Today, the Solana chain is quite lively. First, $CARD and $ZARD sparked a wave of on-chain RWA for Pokémon cards, followed by the well-known KOL HIM driving the skin market for CS2, causing the market cap of $HUCH to soar. It seems that the concept of ICM is gaining momentum on Solana.
Meanwhile, PumpFun released a version update video, introducing Project Ascend and Dynamic Fees V1, and proposed a new concept called Creator Capital Markets (CCM), which at first glance seems not too different from the product ideas of Heaven and Bags from a while ago.
However, this has also triggered a return of several project teams, including the return of the Memecoin trader Mitch, who had been banned by X for a long time. He launched his own live streaming coin on Pumpfun, and within three hours, its market cap exceeded $42 million. This series of activities has led to a general rise in other live streaming tokens, while the number of tokens created and the graduation rate on Pumpfun have both increased by over 40%.
Pumpfun's ambition this time seems to be not just to achieve ICM, but to use the concept of CCM to make Pumpfun a more extreme version of Twitch.
Innovation of Project Ascend
According to official information released by Pump.fun, the core change brought by Project Ascend is the Dynamic Fees V1 system. This new tiered creator fee structure completely changes the previous fixed-rate model. In the past system, creators could only receive the same proportion of transaction fee sharing regardless of the token's market cap. Now, the system introduces a dynamic rate linked to market cap—tokens with higher market caps have lower creator fees, while smaller projects continue to contribute higher fees. The logic behind this design is to encourage creators to focus on the long-term growth of the token rather than short-term cashing out.
The transaction fees and content creator earnings corresponding to different market cap tokens on pumpswap.
The official claims that this update will increase the potential earnings for creators by tenfold. For those creators who can successfully operate a token ecosystem, this means they no longer need to profit by selling their holdings but can earn stable income through continuous transaction fee sharing. This shift in model is a key step for Pump.fun in addressing the prevalent "pump and dump" problem in the memecoin ecosystem.
Dynamic Fees V1 applies to all PumpSwap tokens, including newly issued and existing tokens, while maintaining the same protocol and liquidity provider fee distribution. For "abandoned" projects where creators have disappeared, fees will flow to the community. CTO projects can apply to receive creator fees, and Pump.fun promises to significantly expedite the approval process.
Mitch's Return: From Bankruptcy to Millionaire Small Town Story
After Pump.fun announced the update, the first major return was the legendary trader Mitch (@MitchOnSOL_) who had been banned multiple times on the X platform. His story is well-known in the Solana memecoin community.
Entering the crypto space in 2022, he initially profited through contract trading but nearly lost all his funds due to an addiction to online blackjack gambling. By 2023, he was left with only 1 SOL, but he achieved a 100x return by buying Milady, subsequently investing in popular memecoins like Retardio, pushing his asset peak to $8 million.
Mitch's controversial status in the community is as notable as his success. Community members like TMtheOG accuse him of being an "insider" of the Pump.fun team, claiming he laundered millions through a soft rug pull, leading to his ban by X officials. However, supporters like imperooterxbt defend him, stating that he is one of the few who dares to publicly buy high market cap tokens and promote them like an ordinary community member, rather than just pushing insider projects he holds. They argue that his ban was due to "extortion" by X officials. Although this is just one side of Mitch's story, some community members who support him still shout "Free Mitch."
In this return, Mitch launched his own creator coin $MITCH. He personally purchased 80% of the supply, stating that he would not lock it but would not sell it, only giving it away in future live streams, with only 20% entering circulation. In his issuance statement, he emphasized that this is not charity but a "personal entertainment experiment." However, his address God.SOL holds a striking $24 million, making this experiment truly "entertaining" for him.
After its launch, MITCH quickly went live on MOONSHOT, pushing its market cap to over $42 million in a short time, but if calculated by "circulating market cap," the peak market cap was only about $8.4 million.
Rasmr's Live Streaming Empire: From Researcher to Memecoin Influencer
Also receiving attention is blockchain researcher rasmreth (@rasmreth). As a core member of the probablynothing community, which includes well-known streamers like ThreadGuy, former DEGODS founder Frank Degod, and OGshoots, some of whom form an "insider group" called the "Water Pipe Gang." They have issued multiple high market cap tokens, many of which have soft rug pulls, making them quite controversial.
Rasmr has been active in the crypto space since 2011 and currently has over 117,000 followers. His influence is not only reflected in research and analysis but also in the unique community culture he has built through live streaming.
Rasmr has called other creators during live streams to discuss memecoin opportunities (sometimes insider information), and these "classic meme moments" often become hot topics in the community.
He streams through his Twitch channel and Pumpfun, covering content such as trading demonstrations, blockchain discussions, and even game streaming like Path of Exile 2. His posts show a strong sense of community belonging, often engaging in some memecoin fanatic actions, sometimes taking Muard to the streets to forcefully promote Chillhouse, or even barging into traditional fund companies to promote Fartcoin. Although quite absurd, it indeed exposes more people to memecoins.
The live streaming token $rasmr he previously launched currently fluctuates between a market cap of $5-7 million, and he also holds 80% of that token.
Old-School Trader Gainzy
Gainzy got involved in crypto at the start of the 2017 bull market, participating in multiple projects that yielded him a tenfold return on assets. However, with the collapse of FTX, he ultimately lost most of his assets due to the platform's bankruptcy.
He views the bear market lows of 2018-2019 as a valuable lesson from this "hellish" experience, often sharing it as CT history (Crypto Twitter history) during live streams. He started with scalp trading and is skilled at profiting in volatile markets. He assesses that the long-term holding risk is usually high due to influences from DXY (Dollar Index), bond yields, and Federal Reserve announcements, which also makes him fond of trading memecoins.
In terms of his live streaming coin, he represents another path. Compared to other streamers, he appears more "Boomer" (old-school). His streaming schedule is quite regular, starting at 10 AM every day, sometimes streaming for a few minutes and sometimes for several hours, just like a job. Sometimes he shares technical analysis and trading strategies for tokens, discusses the market with others, or even shares personal life experiences or gambles with friends.
He self-deprecatingly refers to himself as "Washed" (past his prime), noting that most of his fans come from the early cycle (2017-2022) and the algorithm is not favorable for new traffic. He emphasizes the essence of the streamer identity: "Most people are destined to fail (NPCs or boring people), only a few main characters can stand out." Interestingly, although he has issued his own live streaming token, he keeps his distance from others' live streaming tokens, stating that despite knowing their potential, content quality is far more important than short-term profits in this track.
His token GNZYSTRM has steadily risen in price since its launch in April, fluctuating between a market cap of $2 million to $5 million.
BASEDD
=========
BASEDD was launched in early 2024 by Jacky and others, initially focusing on NFT and memecoin projects within the Solana ecosystem. By 2025, it evolved into "BASEDD House," a content creation hub focused on both physical and virtual content. In March 2025, they announced the Summer Content House plan, selecting 7 creators through a "talent show" series, focusing on short videos, live streaming, vlogs, and cross-platform activations (such as Twitch, YouTube, Pump.fun). The plan aims to break the "CT echo chamber" (Crypto Twitter echo chamber) and provide a viral content environment.
In August-September 2025, the community entered Season 2 and relocated from Las Vegas to Los Angeles, deeply engaging in the explosive growth of the Pump.fun live streaming track. Currently, the market cap of its community token $BASEDD remains between $2 million and $5 million.
Although the community already has a token, several members also own their own "live streaming coins," such as GOON operated by @nevergoon100, which takes a more entertaining approach. GOON's live streams are often filled with absurd and dramatic elements, and while this style is controversial, it has successfully attracted a large number of young investors.
Goon gives a child a $200 memecoin $USDUC during a live stream and asks him to download Pumpfun.
Is CCM Innovation or Another Speculation?
The introduction of the Content Creator Markets (CCM) concept marks Pump.fun's attempt to build a brand new creator economy model. Unlike traditional creation platforms or live streaming platforms (like Twitch), CCM allows creators' influence to be directly reflected and traded in the form of tokens. Viewers no longer support creators solely through tips or subscriptions; instead, they can share in the creators' success by purchasing tokens.
However, this is not Pump.fun's first attempt at such an initiative. Since the introduction of live streaming features at the end of 2024, Pump.fun has faced controversy due to "lack of regulation," allowing users to post inappropriate content (drug use, adult content, extreme behavior), which has been rife with speculation and potential market manipulation, leading to significant losses for many participants. Balancing the encouragement of innovation while maintaining market order has become Pump.fun's biggest challenge.
The community's response to CCM shows a clear divide. Threadguy pointed out in his post that the era of "influence directly converting to money" has arrived. However, there is also a significant amount of criticism arguing that this is just another speculative bubble, ultimately harming retail investors.
Is this update from Pump.fun an important step in the evolution of the memecoin ecosystem, or is it just another bubble about to burst? The answer may depend on the market and time.
What is certain is that in the world of Web3, the relationship between creators and supporters is being redefined.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
