TLDR:
One relies on traffic distribution, the other on continuous building.
One is born from abundance, while the other is trapped in scarcity.
Speculative platforms have stronger tidal attributes, and growth is more direct.
It is precisely because speculative platforms are easier to operate that the adherence to value is commendable.

Main text:

Recently, with the return of enthusiasm on the chain, the leading pump.fun has seen a continuous recovery in token creation and revenue. Although it has not yet returned to January's peak, it is gradually approaching last October's level. On the other hand, the Agent launch platform led by Virtuals Protocol has yet to show significant signs of data recovery.

https://dune.com/adam_tehc/pumpfun…
https://dune.com/0xludic/virtuals-overview…

Their different performances after the hype retreat
reflect the differences in business attributes of the two types of "tokenized platforms":

High replicability VS fatigue dilemma.

The essence of Meme is the tokenization of attention; as long as there are hot topics and perspectives, it can be established.

Hot topics are endless, and multiple tokens can be generated around a single hot topic. As long as attention is present and the communication chain is established, this approach allows for continuous "reinvention of the wheel"; after all, users have no psychological barriers to "changing the meme and starting over" since it's all speculation.

This is also why the data of Meme launch platforms often show greater elasticity; as long as market sentiment changes, it has a chance to make a comeback. Although these platforms are filled with speculation, the phenomenon of repeated consumer behavior from users and funds is indeed predictable.

The Agent launch platform is different; its essence is the tokenization of "AI products", and this attribute determines that users have a low tolerance for repetition.

Therefore, for the platform to maintain growth, new differentiated "AI products" must continuously emerge, or existing "AI products" must continue to grow.

When novelty cannot be sustained, and there are no new substantial breakthroughs in AI products on the platform, or when clear homogenization occurs, funds will experience fatigue and disenchantment, and then the wave will recede until the next change appears.

Mechanism-oriented VS ecosystem-oriented

The attraction logic of the two platforms to developers is completely different:

The high replicability of Meme determines that developers pay more attention to mechanism maturity and the hot money aggregation effect, with demands focusing on "quick harvesting" and "sustained reproduction."

Pump.fun continues to lead not because of incentives, but because it provides the "most standardized speculative track" and firmly occupies the mental high ground of the hot money chain Solana, leading to strong developer stickiness. Once market sentiment shows any sign of change, it becomes active.

The narrative and product orientation of Agent itself determines that developers focus more on resource support, traffic guidance, and upstream-downstream integration. Whoever can provide more exposure and survival space will attract them.

The situation where the price determines everything in the crypto market unfortunately leads to all resources revolving around price—price = attention = traffic = resources—meaning if you want to lead, you have to let the price speak, and when the price weakens, the ecosystem often leaves.

Traffic game VS all-round player

The requirements and thresholds for players differ between the two platforms:

Meme is a flash pricing mechanism for attention resources; as long as the packaging and communication are done properly, it can create a positive feedback loop.

Agent, on the other hand, is a hybrid of narrative + technology + organizational power. It requires players to possess AI development capabilities, narrative construction skills, and attention management abilities simultaneously to succeed in a project—if you want to be accepted by the market, you must not only be a conspiracy group but also know how to write code and create products.

However, a clever wife cannot cook without rice. When there are no new narratives and no structural product changes, even the strongest player cannot create wind out of thin air.

Meme is simple: hot topics will always emerge, and there will always be angles to discuss; speculation never dies.

One relies on traffic distribution, the other on continuous building.
One is born from abundance, while the other is trapped in scarcity.

This also explains why Pump.fun has stronger tidal attributes and why new Meme launch platforms continue to emerge; as long as there are hot topics in the world, someone will be willing to tell a new Meme. However, not every AI theme is worth creating a new project.

In conclusion

This article is not intended to disparage the Agent launch platform; it is simply an objective discussion of the differences in business attributes between the two launch platforms and an assertion that narrative and product-driven platforms face greater growth difficulties than speculative platforms.

We always believe in the long-term value of AI and have a deep obsession with the direction of personalization, autonomy, and tokenization of Agent.

https://rb.gy/gk1kfg

The vision of Virtuals' "Society of Agents" has also deeply attracted us. Their decisive pivot during the last bear market focused on Agents, and they chose to persevere even after the narrative receded. This decision and determination are commendable.

Perhaps now is indeed a stage of "efforts without reward." The ACP module recently launched by the team and the innovation in the launch mechanism are actually very good initiatives; it's just that the market has not cooperated, and the narrative does not stand on this side.

But that's okay, if the timing isn't right, then lie low and refine.

I don't know if Virtuals will transform again or expand its business boundaries, nor am I sure if the next round will be Agent's main stage. What we do know is that in a bear market, we are more inclined to focus on those who choose to build even when there is no applause.

It is precisely because speculative platforms are easier to operate that the persistence of long-term value is rare and precious.

Believe in the power of belief.

The hardest things are usually the best.