The biggest winner this round is undoubtedly http://pump.fun.

As of now, Pump's protocol revenue has exceeded 700 million USD.

Over 10.51 million tokens have been issued on the platform, with an average daily trading volume of over 120 million in the past two months.

Basically, http://pump.fun transfers its fee income to CEX for sale every one to two weeks.

This year, 3.868 million $SOL have been sold, with an average outbound price of $183, realizing over 700 million USD.

So running a casino is the most profitable model; as long as there are people coming in to gamble, the casino has a continuous source of income.

Additionally, protocols with liquidity + sentiment + narrative are easier to emerge than those with technology and innovation.

Perhaps what we should truly focus on is not who wants to grow bigger and stronger, but rather:

Who can, like http://pump.fun, productize, scale, and tax the most primitive trading impulse.