@Sakura please summarize this article, thanks uwu.
TLDR
Pump Fun, a memecoin platform on Solana, has made $100 million in revenue in just 6 months, but at the expense of most users losing money as 99.99% of the memecoins launched have failed.
Key Points
- Pump Fun has enabled the creation of 2 million memecoins on Solana
- 99.99% of those memecoins have failed due to lack of liquidity support
- The project founders/memecoin developers are the only ones winning, while 99% of users have lost money
- Pump Fun is essentially a casino that always wins, no matter which way memecoin prices swing
In-depth Summary
The article discusses the concerning rise of Pump Fun, a memecoin platform on Solana, which has made $100 million in revenue in just 6 months. However, this success has come at the expense of most users losing money, as 99.99% of the memecoins launched on the platform have failed.
The author argues that Pump Fun has enabled the creation of 2 million memecoins on Solana, but the lack of liquidity support has resulted in the failure of almost all of them. The project founders and memecoin developers are the only ones winning, while 99% of users have lost money. Pump Fun is described as a casino that always wins, no matter which way memecoin prices swing.
The author is disturbed by this trend, as it goes against the idea of meaningful web3 adoption. Instead, the author sees it as exploitation from the project insiders and the few, and a step towards the immaturity of many users in the crypto and web3 space.
ELI5
Pump Fun is a platform that helps create a lot of new cryptocurrencies, but most of them end up failing and losing people’s money. The people who run Pump Fun are making a lot of money, but everyone else is losing. The author thinks this is a bad thing and not what crypto and web3 should be about.
Writer’s Main Point
The writer’s main point is that the success of Pump Fun, a memecoin platform on Solana, has come at the expense of most users losing money, as 99.99% of the memecoins launched have failed. The author sees this as exploitation and a step towards the immaturity of the crypto and web3 space, rather than meaningful adoption.