Pump.fun：免费赌场还是阴谋家的温床？

对于Burwick Law对Pump.fun采取法律行动的消息，不少加密货币KOL也加入了讨论。

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近期引发舆论危机，美国律师事务所Burwick Law代表在平台上亏损的投资者对Pump.fun及欺诈项目提起诉讼。 Burwick Law表示，这一公告是在与投资者合作数月后发布的，同时也呼吁更多受害者填写注册信息。

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，一周前，Pump.fun上利润超过1万美元的社交媒体地址仅有5.5万个，这也引发了不少讨论。 Pump.fun 创始人 Alon 不得不站出来对不准确的数据做出回应。看来，在玩家贡献大量手续费和互动量的背后，谁是Pump.fun的最大赢家，成为了大家更加关心的话题。

A free casino or a hotbed of conspirators?

自由赌场还是阴谋家的温床？

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."

对于Burwick Law对Pump.fun采取法律行动的消息，不少加密货币KOL也加入了讨论。知名链上侦探ZachXBT表示：“堕落赌徒自愿选择在微市值MEME代币上进行赌博，并不是真正的受害者或投资者。”

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?"

对此，Burwick Law 发表了其合作伙伴 Max Burwick 的观点：“就像在赌场一样，受监管的赌博是由规则和不可改变的统计数据定义的。想象一下，如果你去赌场，而荷官可以“拉扯”纸牌游戏，你会吗？做出与这里相同的论点吗？”

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.

事实上，ZachXBT和Max Burwick的观点基本上代表了公众对于起诉Pump.fun的两种态度。有些人认为，在 Pump.fun 上进行交易是自愿的，提起诉讼纯粹是无力承担的表现。而且，从机制上来看，Pump.fun也降低了MEME很多欺诈风险。还有人认为Pump.fun收取大量费用，却允许部分地址操纵市场，且不审核内容，因此应该被起诉。

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.

当然，我们还无从得知Pump.fun是否违反了相关规定，这场官司究竟会是投资者的胜利，还是会演变成一场闹剧。

How many winners are there on Pump.fun?

Pump.fun 有多少位获奖者？

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 上的用户还能获得多少利润呢？ Pump.fun上最大的奸商是谁？这些信息对于普通用户来说可能更有意义。 PANews对Pump.fun长期以来的数据做了一些总结和分析。

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.

事实上，早在1月11日，社交媒体上关于Pump.fun上利润超过1万美元的地址讨论数仅为5.5万个（占比0.408%），引起轩然大波。 Pump.fun创始人Alon也对此做出回应，称这一统计数据不准确。原因是： 1、购买已绑定Raydium的代币不计入在内，大部分收益是绑定代币后产生的。 2、不考虑未实现利润。 3. 超过1300万的交易者中有许多是机器人和人工智能代理。大约30%的钱包只进行了一笔交易，而且这些钱包不可能是真人。

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.

这里Alon指的是@adam_tehc在Dune上创建的“Pump.Fun Alpha Wallets”数据表。需要说明的是，Alon 并没有说@adam_tehc 的数据被扭曲，而是认为数据不完整，不足以解释 Pump.fun 用户的盈利能力。

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 在后续分析中也会部分使用 @adam_tehc 创建的几个 Dune 仪表板的数据，但只会使用基本的统计数据，例如地址总数、交易量、累计收入等。此外，由于没有直接用户盈亏分析数据，以下分析使用现有数据进行分析、估算和推断。这种分析方法可能不是很准确，但是希望能够从某些角度解释一些问题。

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

由于使用的数据类别较多，这里先列出一些基础数据（截至1月16日的数据）：

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

Pump.fun 总收入：416,810,737 美元（4.168 亿美元）

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

Pump.fun累计代币发行量：6,096,526（609.6万）

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

Pump.fun累计用户地址：14,130,923（1413万）

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（1.05亿美元，这个数字有点高，主要是Pump.fun在1月份对其他DEX做了几次收入汇总）