In 2024, asset issuance will be concentrated on a handful of platforms – most prominently pump.fun. These platforms became the dominant platforms for asset issuance, but crucially, the trading of assets took place elsewhere – through bots in Telegram group chats, aggregators like DexScreener and Birdeye, and sometimes directly in the Phantom wallet. Asset issuance and asset trading are not coupled in a single issuance-trading platform, but are split across a series of decentralized platforms. Since the birth of the crypto capital market, the issuance and trading of assets have been separated. Bitcoin was launched on a cryptography mailing list called metzdowd.com and is now traded on the NASDAQ (via ETFs). The token, which was launched on ICOBench in 2017, is still traded on major centralized exchanges (CEXs).

So, despite last year pump.fun dominated by asset issuance, the trading part was dominated by Telegram bots and retail aggregator products – these are new sources of order flow. In the long run, I expect to be able to control the flow of trades or orders as a more profitable business.

This is just the beginning of an issuance-trading platform. The venues where assets are issued and traded will be split and reorganized thousands of times across thousands of platforms, because attention on the Internet is not limited to a single set of applications – it exists on forums, live video platforms, instant messengers, and various other interfaces with which we interact.

What's more, I expect these apps to have a clearer understanding that taking control of attention gives you the opportunity to take control of order flow, which is a very profitable business. Get ready for 2025 when more consumer apps embed wallets and transactions.

In 2024, asset issuance will be concentrated on a handful of platforms – most prominently pump.fun. These platforms became the dominant platforms for asset issuance, but crucially, the trading of assets took place elsewhere – through bots in Telegram group chats, aggregators like DexScreener and Birdeye, and sometimes directly in the Phantom wallet. Asset issuance and asset trading are not coupled in a single issuance-trading platform, but are split across a series of decentralized platforms. Since the birth of the crypto capital market, the issuance and trading of assets have been separated. Bitcoin was launched on a cryptography mailing list called metzdowd.com and is now traded on the NASDAQ (via ETFs). The token, which was launched on ICOBench in 2017, is still traded on major centralized exchanges (CEXs).

So, despite last year pump.fun dominated by asset issuance, the trading part was dominated by Telegram bots and retail aggregator products – these are new sources of order flow. In the long run, I expect to be able to control the flow of trades or orders as a more profitable business.

This is just the beginning of an issuance-trading platform. The venues where assets are issued and traded will be split and reorganized thousands of times across thousands of platforms, because attention on the Internet is not limited to a single set of applications – it exists on forums, live video platforms, instant messengers, and various other interfaces with which we interact.

What's more, I expect these apps to have a clearer understanding that taking control of attention gives you the opportunity to take control of order flow, which is a very profitable business. Get ready for 2025 when more consumer apps embed wallets and transactions.