Pump.fun：免費賭場還是陰謀家的溫床？

對於Burwick Law對Pump.fun採取法律行動的消息，不少加密貨幣KOL也加入了討論。

Pump.fun has recently sparked a public opinion crisis, with the US law firm Burwick Law filing a lawsuit against Pump.fun and the fraudulent project on behalf of investors who lost money on the platform. Burwick Law stated that this announcement was made after months of cooperation with investors, and also called on more victims to fill in registration information.

Pump.fun近期引發輿論危機，美國律師事務所Burwick Law代表在平台上虧損的投資者對Pump.fun及詐欺計畫提起訴訟。 Burwick Law表示，這項公告是在與投資者合作數月後發布的，同時也呼籲更多受害者填寫註冊資訊。

Moreover, a week ago, there were only 55,000 addresses on social media that had profits of more than $10,000 on Pump.fun, which also caused a lot of discussion. Pump.fun founder Alon had to stand up and respond to inaccurate data. It seems that behind the players' contribution of a large amount of handling fees and interaction volume, who is the biggest winner of Pump.fun has become a topic of more concern to everyone.

而且，一週前，Pump.fun上利潤超過1萬美元的社群媒體地址僅有5.5萬個，這也引發了不少討論。 Pump.fun 創辦人 Alon 必須站出來回應不準確的數據。看來，在玩家貢獻大量手續費和互動量的背後，誰是Pump.fun的最大贏家，成為了大家更加關心的話題。

A free casino or a hotbed of conspirators?

自由賭場還是陰謀家的溫床？

Regarding the news that Burwick Law took legal action against Pump.fun, many crypto KOLs also joined the discussion. Well-known on-chain detective ZachXBT said: "Degenerate gamblers voluntarily chose to gamble in the micro-market value MEME tokens and are not actual victims or investors."

對於Burwick Law對Pump.fun採取法律行動的消息，不少加密貨幣KOL也加入了討論。知名鏈上偵探ZachXBT表示：“墮落賭徒自願選擇在微市值MEME代幣上進行賭博，並不是真正的受害者或投資者。”

In response, Burwick Law posted the opinion of its partner Max Burwick: "Like in casinos, regulated gambling is defined by rules and unchangeable statistics. Imagine if you went to a casino and the dealer could "rug pull" a card game, would you make the same argument as here?"

對此，Burwick Law 發表了其合作夥伴Max Burwick 的觀點：「就像在賭場一樣，受監管的賭博是由規則和不可改變的統計數據定義的。想像一下，如果你去賭場，而荷官可以「拉扯」紙牌遊戲，你會嗎？

In fact, ZachXBT and Max Burwick's views basically represent two attitudes of the public towards suing Pump.fun. Some people believe that trading on Pump.fun is voluntary, and suing is a pure expression of being unable to afford it. Moreover, from a mechanism point of view, Pump.fun also reduces a lot of fraud risks in MEME. Others believe that Pump.fun charges a lot of fees, but allows some addresses to manipulate the market and does not review the content, so it should be sued.

事實上，ZachXBT和Max Burwick的觀點基本上代表了公眾對於起訴Pump.fun的兩種態度。有些人認為，在 Pump.fun 上進行交易是自願的，提起訴訟純粹是無力承擔的表現。而且，從機制上看，Pump.fun也降低了MEME很多詐欺風險。還有人認為Pump.fun收取大量費用，卻允許部分地址操縱市場，且不審核內容，因此應該被起訴。

Of course, we still have no way of knowing whether Pump.fun has violated relevant regulations, and whether this lawsuit will be a victory for investors or turn into a farce.

當然，我們還無從得知Pump.fun是否違反了相關規定，這場官司究竟會是投資者的勝利，還是會演變成一場鬧劇。

How many winners are there on Pump.fun?

Pump.fun 有多少位得獎者？

But in addition to this, how much profit do users on Pump.fun make? Who is the biggest profiteer on Pump.fun? This information may be more meaningful to ordinary users. PANews has made some summary and analysis of the data of Pump.fun over a long period of time.

但除此之外，Pump.fun 上的用戶還能獲得多少利潤呢？ Pump.fun上最大的奸商是誰？這些資訊對於普通用戶來說可能更有意義。 PANews對Pump.fun長期以來的數據做了一些總結和分析。

In fact, as early as January 11, the discussion on social media about the number of addresses on Pump.fun with profits exceeding $10,000 was only 55,000 (accounting for 0.408%), which caused a stir. Alon, the founder of Pump.fun, also responded to this, saying that this statistic was inaccurate. The reasons are: 1. The purchase of tokens that have been bound to Raydium is not included, and most of the gains are generated after the tokens are bound. 2. Unrealized profits are not taken into account. 3. Many of the more than 13 million traders are robots and AI agents. About 30% of the wallets have only made one transaction, and these wallets cannot be real people.

事實上，早在1月11日，社群媒體上關於Pump.fun上利潤超過1萬美元的地址討論數僅為5.5萬個（佔比0.408%），引起軒然大波。 Pump.fun創辦人Alon也對此做出回應，表示這項統計數據不準確。原因是： 1、購買已綁定Raydium的代幣不計入在內，大部分收益是綁定代幣後產生的。 2、不考慮未實現利潤。 3. 超過1300萬的交易者中有許多是機器人和人工智慧代理。大約30%的錢包只進行了一筆交易，而且這些錢包不可能是真人。

Here Alon is referring to the data table of "Pump.Fun Alpha Wallets" created by @adam_tehc on Dune. It should be noted that Alon did not say that the data about @adam_tehc was distorted, but believed that the data was incomplete and insufficient to explain the profitability of Pump.fun users.

這裡Alon指的是@adam_tehc在Dune上建立的「Pump.Fun Alpha Wallets」資料表。需要說明的是，Alon 並沒有說@adam_tehc 的數據被扭曲，而是認為數據不完整，不足以解釋 Pump.fun 用戶的獲利能力。

PANews will also partially use the data from several Dune dashboards created by @adam_tehc in subsequent analysis, but will only use basic statistical data, such as the total number of addresses, transaction volume, cumulative revenue, etc. In addition, since there is no direct user profit and loss analysis data, the following analysis uses the existing data for analysis, estimation, and inference. This analysis method may not be very accurate, but it is hoped that it can explain some problems from certain perspectives.

PANews 在後續分析中也會部分使用 @adam_tehc 創建的幾個 Dune 儀表板的數據，但只會使用基本的統計數據，例如地址總數、交易量、累積收入等。 ，以下分析使用現有數據進行分析、估算和推斷。這種分析方法可能不是很準確，但是希望能夠從某些角度解釋一些問題。

Since there are many data categories used, some basic data are listed here first (data as of January 16):

由於使用的資料類別較多，這裡先列出一些基礎資料（截至1月16日的資料）：

Pump.fun Total revenue: $416,810,737 ($416.8 million)

Pump.fun 總收入：416,810,737 美元（4.168 億美元）

Pump.fun cumulative token issuance: 6,096,526 (6.096 million)

Pump.fun累積代幣發行量：6,096,526（609.6萬）

Pump.fun cumulative user addresses: 14,130,923 (14.13 million)

Pump.fun累計使用者位址：14,130,923（1413萬）

Pump.fun’s revenue in the past 30 days: 105,182,383 ($105 million, this figure is a bit high, mainly because Pump.fun did several revenue aggregations on other DEXs in January

Pump.fun近30天收入：105,182,383（1.05億美元，這個數字有點高，主要是Pump.fun在1月對其他DEX做了幾次收入匯總）