In the Solana ecosystem, the meme coin launch platform Pump.fun is now preparing to issue a token. Informed sources revealed that the team is planning a token sale of $1 billion with a valuation of up to $4 billion, sparking various evaluations and doubts from industry insiders.
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TogglePump.fun Launches $1 Billion Token Sale, FDV Reaching $4 Billion
According to Blockworks, citing two sources, Pump.fun plans to launch its own token in the near future, with a total fundraising amount of $1 billion, open to both public and private investors. Three related sources further indicated that this round of sale will give Pump.fun a fully diluted valuation (FDV) of $4 billion.
[The rest of the translation follows the same approach, maintaining the structure and translating all text while preserving the <> tags and their contents.]Here's the English translation:The Pump.fun team will pocket all user transaction fees, part ways with Raydium, and even launch their own AMM, effectively erasing Raydium's contribution to their growth.
He emphasized that while Pump.fun has driven trading enthusiasm, it is also draining resources from other Solana applications and protocols without giving back to the ecosystem. He directly stated: "Pump.fun treats us like ATMs, not users."
He supports other competitors like Launchcoin and Believe app, believing these platforms are more willing to collaborate with the Solana ecosystem and are more friendly in profit distribution.
Looking Forward: Is Token Issuance a Transformation, Restart, or the Last Dance Before Exit?
Pump.fun's success proves the feasibility of "token equals value", but its notorious reputation has caused a shake or even collapse of the overall trust structure when joining the token issuance lineup.
Is this $4 billion valuation token issuance a successful capital leverage operation or the peak of a meme bubble? The answer remains to be seen. However, Pump.fun's move has indeed sparked debate and reflection in the crypto community about "fairness, feedback, and trust".
Risk Warning
Cryptocurrency investment carries high risk, with potentially extreme price volatility. You may lose all your principal. Please carefully assess the risks.
Binance founder CZ today posted on X, pointing out that the overly transparent design of decentralized exchanges (DEX) has triggered a series of market manipulations and user rights violations, especially severe in the perpetual contracts market (Perp DEX). He suggested developing a "dark pool Perp DEX", sparking community discussion about the future possibilities of DEX.
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ToggleThe Cost of On-Chain Transparency:How DEX Becomes a Sniping Ground?
Traditionally, blockchain transparency symbolizes trust and openness, but CZ points out that this characteristic has become a double-edged sword on DEX.
Since all transaction orders are publicly exposed in the mempool, malicious bots can monitor in real-time and execute "front-running trades" and "sandwich attacks", inserting transactions before and after yours to manipulate prices, causing you to trade under worse conditions.
Such behaviors belong to MEV (Maximum Extractable Value) attacks. According to DeFi ecosystem statistics, user funds lost annually amount to millions of dollars. Not only do slippage increases, but overall trading experience and costs are increasingly deteriorating.
(Trader Suffers Six MEV "Sandwich Attacks" in One Day, Losing $710,000 Suspected of Money Laundering)
Even Whales Have Nowhere to Hide: The Dilemma of Large Traders
CZ further emphasizes that this issue is more fatal in the perpetual (perp) contract market. Once the liquidation price is detected, market whales might collude to push prices to that point, forcing mandatory liquidation. Even with substantial funds, they can't escape being "collectively surrounded".
On CEX, while order details don't show the trader's identity, large orders are still easily detected, creating slippage risks. In DEX, the situation is even worse:
When you want to buy or sell assets worth $1 billion, the transparent capital flow and order information will make everyone aware, triggering psychological expectations that ultimately harm the whale's own interests.
For such whales, a transparent market becomes a shackle rather than a guarantee. CZ believes this market mechanism no longer suits everyone.
CZ's Blueprint: Creating a "Dark Pool Perp DEX"
Addressing these structural issues, CZ proposed a disruptive suggestion: "Create a perpetual contract DEX combining 'Dark Pool' trading logic".
Dark pools are widely used in traditional finance for large institutional trades, featuring "non-public orders" that prevent market pre-reaction and price manipulation. Theoretically, dark pool trading volume is usually several times higher than public order books.
CZ suggests the new DEX should use zero-knowledge proofs (ZK Proof) or similar cryptographic techniques to achieve the following characteristics:
Order information completely non-public
User fund entry into smart contracts can be delayed for publication
Proving the legality and validity of transactions without exposing specific information
In this way, DEX can achieve dual protection of trader privacy and security while maintaining the spirit of decentralization.
Widespread Response: Is Privacy or Transparency Better?
CZ's post quickly sparked responses from the industry and developers. Hyperliquid founder Jeff analyzed: "Transparent transactions can actually improve the execution efficiency of large trades". This contrasts with past views that "transparency makes one vulnerable to hunting".
On the other hand, some take an opposing view. Quantitative trader Will Meng emphasized that public transparency is not good for institutional investors with complex trading strategies, as the market is full of competitors. Moreover, dark pools and OTC platforms are becoming increasingly popular in traditional US financial markets:
A completely transparent order book may seem fair, but could potentially harm privacy and strategy protection, and is not the best choice for all institutions and large traders.
What's Next? The Challenge of Balancing Privacy and Decentralization
CZ also stated that he does not intend to argue which market mechanism is superior, but believes different traders have different needs: "Dark pool-style DEX might provide a new option." He encourages developers to take action, while not guaranteeing investment or response, but willing to listen to ideas and provide feedback.
The current crypto market is facing new risks triggered by transparency, and "privacy-oriented decentralization" may become a key trend in future DEX development.
Risk Warning
Cryptocurrency investment carries high risks, and prices may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.
