"PumpFun's Incentive Dilemma: Why is the Meme Coin Market Caught in a Supply Expansion and Demand Shrinkage?" (Author: Sparsity; Translator: Saoirse; Source: Foresight News) PumpFun's revenue heavily relies on early-stage small-cap token trading. Incentive mechanisms such as bundled launches, bulk token issuance, and KOL-driven trading further fuel short-term speculation, leading to a surge in token supply and a decline in long-term holding intentions. Data shows that approximately 95% of PumpFun's protocol revenue comes from tokens in the bond curve phase or with a market capitalization below $250,000, while only 0.0013% of the tokens issued by the platform currently have a market capitalization exceeding $100,000. The report argues that the root of the Meme coin ecosystem's problems lies in the platform's incentive mechanisms and proposes reforms such as shifting from bond curves to fixed-price fundraising and linking rewards to long-term holding performance. Read the full article: https://www.(wublock123.com)/articles/article-59856