Saw the report about Pump written by @Delphi_Digital, so I wanted to share a few thoughts from the perspective of a market maker (MM). My advice: stay away from contract trading related to Pump. Summary: 1. Market makers’ operations are quite ugly, with profits mainly coming from liquidating opposing contract positions. 2. On the surface, they claim to use profits to buy back Pump tokens, but in reality, there’s rampant market manipulation and dumping. 3. When key liquidity zones are hit, such as around 0.0042, it’s almost impossible to break even. Early high-volume trapped positions will struggle to recover (unless the token control rate exceeds 90%). 4. The contract trading experience is terrible. For participants using over 5x leverage on Pump contracts, it’s extremely unfriendly—one wrong move often means no way to recover. (Here, I recommend using isolated margin contracts with low leverage for Pump, with a safety margin at 3x leverage.) 5. Institutional round AllianceDAO is valued at $4 billion, while Pump’s current FDV is $2.97 billion. Based on Pump’s current trading activity, I believe its fair valuation should be below $2 billion (assuming full market competition). Attached: The arrows and ranges in the chart illustrate the specific manipulative actions of market makers/whales.