance Empowerment: Holders will enjoy voting rights for new features.
"This marks a leap for the meme creation platform towards a value-sharing ecosystem," noted Web3 analyst Tina Chen in her latest research report. "The economic model of PUMP creates a closed-loop incentive for creators, traders, and holders, which is fundamentally different from purely speculative tokens."
As a key node connecting projects and users, Gate has demonstrated remarkable design wisdom in this issuance: its promoted rule of "trading volume ≥ 50,000 USDT contract users can unlock 10% cashback" reveals a precise targeting of high-net-worth contract players. Gate has always competed with platforms like Binance and OKX for the small coin contract market, and the controversy surrounding PUMP has become an excellent breakthrough point.
Even more intriguing is the risk transfer design: the bottom of the event page prominently states, "Gate only provides technical services and does not participate in valuation and liquidity management," yet places the "invite friends to earn 500 USDT" referral mechanism at the top. This contradictory stance reveals the exchange's survival philosophy—building a firewall with disclaimers while igniting user desire with real cash. As new users frantically place orders to meet the 200 USDT cashback threshold, Gate's contract trading volume and user stickiness are quietly soaring.
Pump.fun, which has faced skepticism, is also racing against time. Once minting 2,000 meme coins daily, the "meme coin factory" now faces a double squeeze as the Solana ecosystem migrates to competitors like Base chain and Banana Gun. The warning from Space ID's marketing director Alice Shikova is proving true: "Insufficient liquidity and demand will amplify the risks of token sales."
However, the project team is clearly betting on their last ace—Gate's $625,000 cashback pool acts like a shot of adrenaline, stimulating retail investors to overlook valuation bubbles under FOMO emotions. The underlying strategy of this gamble is becoming clearer: using exchange subsidies to exchange for liquidity and leveraging controversial heat to hedge against market indifference.
The sale of the PUMP token is like a multifaceted prism, reflecting a new direction for the evolution of the crypto market:
For project teams, it is about breaking the dependency on airdrops, establishing a sustainable value distribution mechanism, and amplifying community building effects through collaboration with exchanges. For exchanges, it is about upgrading from a traffic entry point to an ecological empowerment platform, achieving precise incentives through smart contracts. Users can gain structured access to participate in early ecological construction and share in the multi-dimensional benefits of platform growth.
As the subscription countdown approaches its end, the true value of this experiment may not lie in the $625,000 cashback pool, but in its validation of a key proposition: when the issuance mechanism is deeply coupled with community value, the token economy can truly navigate through bull and bear markets.
Related: LetsBonk surpasses Pump.fun: Is Solana's meme coin truly making a comeback?
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