Original | Odaily Planet Daily (@OdailyChina)

Author | Wenser (@wenser 2010)

Recently, with the rise of the "Coin Stock Meme Pairing" trend on the Robinhood chain, the Base and BSC ecosystems have also accelerated their efforts to catch up. In contrast, the Solana ecosystem had been relatively quiet until Pump.fun announced today the launch of the Custom Pair feature, supporting Coin Stock meme paired assets.

For many CEXs, DEXs, and Launchpads, this wave of "Coin Stock Meme Pairing" led by Robinhood Chain has become an important incremental play in the crypto market, as well as a necessary path for competing for user markets, trading volume, and fee revenues.

Pump.fun Enters the Coin Stock Pairing Assets, Coin Stock Meme Will Become A Standard for Crypto Platforms

In the early hours of today, Pump.fun officially announced the launch of a custom trading pair feature, allowing users to issue Pump.fun tokens paired with tokenized stocks, mainstream crypto assets, and precious metals on Solana.

• In terms of asset types, in collaboration with Sunrise, the first batch adds 20 types of tokenized stock paired assets, including BA, BABA, COST, DELL, IBM, LMT, RDDT, SHOP, etc., from U.S. listed stocks; combined with xStocks and Sunrise, a total of 93 types of paired assets are currently supported, with more to be added in the future.
• Regarding ecosystem feedback, the Bonding Curve and PumpSwap protocol fees in the custom trading pair feature remain consistent with the standard Pump.fun token issuance. 50% of the revenues generated by this feature will be used for programmatic buybacks and destruction of PUMP tokens. Latest data shows that crypto projects have spent $638 million on token buybacks this year, up from $545 million during the same period last year; Hyperliquid and Pump.fun together account for nearly 90%.
• In terms of issuance profits, custom pairs can choose either a creator's fee or a cash back option: the former is set by the token creator at a fixed rate of 0.05% to 1%, and can be distributed to a maximum of 10 addresses (can be updated once after CTO); the latter Bonding Curve phase (i.e., in internal trading phase) has a fee rate of 0.3%, which changes to 0.05% after Bonding completion, and related fees can be claimed by traders. Fees are paid in the quoted asset of the trading pair; for example, tokens paired with NVDA will have their fee rewards paid in NVDA stock tokens.

Additionally, Pump.fun's official emphasized that this feature supports paired token CTO (Community Takeover), without additional transfer taxes, and the asset pairing cannot be changed once established; all tokenized asset issuances are supported by third-party platforms, and Pump.fun does not engage in actual stock asset transactions.

In summary, Pump.fun has opened the asset issuance window for Meme coin pairing with stock tokens, leveraging its own token issuance model along with the asset support from its two main partners, Sunrise and xStocks.

Compared to platforms like Pons, Long on the Robinhood chain, or four.meme, Flap on the BSC chain, and on-chain token launch platforms in the Base ecosystem, Pump.fun's advantages lie in: the market scale and user base accumulated through first-mover advantage, flexibility in asset type integration within the Solana ecosystem, and the binding mechanism of repurchasing PUMP tokens.

Looking ahead to Q3 2026, for trading platforms like CEX, DEX, and Launchpad, RWA assets have transitioned or evolved from single assets into Coin Stock meme paired assets, resulting in richer types of assets, more flexible token issuance models, and increasingly varied Meme coin combined with stock token plays emerging.

For future crypto platforms, native cryptocurrencies, Meme coins, stock tokens, and Coin Stock paired assets will jointly create an "asset map".

Pump.fun Revitalizes the Solana Ecosystem, Faces Competition from Robinhood Chain, BSC, and Base

Yesterday, DefiLlama data showed that Robinhood Chain's network revenue for the previous day was $1.42 million, down from the historical peak of $5.44 million on September 4; during the same period, Hyperliquid's chain revenue was $1.8 million, and Pump.fun was $1.6 million, both exceeding Robinhood Chain.

Undoubtedly, in terms of capital-raising ability, Pump.fun is one of the cash flow machines that remains unfazed by market fluctuations, and the development of Coin Stock meme asset pairing feature may be motivated by two considerations:

Firstly, to revitalize the Solana ecosystem. This year, the Solana ecosystem's performance in RWA asset issuance and Meme coin ecosystem has not been as impressive compared to the Robinhood chain, which only officially launched in July, and there is also a considerable gap compared to Base backed by Coinbase and BSC backed by Binance. The reason for the decline in popularity of Meme coins in the Solana ecosystem is that it no longer has enough liquidity to support "the last station of Meme coins". Recently, among the Solana ecosystem's $100 million market cap Meme coins, ZCAT, which surged due to ZEC, and USELESS, which has been continuously hyped by Bonkguy, are notable mentions. The current state of the Meme coin track in the Solana ecosystem can aptly be described as lackluster. As a "vampire machine" in the Solana ecosystem, Pump.fun, if the ecosystem continues to stagnate, it is not conducive for boosting platform trading volume and activity, making its foray into Coin Stock meme pairing a justified move.

It’s worth mentioning that on September 7, the leading DEX platform in the Solana ecosystem, Raydium officially stated that its LaunchLab now supports any token trading pair on Raydium. Revitalizing the Solana ecosystem is your indisputable obligation.

Secondly, it is a necessary measure to directly compete with Robinhood Chain, BSC, and the Base ecosystem. At present, although the crypto market has shown signs of short-term recovery, liquidity within the market remains relatively limited. An increase in trading volume or user growth within one ecosystem inevitably has a siphoning effect on other ecosystems. In the long run, ecosystems are still competing for the currently most active Meme coin trading groups and the revenue and trading fees they bring. The launch of the custom trading pair feature by Pump.fun is both a consolidation of its existing user base and an attempt to attract mature users from other networks through new play styles and asset issuance models.

Of course, how effective this remains to be seen. And Pump.fun's actions are not received with unqualified praise and support.

Crypto trader Rune stated that Pump.fun has over $2 billion in cash, with a valuation of about $4.4 billion, making it one of the most influential platforms in this round of the Meme coin market. However, since launching the Bonding Curve model, its subsequent product expansions have largely followed after other teams have validated market demand. He noted that after Axiom's rise, Pump acquired Padre and renamed it Terminal; after fomo emerged, Pump added social features and competed for KOL; after Meme coin and stock-related asset combinations appeared in BNB Chain, Robinhood, Stonks, and Base, now Pump is launching similar functions to MemeStocks.

On one side, he believes that this strategy is not without merit, for example, after being acquired, the market share of Padre increased from about 2% to 10%; on the other side, he thinks that as a leading platform with ample funds and resources, Pump.fun should create more new products that haven't been validated by the market, rather than continuously replicating existing models. Otherwise, it may weaken the motivation of smaller teams to innovate products.

It’s clear that Rune’s viewpoint is “I believe your capabilities extend beyond this,” though he seems to unconsciously overlook the corresponding costs and risks associated with innovative products.

From a higher perspective, Pump.fun's follow-up strategy also reflects the helplessness of the Solana ecosystem: lacking a trading platform that serves as "the last stop for liquidity", Solana has lessons to learn that other ecosystems cannot imagine.

However, analysts recently noted that on-chain funds may be rotating from Robinhood Chain to Solana. Whether the Solana ecosystem can continue to produce multiple Meme golden dogs with a market cap over one billion and repeat the 2024 Meme coin boom remains to be seen.

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