泵有趣的ICO：加油模因Frenzy还是另一个发射板模因？

Pump Fun的6亿美元ICO Sparks辩论：它是否使Launchpad Memes合法化并点燃了新的Memecoin季节，还是仅仅是在衰落周期中的提取？

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

泵有趣的ICO：加油模因Frenzy还是另一个发射板模因？

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）巨额6亿美元的ICO的嗡嗡声使Crypto World的每个人都在谈论。这是在合法化的Launchpad Memes推动的新成员季节的曙光吗？还是仅仅是成熟的炒作开始消失的时机提取？让我们潜水。

The Pump Fun Phenomenon

泵有趣现象

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基本上建立了一个“模因赌场”，从而抽象了为普通Joe推出硬币的复杂性。根据Alea Research的7月16日报告，Pump.Fun简化了粘结曲线，列表和流动性，简化了硬币发行。该游戏在2025年初发生了变化，当时Pump.Fun推出了泵施瓦普，自己的AMM，削减了Raydium和内部化费用。这种垂直整合是一种金矿，每月费用在3000万至4000万美元之间，并清除了超过1000亿美元的累计量。

$600 Million in 12 Minutes: The Great Extraction?

12分钟内6亿美元：伟大的提取？

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.

泵令牌的销售是闪电般的闪光灯，仅在12分钟内就达到了6亿美元的目标。一些批评家称其为“伟大的提取”，但pump.fun迅速宣布回购，与代币持有人分享财富。他们甚至资助了3,000万美元的钱包，分配了2000万美元的公开市场购买。

The Competition Heats Up

比赛升温

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.

泵乐趣不是游戏中唯一的玩家。 Bonkfun是一个强大的竞争者，使用了一个燃烧Bonk代币和奖励模因创作者的索拉纳本地激励模型。尽管Bonkfun的销量较低，但它却抓住了新的代币发射的很大一部分。尽管最初炒作，发射币仍在落后。

Is PUMP the Real Deal?

泵是真正的交易吗？

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将Pump.Fun视为Solana在App-Chain成功故事中的最接近镜头，将整个Meme发射生命周期集成在一起。但是，该平台面临审查。一些钱包为ICO涂上了来自数十个甚至数百个地址的参与。一个地址资助了500个不同的地址，以购买价值200,000美元的泵代币。此外，该平台已被以有争议的方式使用，包括谋杀威胁。

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.

泵代表消费者现金流量阶段的开始还是投机周期的峰值尚待观察。鉴于争议，持怀疑态度是合理的。然而，不可否认的是，泵的乐趣已经令人振奋，还为快速损失提供了许多机会。

The Memecoin Rollercoaster

Memecoin过山车

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!

那么，泵为新的成人季节加油吗？或许。但是请记住，在加密的野生世界中，情况的变化比您说的“钻石之手”更快。扣紧，这将是一次疯狂的旅程！