Deep tide TechFlow message: on October 04, encrypted trader Ansem said that the market has not yet fully priced in pump.fun’s potential to evolve into similar L1 foundational infrastructure; in the future, other token-issuing platforms may directly build on top of pump.fun.

Ansem noted that the market pays less attention to the share of creator fees that pump.fun pays to token creators. This amount is close to a 1:1 ratio to the platform’s revenue—i.e., for every roughly $500 million in platform revenue, the token creator can receive about $500 million in creator fee revenue after the token completes the binding curve stage—so the relevant teams have strong motivation to continue building products on top of pump.fun.

He believes that this kind of economic structure may be better than traditional L1, because pump.fun can not only collect fees from token-launch platforms across the stack, but also earn fees from each token issued on those platforms. With the introduction of features like custom trading pairs and Callout Rewards, the market may gradually adopt an L1-like logic to value PUMP.

Ansem said that he simultaneously believes highly in the investment logic that pump.fun can develop into a “super app” in this market cycle.