So @pumpdotfun raising $1B at a $4B FDV is not just a flex - it’s a mirror of our industry rn.

The market rewarded it because it showed clear product-market fit.

Was it good for the space? Maybe not.

But was there demand? Absolutely.

And that’s all the market cared about.

→ 11M tokens launched

→ $700M+ in revenue

→ Everyone clicked “Buy”

→ Most knew they’d lose

Nobody was forced. We chose the chaos.

Degens got their dopamine, the app got adoption, and VCs took notice.

So now the real question: what’s next?

→ With that kind of raise, they could build their own L1 or L2

→ They might leave $SOL entirely

→ Would Solana survive another mass migration like this?

We’ve seen it before - Solana lost DeGods, y00ts, Helium, even Magic Eden to multi-chain narratives…

But PF wasn’t just a project.

It became the engine for an entire meme cycle.

And that raises a deeper reflection:

→ What kind of product do we reward as an industry?

→ Are we comfortable that the most adopted app is one built on extractive mechanics?

→ Does short-term PMF justify long-term trust erosion?

Yes, capitalism wins.

Yes, markets don’t care about ideology.

But ecosystems should.

Because when the music stops and the casino closes, what’s left?

→ For builders: don’t just chase PMF - build enduring value.

→ For Solana: this is a reminder. No app is too big to walk.

→ For the space: if we keep rewarding extraction, we shouldn’t be surprised when builders take the loot and leave.

Let’s build better incentives, not just better exits.

Expecting some dumps across solana based tokens for the weeks to come until this launches... and invest thoughtfully if you are going to...