In today's rapidly advancing crypto industry, the Memecoin track is bursting at an unprecedented speed. However, as the wave sweeps through, more and more people are beginning to reflect: Is there a structural concern hidden beneath this traffic feast?
A recent statement by Ethereum co-founder Vitalik Buterin has sparked widespread discussion. In a public discussion, Vitalik directly criticized platforms including Pump.fun, arguing that these projects stem from a "flawed social philosophy", pursuing short-term profits without responsibility, which could ultimately have long-term negative impacts on the entire crypto ecosystem.
Vitalik emphasized that projects with a long-term vision and healthy values are truly capable of driving industry progress. In the Memecoin realm, such projects are particularly scarce.
(Vitalik publicly criticizing Pump.fun and other projects on Farcaster)
The Hidden Harvesting Game Behind Pump.fun's Surge
Undeniably, Pump.fun has quickly become the leader in Memecoin issuance platforms through an extremely simplified token issuance process and extremely low costs. As of 2025, it has transferred over3.2 million SOLto exchanges (approximately$324 million), with profits that are staggering.
However, Pump.fun has also exposed obvious problems:
Continuous fee outflow: According to OnchainLens monitoring, a large number of fees collected by Pump.fun are directly transferred to CEX for cash-out, rather than nurturing the ecosystem.
Inconsistent project quality: The platform lacks screening mechanisms, leading to a flood of Memecoins and increased user trial-and-error costs.
Escalating negative ecosystem feedback: As market heat declines, platform traffic and income simultaneously slide, with fragile confidence.
Under this model dominated by "platform interest maximization", users and the ecosystem find it difficult to obtain sustained value support.
(Pump.fun transferred $15 million of SOL to Kraken)
Injecting Sustainable Genes into Memecoin: LetsBONK.fun Offers a New Solution
Just as the market becomes increasingly wary of "short-term harvesting" platforms, the BONK community on the Solana chain, together with Raydium, has launched a new Memecoin issuance platform - LetsBONK.fun.
Unlike mere imitation, LetsBONK.fun established the mission of"nurturing the ecosystem and empowering the community"from its inception.
Not only did it replicate Pump.fun's simple and efficient user experience, but it also made profound innovations in mechanism design:
More constructive fee allocation
LetsBONK.fun collects 1% fees from each token's internal market transaction, and also charges a small fee when tokens are migrated to external markets. Unlike Pump.fun's simple profit extraction, LetsBONK.fun clearly divides fee income into three parts:
Continuous development and platform operations to ensure product evolution;
Staking to BONKsol nodes to enhance Solana network security;
Repurchasing and burning $BONK to directly enhance token holder value.
Liquidity Binding with Raydium, Opening Ecosystem Circulation
LetsBONK.fun chose to deeply bind with Solana's top DEX - Raydium, providing initial liquidity for new tokens, avoiding project "self-destruction", and breaking the closed internal loop.
In this model, transaction fees not only support the platform's own development but also nurture the entire Solana ecosystem to varying degrees.
Although LetsBONK.fun is still in its early stages, this mechanism design focusing more on sustainability undoubtedly sets an example for the Memecoin field.
Clash of Values: Short-term Profits vs Long-term Co-building
Currently, Memecoin issuance platforms are presenting two different development logics:
One emphasizes maximizing short-term profits, attracting massive token issuance with extremely low barriers, pursuing rapid growth;
The other attempts to inject ecosystem responsibility considerations beyond user experience, exploring possibilities of long-term value symbiosis.
Pump.fun and LetsBONK.fun, to some extent, represent these two paths.
Platform | Fee Usage | Liquidity Strategy | Ecosystem Contribution | Community Binding |
|---|---|---|---|---|
Pump.fun | Withdrawal and cash-out | Self-built DEX | Extremely Low | Almost None |
LetsBONK.fun | Development, node staking, repurchase and burn | Bound to Raydium | Continuously Enhancing | Incubated within community, highly bound |
From the perspective of short-term traffic and profits, Pump.fun still maintains a powerful first-mover advantage;
From the dimension of long-term ecosystem contribution, the exploration of new platforms like LetsBONK.fun injects different possibilities into the industry.
Summary: The Memecoin Era Needs More Rational Choices
Today, with Memecoin issuance thresholds continuously lowering and quantities exploding, the role of issuance platforms is changing.
They are no longer just tools for one-click token issuance, but are subtly shaping the ecosystem's sustainability.
Perhaps future Memecoin platforms will no longer be simple traffic entry points, but become new driving forces for improving public chain infrastructure and incentivizing community co-construction.
The emergence of LetsBONK.fun is a beneficial attempt in this trend.
Ultimately, the market will answer through selection: Between speed and value, which path can truly go further.
