泵有趣的ICO：加油模因Frenzy還是另一個發射板模因？

Pump Fun的6億美元ICO Sparks辯論：它是否使Launchpad Memes合法化並點燃了新的Memecoin季節，還是僅僅是在衰落週期中的提取？

Pump Fun ICO: Fueling the Memecoin Frenzy or Just Another Launchpad Meme?

泵有趣的ICO：加油模因Frenzy還是另一個發射板模因？

The recent buzz around Pump Fun's massive $600 million ICO has everyone in the crypto world talking. Is this the dawn of a new memecoin season, fueled by legitimized launchpad memes? Or is it just a well-timed extraction as the memecoin hype starts to fade? Let's dive in.

最近，《 Pump Fun》（Pump Fun）巨額6億美元的ICO的嗡嗡聲使Crypto World的每個人都在談論。這是在合法化的Launchpad Memes推動的新成員季節的曙光嗎？還是僅僅是成熟的炒作開始消失的時機提取？讓我們潛水。

The Pump Fun Phenomenon

泵有趣現象

Pump Fun has essentially built a 'meme casino,' abstracting away the complexities of launching a coin for the average Joe. According to a July 16 report by Alea Research, Pump.fun streamlined bonding curves, listings, and liquidity, simplifying coin issuance. The game changed in early 2025 when Pump.fun launched PumpSwap, its own AMM, cutting out Raydium and internalizing fees. This vertical integration has been a goldmine, generating between $30 million and $40 million in monthly fees and clearing over $100 billion in cumulative volume.

Pump Fun基本上建立了一個“模因賭場”，從而抽象了為普通Joe推出硬幣的複雜性。根據Alea Research的7月16日報告，Pump.Fun簡化了粘結曲線，列表和流動性，簡化了硬幣發行。該遊戲在2025年初發生了變化，當時Pump.Fun推出了泵施瓦普，自己的AMM，削減了Raydium和內部化費用。這種垂直整合是一種金礦，每月費用在3000萬至4000萬美元之間，並清除了超過1000億美元的累計量。

$600 Million in 12 Minutes: The Great Extraction?

12分鐘內6億美元：偉大的提取？

The PUMP token sale was a lightning flash, hitting its $600 million target in just 12 minutes. Some critics called it 'the great extraction,' but Pump.fun quickly announced buybacks to share the wealth with token holders. They even funded a $30 million wallet, deploying $20 million into open market purchases.

泵令牌的銷售是閃電般的閃光燈，僅在12分鐘內就達到了6億美元的目標。一些批評家稱其為“偉大的提取”，但pump.fun迅速宣布回購，與代幣持有人分享財富。他們甚至資助了3,000萬美元的錢包，分配了2000萬美元的公開市場購買。

The Competition Heats Up

比賽升溫

Pump Fun isn't the only player in the game. BonkFun is a strong contender, using a Solana-native incentive model that burns BONK tokens and rewards meme creators. While BonkFun's volumes are lower, it's grabbing a significant share of new token launches. LaunchCoin, despite initial hype, is lagging behind.

泵樂趣不是遊戲中唯一的玩家。 Bonkfun是一個強大的競爭者，使用了一個燃燒Bonk代幣和獎勵模因創作者的索拉納本地激勵模型。儘管Bonkfun的銷量較低，但它卻抓住了新的代幣發射的很大一部分。儘管最初炒作，發射幣仍在落後。

Is PUMP the Real Deal?

泵是真正的交易嗎？

Alea Research sees Pump.fun as Solana's closest shot at an app-chain success story, integrating the entire meme launch lifecycle. However, the platform has faced scrutiny. Some wallets gamed the ICO, participating from dozens, or even hundreds, of addresses. One address funded 500 different addresses to purchase $200,000 worth of PUMP tokens. Also, the platform has been used in controversial ways, including threats of murder.

Alea Research將Pump.Fun視為Solana在App-Chain成功故事中的最接近鏡頭，將整個模因發射生命週期集成在一起。但是，該平檯面臨審查。一些錢包為ICO塗上了來自數十個甚至數百個地址的參與。一個地址資助了500個不同的地址，以購買價值200,000美元的泵代幣。此外，該平台已被以有爭議的方式使用，包括謀殺威脅。

Personal Take

私人

Whether PUMP represents the start of a consumer cash flow phase or the peak of speculative cycles remains to be seen. Given the controversies, it's reasonable to be skeptical. Yet, there's no denying that Pump Fun has hit a nerve, and has also provided many opportunities for quick gains and losses.

泵代表消費者現金流量階段的開始還是投機週期的峰值尚待觀察。鑑於爭議，持懷疑態度是合理的。然而，不可否認的是，泵的樂趣已經令人振奮，還為快速損失提供了許多機會。

The Memecoin Rollercoaster

Memecoin過山車

So, is Pump Fun fueling a new memecoin season? Maybe. But remember, in the wild world of crypto, things can change faster than you can say 'diamond hands.' Buckle up, it's gonna be a wild ride!

那麼，泵為新的成人季節加油嗎？或許。但是請記住，在加密的野生世界中，情況的變化比您說的“鑽石之手”更快。扣緊，這將是一次瘋狂的旅程！