Pump.fun is a glass of poisoned wine, but everyone can't help but have a drink

I wonder if you have ever thought about what the "original sin" that caused this wave of corpses everywhere on the chain? The answer is that everyone knows it is toxic, but they still have a drink: Pump-style MEME asset issuance method.

Initially, the Pump-style internal and external market startup mode allowed many P players to win a high probability of investment multiplier by relying on hunching, trial and error, and the Fomo amplification effect of market sentiment after running out of the foreign market made Pump's asset issuance method once mainstream.

However, success and failure are Pump. The way Pump is issued assets is essentially:

1. It is a short-term industrial assembly line to issue coins. This method of issuing coins focuses on standardized operations, low threshold access, and rapid mass production. This has led to the fact that most projects have no complete project plans for issuing coins, let alone technological innovation and product implementation. It focuses on mass production, breaks the issuance and re-production.

If this continues, the "project party" of issuing coins will become the absolute upstream of the liquidity harvesting assembly line, and investors in the downstream will become "bargaining chips", and will always fall into a vicious circle like headless flies, where you lose everything you buy and do wrong everything you do;

2. It is a deconstruction of the past "technical narrative". There were some MEME tokens with no practical significance in the previous two cycles, but the mainstream market is still advocating technical narratives with decentralized ideas, from layer1's pursuit of TPS high-performance war, to layer2's Rollup public chain construction for expansion, to the iteration of technical narratives such as modularity, account abstraction, chain abstraction, staking, and Restaking.

Although it is too weak in application in the end, these narratives have a considerable period of market competition and digestion, and their technological innovation, team strength, operational accumulation, etc. will become value evaluation indicators in the process. At the same time, airdrops, Grant ecological contributions, horizontal and vertical cooperation in projects, etc. are sufficient to suit the value preferences of long-term Build.

However, after Pump, the nihilism of MEME-enhancing everything completely changed the industry ecology. Market participants no longer believe in the power of technological innovation, and even no longer pursue the long-term PVE growth concept. Instead, they simply blindly destroy the technological innovation value system that the currency circle relies on in the zero-sum game short-term interest dilemma of PVP.

3. It is an over-reliance on the attention Fomo economy. Originally, Crypto's vertical subdivision narratives had different communities, and each track had a certain layout of funds and users. However, when the project grew explosively, the user's attention would be severely torn and dispersed, and almost everyone's final cognition and decision-making would be abstracted into: When CA, brainless.

This will lead to attention hype becoming the core tool, while cabals that are good at manipulating information will become the mastermind behind the scenes. In the long run, most users in the market are forced to lose their holder thinking and have no choice but to become a young player who is in a vain, fighting wits and courage with the dealer, and making a living; and the project party has to face huge selling pressure from TGE, creating a vicious cycle in which TGE is the peak. Alas.

How to break the deadlock? To put it simply, there is actually one way: embrace VC institutions to enter the market and provide support for early innovative technologies; attract innovative regular military team layouts to bring real value creation; release chips linearly to lengthen the survival cycle of the project; cultivate a community with long-termism, etc.

It is simple to say, but it is not easy to advance. The market requires a long cycle of natural evolution.

Just as I said at the beginning, Pump is poisonous, but most people are actually unwilling to admit that it is poisonous, and they can't help but take a sip because it captures the greed, speculation, and profit-seeking of human nature.