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Are we Back,
BTC is on a new all-time high of $ 121k, Eth is above $ 3K, and just Cross $ 50 billion in TVL.
But perhaps the most important of all is the return of the initial coin prasad (ICO). This last Saturday saw an increase of $ 500 million on $ 4 billion FDV.
I say “Saturday”, but it was in 12 minutes. The 125 billion pump tokens (12.5%of the total token supply) were all sold in $ 0.004 episi.
By this morning, the pump is trading at 0.017, so if you snatch it into ICO then this is 325% profit.
Who were the buyers?
10,145 unique addresses apply at a notable just average price of $ 537.
Interestingly, more users came from Dexs compared to CEXS. Around 3,878 pump investors came from Solna Dex including Radium, Solfi and Jupiter – compared to 2,525 investors of CX.
Many bybit users failed to get their pump allocation because of one “Unexpected aPI delay“So they would be getting refund and a sad $ 20 spot fee coupon instead.
I think here is the major takeaway,: Onchain infrastructure has never been more well -organized and effective.
Pump strategy
The pump’s $ 500 million ICO is large, but not He Big. Let’s put it in reference.
In 2017-18, EOS ‘(today called Walta) ICO still holds a record for the largest ICO, which is $ 4.1 billion.
Telegram’s 2018 ICO also raised $ 1.7 billion in two phases. The village tokens sold were eventually returned due to regulatory troubles, and the app of the app later made tons.
Compared to Ethereum, however, the ICO of the pump is larger. Etharium raised ~ $ 18 million in bitcoin in 42 days in 2014.
These are clearly not compared to apple-to-apple, which look at the difference in time period, market maturity, product type, etc.
But the biggest difference of all is that unlike the previous ICOs of the industry, the pump is not just proof-off-concept-Mecoin Launchpad is a cash cow.
Since its inception in January 2024, the pump has earned $ 786 million in cumulative revenue. It is $ 377 million in annual revenue for a two -year -old company.
In addition, the pump is allegedly planned to share 25% revenue with token holders, my colleagues Catherine and Jack reported last week.
Ryan Connor of Blockworks Research told me, “There is a high probability that the pump tokens will have some value earned mechanism.”
The pump wants to go after the social media market. In the team own words: “Our plan is to kill Facebook, Tiktok and Twitch. On Solana.”
The exact details of the pump strategy are not yet clear, but it was brought back in April after a controversial removal last year.
Livestreamers of the pump, like any other token creators, get 0.05% of all trading fees from their tokens.
“The pumps are interesting that these risk are adjacent to markets. It is difficult to buy creators because they are expensive. Many people reduce their internet celebrity, so if you can pay some minor amount by people who pass people from front and back, this pump and perhaps are expensive for their wedge,” said the convergic.
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