Crypto rails have radically lowered the barrier to creating and owning assets, ushering in a new era of permissionless digital user generated assets and ownership. This transformation began with NFTs and has since accelerated with memecoins. While NFTs offer richer forms of expression and digital identity, their lack of liquidity and difficulty in pricing make them less optimal for active trading. In contrast, memecoins offer a radically different experience, each token represents a share in a collective meme. This has translated into a far superior trading experience, as evidenced by the rise of dedicated trading infrastructure: Telegram bots like Trojan, trading terminals such as Axiom and Photon, and data platforms like Dexscreener and Gmgn. 

Our thesis is that memecoins are not a passing trend, they are here to stay and will continue to evolve both in form and market significance. We wrote previously about how Solana is the best venue for trading digital assets. Now, we believe that investing into Pump.fun represents the cleanest expression of our conviction in the memecoin market, full-stack ownership: seamlessly integrating the entire lifecycle of memecoins, from creation and discovery to trading and community engagement.

Pump is a vertically integrated crypto platform that began as a memecoin launcher but has rapidly evolved into one of the most culturally dominant products on Solana. At its core, Pump enables anyone to create and trade tokens within seconds through its flagship product, Pump.fun. These tokens follow a bonding curve model that automatically sets price and liquidity, making memecoin speculation accessible to anyone with a few cents of SOL. But Pump is more than just a tool for launching and trading speculative tokens, it is building an entertainment and social finance platform designed to onboard the next generation of crypto users. By fusing elements of Twitch, TikTok, and Robinhood into a single product experience, Pump aims to make trading fun, interactive, and creator-driven. From memecoins and trading to livestreaming and viral content, Pump is positioning itself not just as an app, but as a new cultural layer where media, speculation, and social engagement converge.

Pump’s grand vision is to redefine the intersection of crypto and media, transforming speculative memecoin culture into a full-fledged entertainment and financial platform. With ambitions that blend the mass onboarding mechanics of Robinhood, the content virality of TikTok, the financial trading experience of Binance, and the community engagement of Twitch, Pump is taking a generational swing at making crypto native to internet culture. The team's focus is clear: move beyond short-term memecoin cycles and build an entertainment-centric ecosystem that can onboard the next wave of users not through financial speculation alone, but through content, personalities, and participatory media. Pump isn’t just trying to win crypto; it’s aiming to make crypto invisible, abstracted into livestreams, memes, social trading, and media-native token economies.

Pump.fun ranks among the most successful revenue-generating crypto applications in history. Despite inherent volatility in memecoin markets, Pump has consistently generated substantial revenue, with an average of $2.1 million per day in June 2025. It is also rumoured that Pump will implement a token buyback with at least 25% of their revenue which represents one of the few tokens in the space that has value accrual of this magnitude. 

Pump’s user growth has been both explosive and resilient, showing a consistent upward trajectory even during periods of reduced memecoin trading activity. From 2.2 million users in June 2024 to nearly 13 million in May 2025, Pump has achieved a nearly 6x increase in monthly active users in just under a year.

Based on comparative valuation metrics, Pump.fun appears either undervalued or moderately fairly priced relative to its peers, particularly when assessing its Price-to-Sales ratio, which stands at 6. This places Pump.fun well below the valuation multiples of most leading trading focused crypto protocols, despite generating some of the highest daily revenue figures in the space.

Compared to Hyperliquid, a fellow cycle-defining product, Pump’s multiple is dramatically lower (57x for Hyperliquid vs. 6x for Pump), suggesting that much of Pump's growth and monetization potential may not yet be priced in. 

Looking at the token distribution, the team and existing investors are subjected to a 1-year lock and on day one, the majority of the circulating supply will be held by ICO participants who entered at a $4 billion valuation, establishing a strong price anchor, as there should be limited sell pressure below that level. Additionally, the team is estimated to have amassed approximately $2 billion in cash reserves after their ICO, trading below their enterprise value would be highly unlikely. There is asymmetric upside potential, as price discovery is likely to trend upward from the ICO anchor point, with limited immediate supply available below that valuation.

A critical growth lever for Pump lies in verticalization, owning every part of the user journey to maximize margins and defensibility. The launch of Pump.swap is a prime example, as it successfully displaced Raydium as the default trading venue for newly launched tokens. This move has already begun to pay off, with Pump.swap now constituting an increasing share of total protocol revenue. The team has already demonstrated their ambition with their most recent acquisition of kolscan - a tool for trading analytics and copytrading. We suspect future verticalization efforts are even more ambitious. Possible areas of expansion include exploring the launch of a native stablecoin, which could replace SOL as the primary base pair on Pump.swap. Beyond spot trading, it would be logical for Pump to eventually enter the perpetuals market, recognizing that many of its tokens end up being traded on venues like Binance or Hyperliquid. By introducing perps directly within the Pump ecosystem, the protocol can capture downstream volume currently leaking to competitors. In the near term, it is highly probable that Pump will look to either acquire or build their own trading terminal. Leading competitors like Axiom have demonstrated consistency in their revenue figures despite the influx of downstream competition in the launchpad and dex space. Owning this layer would not only boost revenue but also deepen its control over user behavior and trade execution.

Perhaps the most disruptive lever in Pump’s growth strategy is livestreaming, its boldest bet on combining entertainment and crypto. After experimenting with live video content earlier in its lifecycle (and facing initial challenges with moderation), Pump has reintroduced streaming in 2025 with a renewed focus on memecoin-native culture. In this new iteration, the platform blends Twitch-like interactivity with token-gated experiences, bringing on high-profile streamers such as the anonymous trader Gainzy to anchor early content. Livestreaming offers massive surface area for engagement, from tipping in memecoins to live token launches and sponsored segments. To accelerate this vision, Pump is preparing to launch a creator incentive fund, aimed at attracting top-tier livestream talent and accelerating the network effect of content-meets-crypto. If successful, this could mark a turning point, turning Pump into a social media-fintech hybrid with multiple high-margin monetization paths.

While Bonk has captured meaningful attention in recent days, bolstered by memecoins like USELESS and personalities such as Bonkguy, history has shown that new launchpads consistently struggle to sustain momentum against Pump.fun. Despite repeated attempts to chip away at its dominance, none have managed to replicate its staying power.

We view Pump.fun as the most ambitious and forward-thinking team in the space, with a strong track record of vertical integration. From prioritizing mobile development to expanding into adjacent verticals like livestreaming—and potentially even real-world commerce—their roadmap clearly targets onboarding users beyond the crypto-native crowd. We believe Pump is not only the current market leader, but also the best-positioned to define the future of user-generated digital assets.