- Article adapted from

Crypto V
@thecryptoskanda


Yesterday, a founder of a brand I really liked from the Web2 startup era came to my house for dinner. He talked about how various deep-sea fishing activities in China last year and the year before caused the original business logic of the entire Chinese live entertainment industry to collapse due to arbitrary categorization, leading many to go overseas and seek entry into Crypto.

He mentioned that he is particularly interested in the Meme aspect, because the logic of the conspiracy group's on-chain market-making and pump logic is almost identical to that of the streamer unions and arms dealers.

He asked me what I think about @pumpdotfun and this wave of BSC. I first asked a question, if we compare it to the offline gambling industry in Macau, what is Pump?

He said Pump is like the casinos of MGM and Venetian.

I said that more precisely, it's an 'entertainment city,' it's real estate, not just a casino.

What do you mean?

Before he had his own DEX, Pump’s revenue relied on the internal transaction fees of 1%. However, the real volume on the Solana chain is not from internal trading; you rarely see internal PVP trading volumes in the hundreds of thousands. Instead, it’s mostly conspiracy speed runs. Even when fishing in internal trading, most of it ends up in the developer's hands.

So this 1% is actually contributed by the developers, in simple terms, Pump collects a 'house tax' on Solana. Gambling does not primarily occur in Pump.

Where does real gambling happen? It happens in every new coin/speed run (gambling table), in trading terminals like GMGN, AXIOM, PHOTON (gambling halls), neatly arranged like VIP rooms with baccarat tables, with each game lasting thirty minutes.

Speed run developers act like dealers, responsible for artificially creating a 'long dragon' (in baccarat, a dealer or player winning more than six times in a row is called a long dragon) within seemingly fair and unified rules, enticing gamblers to follow the dragon and bet more. The gambling hall ensures a pleasant environment for gamblers to linger and offers rebates to attract them (stacking bets). Corresponding to Pump, this means developers find angles and improve user experience at trading terminals (such as marking follow orders, quick opening of K-lines, fast on-chain transactions, etc.).

Pump is now akin to 澳博, acting as a real estate developer collaborating with Macau (Solana) to maintain the on-chain liquidity, allowing dealers to exit on-chain while collecting taxes from gambling halls and tables. Returning to the three-board logic, Pump is no longer a to-C logic but is the most important split mutual aid parent project in Solana's global dividend project (SOL-PUMP = fiat currency - real estate).

BSC is different because Binance does not allow Alpha to list for speed runs, so there is essentially only a public venue, and everyone must start PVP from the internal market. At this point, to form consensus and pull the market in one direction to create a 'long dragon,' it can only rely on powerful KOLs calling the shots for consensus or rely on @Christianeth trying to create high control in the secondary market. Regardless of which option, the costs will be higher than SOL, and on-chain dumping cannot exit.

High costs and low expected returns will deter dealers and casinos from starting a business. Therefore, BSC needs strong human intervention, such as couples interacting daily, Binance Alpha, voting for new coins, Binance's $100M rewards for new coins, $4.4M added to the meme pool, etc. These are all artificial means to provide a certain exit path for the dealer (most of these activities ensure that this project starts profitably, but the premise is that all of this revolves around Binance)

So if you have ample chips, skilled techniques, and consider yourself a good dealer, then choose Sol. If you have a good relationship with Binance and have a lot of volume in the hands of KOLs, then choose BSC