Pump.Fun 是一種幫助加密用戶創建 Memecoin 並進行賭博的協議，在過去 7 天內創造了近 630 萬美元的收入

雖然 Pump.Fun 的累積收入接近 1 億美元，但其用戶和透過 memecoin 工廠鑄造的代幣尚未取得同樣程度的成功。

Pump.Fun, a protocol that allows crypto users to create and gamble on memecoins, has generated nearly $6.3 million in revenue over the past seven days. This surpasses revenue generated by established projects like layer 1 network Solana, decentralized lending venue Aave, and stablecoin issuer MakerDAO.

Pump.Fun 是一種允許加密用戶創建 memecoin 並進行賭博的協議，在過去 7 天內創造了近 630 萬美元的收入。這超過了 Layer 1 網路 Solana、去中心化借貸場所 Aave 和穩定幣發行商 MakerDAO 等現有專案產生的收入。

However, despite Pump.Fun's approaching $100 million in cumulative revenue, its users and the tokens minted through the memecoin factory have not experienced the same level of success.

然而，儘管 Pump.Fun 的累積收入接近 1 億美元，但其用戶和透過 memecoin 工廠鑄造的代幣卻沒有取得同樣程度的成功。

According to a Dune Analytics dashboard created by an onchain analyst (@Adam_Tehc), over two-thirds of wallet addresses on Pump.Fun are showing a loss.

根據鏈上分析師 (@Adam_Tehc) 建立的 Dune Analytics 儀表板，Pump.Fun 上超過三分之二的錢包位址顯示出現損失。

"If you're profitable, the reality is you're already outperforming most," wrote @Adam_Tehc on X.

「如果你獲利了，那麼現實就是你已經超越了大多數人，」@Adam_Tehc 在 X 上寫道。

The dashboard, while imperfect—calculating the profit and loss for each wallet address in an entire ecosystem is challenging and requires making certain assumptions about price and timing—was described by Andrew Hong, head of developer relations for Dune Analytics, as "overall still great data work."

Dune Analytics 開發者關係主管Andrew Hong 表示，儀表板雖然不完善（計算整個生態系統中每個錢包地址的利潤和損失具有挑戰性，並且需要對價格和時間做出某些假設），但「總體而言仍然很棒”數據工作。”

Adding further context to the dashboard's metrics, @Adam_Tehc noted that the displayed realized losses are likely lower than the actual losses, as the dashboard does not fully account for trades that users may have exited at a loss.

@Adam_Tehc 為儀表板的指標添加了更多背景信息，指出顯示的已實現損失可能低於實際損失，因為儀表板並未完全考慮用戶可能虧損退出的交易。

Moreover, the dashboard does not include any unrealized losses, which could be substantial for users who are still holding tokens that are trading below their entry price.

此外，儀表板不包括任何未實現的損失，這對於仍然持有交易價格低於入場價格的代幣的用戶來說可能是巨大的。

Highlighting the stark disparities within the Pump.Fun ecosystem, one X user (@Sexxy_NFT) pointed out the contrasting narratives of the platform's revenue and the struggles faced by its users.

一位 X 用戶 (@Sexxy_NFT) 強調了 Pump.Fun 生態系統內的明顯差異，指出了該平台收入和用戶面臨的困境的截然不同的敘述。

"Most memecoin traders chase phantom gains, ending up empty-handed," wrote @Sexxy_NFT. "A select few strike gold, fueling the illusion but the house always wins."

@Sexxy_NFT 寫道：“大多數 memecoin 交易者追逐幻象收益，最終卻空手而歸。” “少數人獲得黃金，助長了這種幻想，但莊家總是獲勝。”

"The real profit lies not in playing, but in creating the game itself," they added.

「真正的利潤不在於玩遊戲，而在於創造遊戲本身，」他們補充道。

As a token on Pump.Fun reaches a market cap of $69,000, a portion of the cryptocurrency's liquidity is placed on decentralized exchange Raydium and burned. Out of the total tokens deployed, only 1.03% have graduated from Pump and are listed on Raydium.

當 Pump.Fun 上的代幣達到 69,000 美元的市值時，加密貨幣的部分流動性被放置在去中心化交易所 Raydium 上並被銷毀。在已部署的代幣總數中，只有 1.03% 已從 Pump 畢業並在 Raydium 上上市。

For instance, over the past 24 hours, out of the 11,743 tokens launched, 136 reached a market cap of $69,000 and were promoted to Raydium, as indicated by @Adam_Tehc's dashboard.

例如，在過去 24 小時內，在推出的 11,743 個代幣中，有 136 個達到了 69,000 美元的市值，併升級為 Raydium，如@Adam_Tehc 的儀表板所示。

Meanwhile, the seven-day net realized profit for Pump.Fun stood at -$11.3 million at the time of writing, according to data from Footprint Analytics.

同時，根據 Footprint Analytics 的數據，截至撰寫本文時，Pump.Fun 的 7 天淨利潤為 1,130 萬美元。