X @Bankless

Market Dynamics & Competition - Pump's rumored $600 million raise at a $4 billion valuation triggered backlash due to perceived lack of ecosystem reinvestment [1] - BonkFun flipped Pump, now holding 81% of launchpad volume, while Zora leads in tokens launched [1] - BonkFun and Zora rebuilt trust, offering reinvestment and alignment, contrasting with Pump's extraction model [7] Trust & Incentives - Crypto relies on trust, and Pump's fall highlights the need for operators who structure incentives for mutual benefit [1] - Bonk and Zora align platform wins with user wins, fostering a positive cycle of revenue and user engagement [1] - Platforms win by structuring for reinvestment and alignment, not extraction [7] BonkFun's Strategy - BonkFun recirculates economics instead of extracting, leveraging community timing and conviction [2] - $USELESS, promoted by BonkGuy, surged from ~$10 million to $300 million, validating BonkFun [3] - BonkFun's momentum snowballed as Pump users migrated [3] Zora's Approach - Zora hosts creator and content coins on Base, with an Instagram-style interface for easy token creation [4] - 50% of trading fees on Zora go back to creators as ZORA, creating a revenue loop [4] Cultural Alignment - Memecoin platforms thrive on cultural waves, harnessing entertainment and trading risk [5] - BonkFun's cultural alignment with Solana's mascot and humor contributed to its success [5]