I love that we're at the stage of crypto where we are commoditizing rug pulling. Pump.fun is literally the pickaxe store. The creators saw a lot of people making money with rugpulls and thought to themselves: "the real money is in selling the rugs"
A fat middle-schooler used pump.fun to create "Gen-Z Quant" -- this site requires four inputs: coin-name, issuance quantity, animated-gif, deposit of Solana for the tx fee; he then rugged to the tune of $30k and flicked everybody off on the pump.fun's integrated livestream saying "thanks for the bandos" (bando = $1k)
The addendum to the story is that the attention it generated caused degens to ape into 'Gen-Z Quant" pumping its market price where for a time that $30k would have been worth millions... and the rest of the story is still more interesting...
Since it got so much attention, people started doing crazy things on the livestream to pump their coins -- one guy made something along the lines of crime-spree coin and livestreamed himself stealing cars -- promising to continue doing so until he was arrested in order to pump his coin.
This activity caused pump.fun to disable their integrated livestreaming feature.
The story was featured on last week's ( nov 30) Bankless Friday roundup.
The final point I wonder about is -- won't this degen activity ( ~100 coins are created per minute on pump.fun ) -- clog Solana's network -- their major selling point is that they have a huge number of tx/s, but if you fill it with spam ?? what does that mean for the network?
thot_experiment ·19 days ago
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sfmz ·19 days ago
The addendum to the story is that the attention it generated caused degens to ape into 'Gen-Z Quant" pumping its market price where for a time that $30k would have been worth millions... and the rest of the story is still more interesting...
Since it got so much attention, people started doing crazy things on the livestream to pump their coins -- one guy made something along the lines of crime-spree coin and livestreamed himself stealing cars -- promising to continue doing so until he was arrested in order to pump his coin.
This activity caused pump.fun to disable their integrated livestreaming feature.
The story was featured on last week's ( nov 30) Bankless Friday roundup.
The final point I wonder about is -- won't this degen activity ( ~100 coins are created per minute on pump.fun ) -- clog Solana's network -- their major selling point is that they have a huge number of tx/s, but if you fill it with spam ?? what does that mean for the network?
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yosito ·19 days ago
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epoxia ·19 days ago
dlcarrier ·19 days ago