On October 4, Ansem posted that the market has not yet recognized Pump.fun as essential infrastructure for other launchpads. The rationale is that creator fees and platform revenue are close to a 1:1 ratio, with around $500 million in revenue corresponding to around $500 million in creator fees. The platform can collect commissions from both the launchpad and token layers, which is better than traditional L1 layers. Half of the total fees go to creators, while the portion remaining for protocol and token holders has not increased. Collecting commissions from both layers requires third-party launchpads to be willing to join; the scale of adoption is not yet public. Revenue tracks meme trading volume; when volume falls, both layers and fees decline together. $PUMP is currently around $0.00636, down 0.53% over 24 hours. Before adoption data is released, I expect this narrative will not lead to a repricing. The above is a record of personal opinion and does not constitute investment advice.))