At the beginning of October, the narrative of "light issuance" in the Chinese community was reignited. The center of this round is BNB Chain: He Yi ignited "Binance Life" in an X dynamic on October 4, with related memes peaking at 25,000 times in three days, reaching a peak market value of about $500 million; following this, there was a quadrant rotation of capital inflow and changes in platform rankings. A clear signal is that the BNB ecosystem's Four.Meme surpassed Solana's Pump.fun in 24-hour platform revenue (various media reported a comparison range of approximately $1.4M vs $0.88M–$1.14M), indicating that the industry's "entry point" is undergoing inter-chain migration.

This is not a one-time news event, but an extension of the "anyone can issue" narrative since the end of 2024: after Pump.fun opened the paradigm on Solana, replicators and alternatives have continuously emerged. The old problems that come with the heat have also been magnified—short life cycles, information asymmetry, regulatory pressure from black box permissions and extreme content, etc. Even mainstream media have brought Pump.fun's "live streaming meme creation" into public discussion, reminding of the tension between platforms and regulation.

In this round of rotation, three parallel ideas can be seen:

The first is the "ignition type": represented by Pump.fun, which drastically lowers the barriers to creation and cold start friction, maximizing emotional momentum, but also externalizing risks to a broader user base. The second is the "migration type": Four.Meme leverages the capital and topic dividends of the BNB ecosystem to rise, indicating that the "entry point" is not anchored to a specific chain, and users will migrate based on fees, narratives, and social relationships. The third is the "closed-loop type": connecting issuance, liquidity, and subsequent trading, aiming to convert short-term bursts into traceable mid-term structures.

Gate FUN is a sample of the third type of idea. Launched on September 30 on Gate's OP Stack Layer 2 Gate Layer, it did not focus on "who is faster," but rather on "how to be more stable": zero-code token issuance, supporting both Web3 wallets and centralized accounts, using GT as gas—these are common but necessary "low-friction" components in the light issuance paradigm.

More distinguishable is its incorporation of "carrying" into the process: when a project reaches a set graduation threshold during the internal phase, the system automatically migrates liquidity to Gate Swap for open trading; creators receive a fixed graduation reward (50 GT) and unlock long-term fee sharing. These parameters are not mere slogans and can be verified item by item in official announcements and media reports; during the launch period, it also added "6,000 GT public test incentives for creation and trading," "Chinese Meme competition," "F1 themed events," etc., which is a practice of "binding incentives and mechanisms together," rather than just a one-off cash giveaway.

Looking at several platforms, the differences increasingly lie in process management rather than "whether one can issue tokens with one click."

The leveling and surpassing of Four.Meme on the BNB side indicates that "entry competition" has obvious cross-chain elasticity; on the Solana side, Pump.fun remains a traffic stronghold, but the controversies surrounding creator incentives and content boundaries have not disappeared; while the "closed-loop type" path represented by Gate FUN attempts to establish a rule-based "lifeline" for graduation—migration—secondary trading, using verifiable parameters to elevate the median survival period of projects.

This is not about determining "who is better or worse," but rather the industry conducting different directional experiments on the same track:

The ignition type maximizes increments but relies on user self-education and stronger external governance for fault tolerance;

The migration type proves the "substitutability of entry points," with platforms fluctuating around fees, narratives, and social radius;

The closed-loop type prioritizes "sustainability," using templated and incentive-bound approaches to achieve a longer half-life.

From the trader's perspective, the three types of ideas will coexist in the long term, with capital switching cycles among them; from the platform's perspective, future comparative advantages are likely to shift from "who can ignite better" to "who can carry better."

In the short term, platform revenue and retention will become more explanatory data points: Four.Meme surpassing Pump.fun's 24h revenue is just a snapshot, with the key being whether this lead can be sustained; whether cross-chain entry continues to disperse (Base/multi-chain aggregators like Moonshot are also competing for the "launch panel" mindset); and whether mechanized indicators truly change the median lifespan of projects, such as graduation rates, transaction depth after migration, and creator retention.

At the same time, it must be acknowledged that light issuance remains a high volatility and high information noise track. The rising attention of mainstream public opinion and regulation means that platforms need to proactively provide verifiable "safety valves" on permissions, black boxes, and content boundaries. This is both a protection for users and a test of the sustainability of the model.

This round is not about a decisive victory for any one party, but rather a watershed moment for "light issuance" moving from replicable to sustainable. Four.Meme on the BNB side provides evidence of entry migration, Pump.fun on the Solana side remains the source of the paradigm, while Gate FUN offers a template for incorporating "carrying" into the product process. The next step for the industry is no longer to compete on "who ignites first," but rather on who can maintain structure after the heat dissipates.

Related: Meme coins on BNB Chain create millionaires during a trading frenzy

Original: “The Reiteration of Light Issuance: From BNB Hotspot to the Divergence of Platform Mechanisms”

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