3 weeks ago
Solana-based memecoin launchpad Pump.fun has confirmed that its autochthonal PUMP token volition debut done an Initial Coin Offering (ICO) connected July 12.
The token volition person a full proviso of 1 trillion and a structured allocation designed to service institutional, community, and interior stakeholders.
PUMP’s ICO details
About 33% of the full PUMP token proviso volition beryllium sold during the ICO. Of this, 18% is designated for organization buyers done a backstage sale. The remaining 15% volition beryllium disposable to the nationalist via large exchanges similar Kraken, Bybit, KuCoin, Gate.io, Bitget, and MEXC.
The level stated that backstage and nationalist merchantability participants volition acquisition the plus astatine $0.004 per token. Notably, each tokens purchased successful the ICO volition beryllium afloat unlocked erstwhile they go tradable, with nary vesting period.
In summation to the ICO allocation, the remaining proviso volition beryllium distributed arsenic follows: 24% volition beryllium reserved for assemblage and ecosystem initiatives, 20% for the team, and 13% for existing investors.
Meanwhile, the Pump.fun instauration volition person 2%, the ecosystem money volition person 2.4%, and speech liquidity volition beryllium allocated 2.6%. Interestingly, 3% of the full token proviso is acceptable speech specifically for unrecorded streaming.
Pump.Fun’s PUMP Tokenomics (Source: Pump.fun)The nationalist merchantability volition tally until the 150 cardinal tokens are sold oregon until 14:00 UTC connected July 15, whichever comes first. Token merchantability participants volition person their tokens soon aft the merchantability ends. However, tokens volition beryllium non-transferable for 48 to 72 hours earlier they tin beryllium traded.
The level stated that US and UK residents are excluded from participating successful the ICO.
Despite the structured rollout, Pump.fun’s token organisation program has drawn disapproval from immoderate successful the crypto community.
Crypto researcher Rex described the tokenomics arsenic exploitative. He argued that the squad is allocating implicit 40% of the proviso to itself portion monetizing a assemblage that has helped make much than $750 cardinal successful gross implicit the past year.
He added:
“Community reward which should beryllium the intent of $PUMP is said to beryllium ‘coming soon’ which is conscionable different word for ‘we bash not truly person a program to airdrop.'”
Pump.fun’s broader goal
Looking ahead, Pump.fun outlined plans to evolve beyond its existent launchpad model into a decentralized societal platform.
According to the firm, it aims to go an alternate to existing societal platforms similar Facebook, TikTok, and Twitch by rewarding users alternatively of monetizing their attention.
Alon Cohen, co-founder of Pump.fun, emphasized the platform’s committedness to leveraging societal trends successful on-chain trading. He explained that the level aims to revolutionize livestreaming by rewarding viewers for discovering endowment aboriginal and allowing creators to monetize much effectively.
Cohen further stated that Pump.fun intends to foster thriving communities, movements, and adjacent cults. He said this would make a caller abstraction for crypto-native engagement wrong the societal media landscape.
The station Pump.fun faces scrutiny implicit PUMP token organisation successful upcoming ICO appeared archetypal connected CryptoSlate.
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