Original｜Odaily Planet Daily (@OdailyChina)
As one of the two standout crypto platforms in this cycle, Pump.fun, which has led the entire Meme coin craze, officially announced this evening that it will launch its 1C0 on July 12, which also means that the PUMP token will soon be listed. Meanwhile, exchanges including Binance, Bybit, Bitget, Gate, MEXC, and Kucoin have successively announced the listing of the PUMP token, providing some expected support for the price increase of the PUMP token. Odaily Planet Daily will briefly summarize the relevant information regarding the issuance of the PUMP token for readers' reference.
PUMP Token Economics Model: 24% for community and ecosystem, 33% for 1C0 public sale
Pump.fun announced the PUMP token economics on the X platform, with a total token supply of 1 trillion, of which:
33% will be sold through the Initial Coin Offering (1C0);
24% reserved for community and ecosystem plans;
20% allocated to the project team;
2.4% for the ecosystem fund;
2% allocated to the foundation;
13% allocated to existing investors;
3% for live broadcast-related incentives;
2.6% for liquidity and trading platforms.
It is reported that 33% of the tokens will be sold in the 1C0, with 18% for institutional investors and 15% for public sale. Institutional investors and public sale purchasers will follow the same investment terms, including the sale price of the tokens and full unlocking on the first day. Each token will be sold at a price of $0.004; the private placement shares have already been allocated.
PUMP Token Economics
It is worth mentioning that the total supply of PUMP tokens is 100 trillion, far exceeding the conventional token supply (usually 1 billion, Meme coins typically range from 10 billion to a maximum of 100 billion). It must be said that the PUMP token from Pump.fun, which focuses on the concept of "one-click token issuance platform," may become one of the Meme coins with the largest number of tokens.
1C0 Participation Notes: 6 major exchange channels, participation prohibited for US and UK citizens
According to official information from Pump.fun, the steps to participate in this 1C0 mainly include 3 steps:
Complete KYC through https://token.pump.fun/ (participation prohibited for US and UK citizens);
6 major exchanges (Kucoin, Kraken, Bybit, Bitget, Gate, MEXC) will simultaneously open participation channels. If users have completed the platform KYC, there is no need to repeat it;
The PUMP token 1C0 will start on July 12 at 22:00 Beijing time, until 150 billion tokens are sold out, or it will end on July 15 at 22:00 Beijing time, whichever comes first. After the public sale ends, 1C0 participants will receive tokens, which will initially be non-transferable (not tradable). The transfer rights of the tokens will be opened within 48-72 hours after the 1C0 ends.
PUMP 1C0 Channels
The Business Behind PUMP 1C0: Valuation of $4 billion, public sale of $600 million, private placement of $700 million
As the "engine of the Meme coin cycle," Pump.fun once held over 90% market share in the token issuance platform sector, leading the "one-click token issuance platform craze." However, after this year's TURMP official Meme coin completed its "final dance," draining market liquidity, the heat of the crypto market gradually returned to Bitcoin and mainstream markets led by compliant institutions, leaving Meme coins in silence.
In addition to the weak market, competitors are also rising. Recently, in terms of the number of token issuance projects, the Meme launch platform Letsbonk.Fun under BONK has surpassed Pump.fun. According to Dune data, in the past 24 hours, the number of tokens issued on the Letsbonk.Fun platform was more than double that of Pump.fun, and its user base has increased to nearly half of Pump.fun's. The "graduated token quantity" in the past 24 hours for the former was about three times that of the latter, which may also be one of the reasons why Pump.fun is eager to issue tokens and start a "second spring" for its platform business.
Comparison of token issuance numbers on one-click issuance platforms
The ensuing question is: who will buy the tokens? Is the $600 million 1C0 a scheme to "harvest" users from the country?
Previously, Pump.fun, as a phenomenal platform application in the Solana ecosystem and even the cryptocurrency market, was once regarded as a model for Mass Adoption. It was even humorously referred to by X platform KOL @SigmaSquared_ as the "10th largest gambling company in the world in 2024" due to its approximately $1 billion in revenue—according to its post, if calculated by company revenue, Pump.fun would rank 10th in global gambling company revenue in 2024. It even added in the comments that if calculated by net profit, Pump.fun is expected to rank 5th.
However, one point that crypto users criticize Pump.fun for is that "the income taken from the people is not used for the people." The team has previously converted platform protocol income into SOL multiple times and has also deposited SOL worth hundreds of millions of dollars into Kraken for sale. In the current tightening of on-chain liquidity, it can be described as a "vampire king."
However, perhaps in order to ensure the smooth progress of the TGE and 1C0, Pump.fun has not deposited SOL into Kraken since June 10, nearly a month, which may also be one of the reasons why SOL has not seen a significant decline recently.
Currently, it seems that the main target audience for the PUMP token 1C0 public offering is the crypto community outside of US and UK citizens, as the official team may be confident that the market still holds hope for the largest Meme coin launch platform. However, the issuance of PUMP tokens has made many community users recall the "final toll" of NFTs— the grand event of Yuga Labs selling Otherside monkeys, where in just one day, gas fees burned 20,000 ETH, and after the frenzied trading, it resulted in a burst of the bubble and a prolonged winter.
In a time when crypto users have been repeatedly harvested and are increasingly immune to "high-valuation large projects," will the market buy the PUMP token? The answer will soon be revealed.
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