Cumulative revenue exceeds $520 million.
The total number of deployed tokens is approximately 7.41 million.
The number of users is 7.41 million.
This is the cumulative data of Pump.fun in just one year. It can be said that Pump.fun's leading position and revenue achievements in the Meme track are very similar to OpenSea, which was in the spotlight in 2021. Both have seized the opportunity in the Meme and NFT tracks, rapidly rising to become almost unreplicable success models.
Pump.fun's Token Issuance Model: Dutch Auction Sparks Outrage
On February 9, Wu revealed that Pump.fun is preparing to issue tokens and conduct a public offering, adopting a Dutch auction model, and is collaborating with centralized exchanges to develop the system.
Earlier, Binance co-founder He Yi also mentioned using the Dutch auction to innovate the token IEO model during an AMA. A Dutch auction, also known as a "descending price auction," starts with a high price and decreases at a fixed rate, allowing participants to bid at a price they deem appropriate.
Further details about this Dutch auction come from KOL He Bi: Due to the project's scale and requirements, the public offering systems of major exchanges currently do not meet Pump.fun's needs, and almost all domestic first, second, and third-tier exchanges are developing a Dutch auction system for Pump.fun. It is also known that there will be no airdrop for the tokens, with fifty percent of the tokens being sold through the Dutch auction.
As of now, no relevant exchanges have disclosed more cooperation details or customization news. However, the news has caused a stir among retail investors. Certainly, it would be a joyous occasion for retail investors to receive airdrops given Pump.fun's substantial profits, but the issue lies in the Dutch auction model. Retail investors not only cannot gain airdrop benefits but also need to participate in the more competitive Dutch auction model, likely incurring high investment costs while the risk of not obtaining returns increases. At this stage, Pump.fun's Dutch auction model seems more like a bloodthirsty and greedy sale.
The Dutch auction model was once popular during the NFT explosion phase, with many top projects favoring the minting of NFTs through this model. The core feature is to maximize the revenue from selling NFTs; even if the minting phase does not go smoothly, the gradually decreasing price ensures that NFTs do not go unsold. However, for investors, it feels more like a gamble, where holding higher costs requires participation in a fierce Gas War to successfully purchase NFTs, leading to severe internal competition among investors. Ultimately, the risks are borne by the participants, while the profits are consumed by the sellers.
Pump.fun Co-founder Alon Responds: Token Issuance is False News
As the news of Pump.fun's token issuance continues to ferment, co-founder Alon posted on social media stating: "I see rumors about a possible launch of Pump.fun tokens; these are false news. I advise against believing any information not released by Pump.fun's official account. Over the past year, the Pump.fun team has primarily focused on improving the product but remains committed to providing users with the returns they deserve. Good things take time."
However, some netizens believe that recent lawsuits against Pump.fun in multiple locations in the U.S. may impact whether it ultimately issues tokens. Perhaps Pump.fun will wait for a while and choose an appropriate time to issue tokens, or it may be forced to modify its token economic model due to dissatisfaction with the "Dutch auction model," leaving a portion for airdrops.
Will OpenSea Issue Tokens: Listing or Token Issuance? Struggling with Hesitation
At its peak, although OpenSea did not profit from GAS, the 2.5% high transaction fee allowed OS to earn a substantial amount. In 2022, many believed that after raising $13 billion, OpenSea was unlikely to issue tokens and would probably opt for a listing to cash out.
In the subsequent sharp decline in revenue, OpenSea faced the dilemma of dying if it did not issue tokens. Providing returns to users and the community is a tradition in Web3; back then, Uni was forced to issue tokens to regain lost users due to Sushi, and OpenSea similarly faced the risk of losing a large number of users to Blur if it did not issue tokens. Ultimately, it lost its position as the number one NFT trading market in the competition.
Finally, on November 4, 2024, we saw a glimmer of hope regarding whether OpenSea would issue tokens. OpenSea's official account announced that a "brand new OpenSea" would be launched in December and opened a site for registering test addresses, with over 700,000 addresses already on the waiting list.
However, just yesterday (February 11), according to an official announcement from the OpenSea Foundation: the rumors on platform X today are all untrue, and users are reminded to only trust links published by official accounts to avoid being scammed. Previously, there had been rumors about OpenSea's TGE, but the official has clearly denied it.
Conclusion
The rise of Pump.fun and OpenSea relies more on market conditions, product strength, first-mover advantages, and other factors, but their subsequent development depends more on the contribution of investor transaction fees. When retail investors hope to receive returns from the platform, if the platform's strategy does not align with retail investors' expectations, or even goes against them, it may further confirm the saying "He who wins the hearts of the people wins the world." Because the community expects a win-win celebration, not just the project party reaping all the benefits!
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