Most people cannot see through the mystery of "Can you hold it?" and mistakenly believe that staying up late to play with meme coins is hard work, not realizing that they are destined to toss away the precious SOL.

By NingNing

Recently, there has been a saying that "Pump fun" is poisoning the ecological environment of Solana, which will lead to the rapid BNB-ization of the Solana chain environment. At that time, the Solana ecosystem will no longer grow high-quality assets, but will be filled with 3-second rug meme coins and Ponzi schemes, just like the current BNB chain.

This concern is not without reason. The emergence of "Pump fun" standardizes and industrializes the issuance of meme coins by combining the bonding curve of the primary market and the AMM algorithm of the secondary market.

The issuance of meme coins is a completely free and competitive market. In this game, the developers who can quickly collect the rug meme coins can rely on the disguised risk diversification and enhanced capital efficiency to become the winners in the market. Eventually, all meme issuance teams in this market will no longer have a vision.

According to on-chain data, "Pump fun" related transactions have recently accounted for 38.4% of the total transactions. Solana, which was once an instantiation of the American liberal crypto concept and a paradise for fun-loving people in North America, has quietly transformed into a playground for rug meme coins and a concentration camp for gamblers in Southeast Asia.

The joy, fun, and extra income of Solana 1.0 version meme coins are no longer there. Now it has entered the era of industrialized harvesting and anti-harvesting. Every day, there are dramas of MEV bot wars, Telegram bot wars, insider manipulation of smart money addresses, and celebrities outside the circle issuing coins for harvesting.

As of now, the total deployment transactions of "Pump fun" are approximately 1.4217 million. Here, 1 transaction represents the deployment of 1 meme coin. Everyone can count how many meme coins with a market value of over $10 million come from "Pump fun" to understand that "Pump fun" is essentially a low-yield, low-odds negative EV slot machine. Indulging in "Pump fun" to play with meme coins ultimately fuels the platform's income. "Pump fun" has currently earned 444,300 SOL, all of which are contributions from the fantasy of overnight gambling for wealth.

Currently, the staking yield of Solana is about 7%, with a monthly risk-adjusted average return of 6.18%. Holding SOL and staking it, then doing nothing, can yield very generous returns. However, most people cannot see through the mystery of "Can you hold it?" and mistakenly believe that staying up late to play with meme coins is hard work, not realizing that they are destined to toss away the precious SOL.

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