The $PUMP TGE is shaping up to be the most important and polarizing, event in this cycle’s memecoin meta. On one hand, it’s the clearest example of “build –> dominate –> TGExtract” we’ve seen from an on-chain protocol. On the other, it’s a stress test for whether the market validates this PMF. We’re about to find out all tonight. Why it matters because Pump fun is the breakout product of the cycle. • Raising $1B from a public sale which no other protocol manage to pull off • Made more in fees (mind you its $630M annualized rev) than most DeFi protocols in history • Printed 17M+ tokens with frictionless UX • Turned meme-launching into a single click • Enabled creator-onboarding at scale Let’s talk $PUMP-nomics: • Public sale at $4B FDV • 55% of supply fully unlocked at TGE • Investors + team vesting looks fair on paper (12m/48m cliffs) • Community/incentives gets ~15% circ at launch If you’re buying $PUMP at launch, you’re 100% liquid… and also 100% exposed. This is what people are calling The Great Extraction and it’s not wrong. • A protocol with revenue volatility (down from peak) • No confirmed rev share • No flywheel tokenomics loop • No post-TGE roadmap beyond “we built it, now pay us” And while $PUMP has the early mover advantage, there are other meme launchpads doing healthy metrics too. • @bonk_fun has clear value flywheel, 58% of fees to BONK buybacks, 15% to staked SOL • @launchcoin, @moonshot, and others are climbing fast • Even $HYPE was community-first, airdropped, distributed, with actual incentive design I strong believe $PUMP is the most important launch of the cycle. (after $HYPE) CT keeps saying $PUMP doesn't need the raise and the raise itself is bearish but I beg to differ, don’t midcurve this, because the broader goal is where (memecoin) trading gets real with livestreams. @pumpdotfun itself is a top-tier crypto product. No argument there. Let’s see who exits first, maybe it will play out just like $HYPE, people screaming valuation too high for a perp dex at $3, look now where it has gone to. Do what you will with this info.