Pump.Fun 是一种帮助加密用户创建 Memecoin 并进行赌博的协议，在过去 7 天内创造了近 630 万美元的收入

虽然 Pump.Fun 的累计收入接近 1 亿美元，但其用户和通过 memecoin 工厂铸造的代币尚未取得同样程度的成功。

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 是一种允许加密用户创建 memecoin 并进行赌博的协议，在过去 7 天内创造了近 630 万美元的收入。这超过了 Layer 1 网络 Solana、去中心化借贷场所 Aave 和稳定币发行商 MakerDAO 等现有项目产生的收入。

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，尽管 Pump.Fun 的累计收入接近 1 亿美元，但其用户和通过 memecoin 工厂铸造的代币却没有取得同样程度的成功。

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.

根据链上分析师 (@Adam_Tehc) 创建的 Dune Analytics 仪表板，Pump.Fun 上超过三分之二的钱包地址显示出现损失。

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

“如果你盈利了，那么现实就是你已经超越了大多数人，”@Adam_Tehc 在 X 上写道。

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 开发者关系主管 Andrew Hong 表示，仪表板虽然不完善（计算整个生态系统中每个钱包地址的利润和损失具有挑战性，并且需要对价格和时间做出某些假设），但“总体而言仍然很棒”数据工作。”

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 为仪表板的指标添加了更多背景信息，指出显示的已实现损失可能低于实际损失，因为仪表板并未完全考虑用户可能亏损退出的交易。

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，仪表板不包括任何未实现的损失，这对于仍然持有交易价格低于入场价格的代币的用户来说可能是巨大的。

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 用户 (@Sexxy_NFT) 强调了 Pump.Fun 生态系统内的明显差异，指出了该平台收入和用户面临的困境的截然不同的叙述。

"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 写道：“大多数 memecoin 交易者追逐幻象收益，最终却空手而归。” “少数人获得黄金，助长了这种幻想，但庄家总是获胜。”

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

“真正的利润不在于玩游戏，而在于创造游戏本身，”他们补充道。

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.

当 Pump.Fun 上的代币达到 69,000 美元的市值时，加密货币的一部分流动性被放置在去中心化交易所 Raydium 上并被销毁。在已部署的代币总数中，只有 1.03% 已从 Pump 毕业并在 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，在过去 24 小时内，在推出的 11,743 个代币中，有 136 个达到了 69,000 美元的市值，并升级为 Raydium，如@Adam_Tehc 的仪表板所示。

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.

与此同时，根据 Footprint Analytics 的数据，截至撰写本文时，Pump.Fun 的 7 天实现净利润为 1130 万美元。