PumpFun’s Token Launch | Roundup Clip

Transcript

Okay. So, I have some uh some data that I want to share here because the the interesting thing about uh this token launch uh from uh from pump is this is the first time that there's been it depends on how you want to define this but at least some attempt at uh competition in the launchpad space. So, Pump was extremely dominant in terms of the market share that they commanded. You know, on the the launchpad side of things, it was like 96% uh for the vast majority of time that they've been in operation. Um that has gone, it's sort of found equilibrium here at closer to 65% currently in between Zora. Actually, Zora is the one that looks like has the

most staying power despite uh the hatred of people on the timeline. but like kind of other things like clanker uh believe the arena um let's bonkf fun so there actually is meaningful competition on the launchpad side of things but what they have done extremely well is they've been able to uh supplement some of the market share that they lost with um with pump swap so if you look at the aggregate um amount of revenue or volume that they've been able to generate um for what they've lost on the bonding curve side of the trading that they've more than made up for in their AM, right? I mean, people were posting the one chart of the the coin fees versus

the pump swap feed and it was like, look how far down the coin piece. It's like this is a vertically integrated D5 primitive. Um, yeah, maybe they do whatever. And I'm curious to see what those uh metrics look like post token launch because, you know, I would imagine a lot of the token probably goes as incentives for choosing Pump to launch your whatever. Mhm. You know, um I'm a little bit I'm a little bit torn on it. I I actually don't have the same problem with Pump that a lot of people do. I'm I'm kind of rooting for it. Uh I I on the plus side of things. All right, here's the thing that I find interesting. I I think you could kind of look at Pump as a as a comp to something like a hyperlquid or like a centralized

exchange or you could look at it almost as a creator platform like an only fans. I think I kind of like it as an only fans type platform actually where you know when you hear uh it's like illicit people kind of don't like it but it obviously has product market fit. Um and for people that are creators on each of those platforms porn stars memecoin creators it's been actually quite good. Um, and I actually think Only Fans is one of the, if it weren't Only Fans and it wasn't, you know, related to pornography, it' be one of the big tech successes of the last 10 years. It's a phenomenal business. Um, and so I sort of look at Pun Pump from from that lens.

I do think in a way it would be simpler to underwrite the execution of Pump as an exchange because there's a much more clear uh playbook for how to compete in that arena, albeit it's much more crowded. I think their vision is to redefine uh kind of what it means to be a social media app and actually compete with maybe the only fans or maybe the YouTubes of the world. Um and they kind of see themselves as this is where creators can come to make money to begin with. The question is how do you actually make the next Mr. Beast which no one no one has really figured that out yet. And so it's it's interesting.

It's kind of like if you look at it through that lens you're underwriting a really big swing. Uh, I think from the token side of things, the $4 billion FDV valuation people are going to look at as attractive. I I think the market will look at that as pretty reasonable. I I think of it as the the market is valuing it at probably a pretty fair value based off of just the valuation methodology as an exchange, but it has a massive call option on whether or not it can bridge the gap into social media or consumer platform, content platform, etc. And I don't think that those are mutually exclusive. I think the whole point is that they're actually they're they're combined in a unique way that I think the consumer world is moving towards which is you

know they've proven that speculation is a consumer application. I think that you start to integrate into chat and communication and live streaming all the different forms of communication that make this differentiated and you know you talk about uh only fans and and there are examples there but but the other one that I think about is whatnot and sort of like that uh the Tik Tok commerce. I don't know if you've ever spent time there and that is actually one of the fastest growing segments of um e-commerce is basically like it whatnot is specifically for collectibles and Tik Tok commerce is like all the people who are like trying on clothes on Tik Tok and like you can buy them direct and um it's really interesting but it's definitely a live stream or a very small sound bite or or video bite um form of

commerce that I think most consumers are are kind of undervaluing um in instead instead of buying, you know, clothes from or shine, you're you're buying it from, you know, Pump and it's a memecoin, which you can make money on it. It's just like speculation, entertainment, and and content, I think, combining into a single app. [Music]