Today I studied the mechanism and cost structure of the platform, and Stonk is the most interesting one. It not only supports itself, but also the ecology. (Compiled complete version) I have rechecked Pump, Pons, STONKEX, StonkFun, and Brew, and the difference is very significant. one http://Pump.fun Make money on the platform, buy PUMP This is the most understandable pattern. http://Pump.fun Now, about 50% of the platform's revenue is directly taken to the public market to buy PUMPs and then destroyed. As of September 11th: Accumulated repurchase and destruction of approximately 453 million US dollars Accumulated destruction of approximately 165.3 billion PUMPs 2. Pons: The entire launch pad earns money, and 80% of the agreement revenue is used to buy PONS Pons' logic is more radical. The current transaction fee for new currency is approximately 1%: 70% → Creator 30% → Pons protocol Of the 30% obtained from the agreement, about 80% will gradually buy PONS through TWAP and then directly destroy it. Calculated, for every $100 transaction, approximately $0.24 will eventually become a buying order for PONS. This machine has been running for less than two months and has already burned out over 30% of the total PONS supply. Note that this is completely different from a Pons Meme collecting taxes and repurchasing itself. PONS consumes the trading revenue of the entire Pons platform. The more active thousands of coins on the platform, the more repurchase funds PONS receives. 3. STONKEX: Similar to Pons, every transaction is a transfusion of platform currency STONKEX also has 1% per transaction: 0.7% → Creator 0.3% → Platform Out of the 0.3% received by the platform: 80% → Buy STONKEX and destroy it 20% → Platform revenue So it is about 0.24% of the total transaction volume, ultimately forming a market buying trend for STONKEX. It even explicitly states that the launch coins received by the platform are only held and not sold. I would prefer this type of mode because platform coins do not require betting on whether a particular Meme can remain popular. As long as there are people playing in this casino, the casino will continue to make money and the platform currency will continue to receive buying orders. The key issue is that no one is currently playing in the Base ecosystem, which is a big problem. 4. Brew: Now we are also moving towards "buying platform coins with platform revenue" Brew just made the mechanism clearer on September 8th: 80% of the future agreement fee has been collected for the repurchase and destruction of BREW. At that time, about 5.8% of the total supply had already been burned. Brew makes money on the entire platform → receives transaction fees for the agreement → buys 80% BREW. 5. StonkFun: Currently the most interesting because it is really starting to become a "health coin" StonkFun has two sets of repurchase machines. The first set is the same as before: 60% platform revenue → Market buy STONK → Destruction. As of September 11th, the platform has accumulated revenue of approximately 9.15 million US dollars, of which approximately 5.45 million US dollars have been used to purchase STONK. But it also has a second set of things: Flywheel. StonkFun will take out a portion of the pool transaction fees and automatically purchase the top 15 launch coins ranked by the platform's market value every few minutes, and then destroy them directly. And allocate weights based on market value. Whoever has the largest market value will receive the most buying orders. So coins like ZCAT, which have long been ranked first, not only have their own trading and reward mechanisms, but also have an additional layer of external buying from the entire StonkFun ecosystem. This difference is very important. ZCAT collects a 3% transaction tax on its own and then uses it to send ZEC to the holder. I believe that in the long run, it still falls under the category of 'relying on Meme to support Meme'. But Flywheel is different. Even if it's not you buying and selling ZCAT today, as long as StonkFun's other pools continue to generate income, some of the money may still be used to buy ZCAT. This is the true meaning of external cash flow. So in the future, when I see the so-called "repurchase, destruction, dividends", I only look at where the money comes from. Weakest point: Meme trading → collecting Meme's own taxes → buying oneself/distributing dividends to one's own holders. When the heat stops, the machine stops. Strong Level: Make money from the entire Launchpad → generate revenue from the agreement → buy platform coins. Pumpkin, PONS, STONKEX, BREW, STONK all belong to this path. Currently the most unique: Make money from the entire Launchpad → earn a portion of the agreement revenue → buy the strongest Meme on the platform. StonkFun's Flywheel has truly come this far. So 'how many coins were burned' is not actually the data I am most concerned about. I would rather know three numbers: How much money does the platform earn per day; How much of it must be repurchased; Who will this money ultimately buy in the open market. Meme can increase a hundred times based on emotions, but in order for a platform coin to have long-term value, it ultimately has to return to the simplest question: Is this platform making money or not, and has the money really returned to the coin price.