对话 Pump.Fun 联创：我不认为自己的产品杀死了市场周期，Meme 币将持续存在

链捕手Published on 2025-03-26Last updated on 2025-03-26

整理 & 编译：深潮TechFlow

嘉宾：Alon，Pump.Fun 联合创始人

播客源：Bankless

 

要点总结

Alon，Pump.Fun 的联合创始人，加入我们共同探讨他们代币启动平台的快速发展、 Memecoins 在加密领域中的争议与影响，以及他们最新产品 PumpSwap 的愿景。

本期为 Alon 提供一个公平的机会，让他解释他对 Memecoins 的看法，同时也不能忽视 Pump.Fun 曾是行业中最具争议的资本运作之一的核心角色。从最初的无害投机逐渐演变为一种结构化、系统化的资本掠夺，最终将财富集中在少数人手中，并导致大量资本的损失。

Memecoins 可能本质上与烟草对公共健康的影响类似，具有不可避免的负面作用。我相信 Pump.Fun 的团队可能不会认同这一观点，因为他们的利益与此相悖。但我们仍然处于加密领域的早期阶段，同样也处于 Memecoins 发展的初期阶段。未来尚未确定。Memecoins 或许可以拥有一个更加积极的未来。归根结底，Memecoins 只是加密技术带来的一个自然结果——赋予人们无需许可即可创建金融资产的能力。因此，无论我们是否喜欢它们，无论它们是公共利益的威胁，还是迈向更公平未来的第一步，这一切的结果将由 Memecoins 行业的领导者来塑造。

精彩观点摘要

  • Memecoins 的本质是一种“可以交易的注意力单位”，它们的价值与用户给予的注意力密切相关。

  • 我非常不同意“Pump.Fun 杀死了市场周期”这样的说法。

  • 我相信 Memecoins 会以某种形式继续存在，因为它们确实为用户提供了某些价值，这一点需要时间来证明。

  • 我希望 Memecoins 的叙述能够发生转变，让人们不再认为链上交易这些代币是无价值或虚无主义的行为。我从来不认同所谓“金融虚无主义”，这种说法只是 Crypto Twitter 上的一种借口，用来合理化市场现状。

  • Twitter 并不是一个理想的平台，因为它的机制往往会激化用户之间的情绪和冲突。因此，很多人对其他生态系统的认知常常与实际情况之间存在很大的偏差。

  • 加密货币领域本质上具有很强的社交属性，这种特性贯穿于整个生态系统。

  • 我不希望 Pump.Fun 成为一个只存在一两年的短期产品。

  • Pump.Fun 的成功主要得益于我们产品的优势。我们始终倾听用户反馈，不断进行迭代，推出真正满足用户需求的功能。

  • 每天我醒来的唯一目标就是思考，如何让这个产品更具可持续性，如何让用户在与协议或应用交互时真正感受到价值，这就是我们始终追求的目标。

  • 直接与用户对话是一个获取他们对市场看法反馈的好方法，帮助我们建立了对当时市场状况的深刻理解。

  • 许多人将过多的时间和精力投入到构建基础设施上。但如果没有人使用这些基础设施，它们的存在就没有意义。

  • 我相信，任何有文化意义的事物，尤其是那些颇具争议的内容，总是在探索接受与不接受的边界。但我们会确保划定一条明确的界限，确保没有人越界。

Pump.Fun 的创立

David：

或许你可以简单介绍一下你们的起源，你的背景，还有在 Pump.Fun 之前的经历，然后开始谈谈 Pump.Fun 的构思和创立。

Alon：

关于我自己以及我的两个联合创始人，我们已经在这个领域待了一段时间。我们都是以散户交易者的身份进入这个领域，购买 BTC、ETH 和 Doge 等。

随着时间的推移，我们对这个行业的兴趣越来越浓厚，我们参与了几个不同的项目。我个人曾深入参与一个名为 NFT perp 的项目，这是一个专注于 NFT 的期货交易所。

那时候，我们在 DeFi 方面非常活跃，我们看到这个市场有其潜力。以 NFT perp 为例，我们看到了收藏品交易的产品市场适应性。但经历了 Terra Luna 和 FTX 的事件后，我们意识到市场正在下滑，NFT 的前景可能没有我们想象中的那么长久。

因此，我们想尝试一些新的想法。我辞去了那个职位，开始和我的两个联合创始人一起实验我们在这个领域的各种不同想法。实际上，我们主要是在以太坊及其 L2s 上进行开发，很多人可能不知道这一点。我们来自以太坊生态系统，最初是从 NFT 开始，后来又在 SocialFi 方面开发了一些东西，几乎是白手起家，经历了一段艰难的过程。

我会说，我们至少有一年是在“啃玻璃”的状态中度过的。我的一位联合创始人甚至会说，可能更长，超过两年，只是在不断迭代、发布 MVP（最小可行产品），为我们认为人们会需要的东西而努力。老实说，当我们开始时，我们并不擅长这项工作，我们构建的东西是我们认为酷的，或者我们认为市场会出现的趋势，但实际上并没有真正为今天的用户构建。我们并没有真正与用户进行深入的交流，也没有建立能解决他们当前问题的产品。

随着我们不断迭代，尝试更多的东西，我们的技能逐渐提高。但问题是，我们构建的问题领域我们并不理解。我认为，当时我们尝试构建一个创作者筹款市场，但我们并不是内容创作者。我们进入加密货币的原因是链上交易、NFT 交易、购买 NFT 等等。最终，当我们看到人们开始在 Solana 上交易 Memecoins 时，我们觉得这很有趣。老实说，我们对转向 Solana 感到有些犹豫，因为我们之前从未使用过它，我们在以太坊上开发得非常顺利。我认为我们最后一个项目是在转向 Solana 之前，在那时开发 Solana 是一种痛苦，我们并不期待。但在那个时候，我们非常渴望吸引用户，而用户确实在 Solana 上。因此，我们决定去那里。

从我的角度来看，或者我的联合创始人的角度，他们肯定会这么说，如果用户在 Cardano 上，我们也会去 Cardano 构建产品，尽一切可能去获取用户。我们看到用户在 Solana 上，于是开始在那里进行产品实验，市场上有很多兴奋的气氛，我们感觉自己正处于一个新潮流的开端。交易的过程非常顺畅、快速。我们享受使用 Phantom 钱包，链上交易，比如在 Jupiter 上交易等等。但我们注意到市场结构存在一些主要问题，人们探索币种的方式、创建币种的方式，以及最终他们交易的内容。那时非常流行的是，人们为 Memecoins 进行预售。他们会在 Twitter 或其他地方发布钱包地址，人们就会把资金发送到那里。我们看到很多人把他们的 SOL 发送到这些预售中，而有一半的时间，币种并未成功推出，完全是一场闹剧。根本没有标准化，大家不知道该期待什么。即使一切顺利，创建这些币种的人也会将筹集资金的 50% 用于市场营销，这完全是荒谬的。你并不需要花费数百万美元来推广你的 Memecoins ，这一切都毫无意义。同时，在 AMM 或 DEXs 上交易是非常痛苦的，从流动性池中抽取流动性，购买蜜罐（honey pots），购买会耗尽你整个钱包的币种，这都是一种非常残酷的体验。

在以太坊生态系统中，我认为这个项目背后还有更多值得探讨的地方，比如它的最终表现以及是否存在管理上的问题。但我非常欣赏这样一个理念：无需提前投入资金，就能创建一个小型的代币社区。通过绑定曲线 (Bonding Curve)，仅仅基于一个想法，就可以启动流动性。

因此，我们最终提出的模型是，你不需要事先投入资金来创建币种。当足够多的人参与，或者市场表明成功时，流动性池将被创建并被销毁。创建的币种的所有权限和相关内容都会从币种创建者那里收回。因此，一旦创建，它就是真正的无权限、不可篡改的。我们向市场发布这一模型时，很快就注意到它的有效性。尽管我们花了一段时间才使其正常运作，但我们对产品的一些前景非常乐观。

Pump.Fun 的发布后表现

David：

这让我想起了 Pump 之前的时代。也许最典型的例子就是这个 Slurf，我们有一个 Solana 开发者，他公开表示要为他的 Memecoins 进行预售，但当时并没有 Pump.Fun。因此，他只是把钱发送给这个值得信任的人，由他来管理，然后推出 Memecoins ，将 SOL 添加到流动性池中，这就是 Memecoins 的推出方式。然后，Slurf 这个事件中，他意外地烧掉了流动性代币，因为他并不知道自己在做什么。还有那条著名的推文，上面写着：“伙计们，我想我不小心烧掉了流动性代币，我很抱歉。”

我认为这说明了在 Pump 出现之前， Memecoins 市场的混乱现状。而 Pump 提供了一个商品化的平台，让用户可以在无需监管但更规范的环境中发布 Memecoins。这样，用户不再需要信任某个影响者或个人，而是可以直接通过 pump.fun 平台来完成代币的发行。

在 2024 年 1 月，你们花了多长时间吸引用户？是立刻见效吗？你们什么时候意识到，“哦，我们刚刚创造了一个了不起的东西”？在 Pump 生态系统中，这种认知经历了多长时间？

Alon：

我认为在我们第一次构思这个想法时，甚至在它发布之前，我们就对这个项目充满信心。与我们之前开发的其他产品不同，这次我们真正融入了生态系统。我们深知降低进入门槛的重要性。以前，一个代币需要几千美元的流动性才能被认为有价值。你当然也可以看到一些流动性池只有 50 美元，但没有人会去购买它，对吧？因此，我们一开始就对这个想法非常有信心，并迅速推出了一个最小可行产品 (Minimum Viable Product, MVP)。

老实说，当时的产品非常粗糙，功能笨拙。我们只是想快速验证这个想法是否值得继续开发。产品推出后，尽管用户数量不多，但他们的反响非常热烈。这让我们意识到这个项目有潜力继续发展，同时也收到了许多反馈，帮助我们发现平台需要改进的地方。于是，我们开始对产品进行快速迭代。

与此同时，我们面临的问题是 Pump.Fun 是一个市场，连接了代币创建者和买家。当时主要集中在 Memecoins，但也支持其他类型的代币。冷启动问题指的是如何吸引早期用户，因为当时大多数人都在其他市场或交易所进行交易。要让他们转移到我们的平台上，是一个巨大的挑战。我们需要同时吸引代币创建者和买家。买家希望看到一定的交易量和活跃度，否则这个平台对他们来说就没有吸引力。

实际上，我们从未支付过任何影响者，也没有足够的资金来做这些事情。我们的启动资金只有大约 10 万美元，根本不足以支付推广费用。所以我们采取了不同的策略——直接与用户对话。我个人给超过 3000 人发了消息，介绍我们的想法。这并不是简单的复制粘贴垃圾邮件，而是与用户进行真实的交流，问候他们，了解他们的想法。我们没有过于复杂化这个过程。我们直接与他们交谈，询问他们在交易什么，为什么这样做，这是一个获取他们对市场看法反馈的好方法，帮助我们建立了对当时市场状况的深刻理解。

最终，在建立了这样的报告后，我们可以说：“嘿，我正在构建这个东西。”起初，我只有 200 个关注者，人们认为我是机器人，但经过一段时间后，人们开始倾听我们的声音。最终，在经过两个月的迭代后，我们甚至推出了一个在以太坊 L2 上的 Pump.Fun，但并没有成功。我们在产品方面尝试了很多东西，但最终所需的是优化产品，使其足够好，同时向足够多的人展示。

大约一年前，我们真正意识到产品与市场需求契合。当时，有两位微型影响者在我们的平台上发布了他们自己的代币。值得一提的是，我们并没有支付他们，也不知道他们会这样做。他们只是觉得这个产品很有趣，于是自发地使用它。从那时起，越来越多的人开始体验我们的平台。

这种感觉非常棒，可能是我过去几年中经历过的最激动人心的时刻之一。每天醒来，看到交易量不断创下新高，这种努力获得回报的感觉是无与伦比的。即使后来 Pump.Fun 取得了巨大的成功，那种最初找到产品市场契合点的喜悦，仍然是我最珍视的记忆之一。

Pump.Fun 对 Memecoins 的影响

David：

Pump.Fun 的发展轨迹仍然让人印象深刻。到了 2025 年 3 月，Memecoins 领域对整个加密行业造成了不小的冲击。总体来看，Memecoins 已经成为一种普遍现象，类似于 2021 年的 Monkey 热潮。然而，由于一些大型 Memecoins 的推出，加密货币的声誉在主流社会中可能已经降到了自 FTX 崩盘以来的最低点。这种结构化和系统化的利益提取行为严重损害了行业的形象，削弱了人们对加密行业的严肃性和信任。

虽然 Pump.Fun 并不是 Memecoins 的创造者，Memecoins 的出现早在它之前就已存在。比如 Dogecoin，它是第一个 Memecoins。然而，Pump.Fun 在推动 Memecoins 领域的扩展中起到了至关重要的作用，使其从一个加密货币的利基市场发展成为如今加密领域的主流用例。你能否谈谈 Pump.Fun 在这一加密货币历史阶段中的角色和影响？

Alon：

正如你所提到的，Memecoins 的市场已经存在了很长时间。我认为 Memecoins 的历史可以追溯到 10 多年前，并且在这期间以多种形式演变。很多 ICO 其实也可以被视为 Memecoins，许多 DeFi 项目中的“食物币”也有类似 Memecoins 的特征。甚至 NFT 本质上也可以看作是 Memecoins，因为它们代表了一种文化价值的交易，且人们围绕这些理念建立了社区。这种现象不仅存在于以太坊，还出现在币安智能链和 Solana 等其他区块链上。

我同意 Pump.Fun 在扩大 Memecoins 生态系统方面发挥了重要作用。它降低了参与门槛，并提供了所需的基础安全性。然而，我认为 Memecoins 本身并不是加密货币能够存在超过 15 年的主要原因。很多人之所以觉得市场缺乏吸引力，是因为它没有提供足够的实际价值，而不是因为人们单纯喜欢交易这些“无意义”的 Memecoins。这反映了市场对吸引力不足的用例的需求。

我非常不同意“Pump.Fun 杀死了市场周期”这样的说法。如果几年前你创建了一个 L2 或 L1，但未能获得任何用户或产品市场契合度，而你的代币市值达到 50 亿或 20 亿美元，你去参加会议并承诺将构建未来的金融，显然，当人们损失惨重时，他们会感到沮丧。

我们应该预料到这些事情会发生，加密行业已经发展了 15 年，是时候看到一些实质性的成果了。那些最终取得成功的项目是非常值得称赞的。例如，Hyperliquid 就是一个很好的案例。他们开发了一款出色的产品，吸引了大量用户，并且代币分配也非常公平。人们团结起来推动项目，最终取得了巨大的成功，代币价格在推出后上涨了 10 倍甚至 15 倍。这表明市场对有实际应用价值的项目有着巨大的需求，无论这些用例是投机性的还是非投机性的。然而，这样的项目仍然少之又少。

我认为问题的根源在于，许多人将过多的时间和精力投入到构建基础设施上。但如果没有人使用这些基础设施，它们的存在就没有意义。我们需要比基础设施开发者更多的应用开发者，可能是 10 倍甚至更多。我知道这已经是许多思想领袖多年来一直在强调的观点，但 Pump.Fun 是一个很好的例子。它展示了如何通过构建一个吸引用户的产品，让用户在实践中真正测试你的基础设施。就像过去一年中 Solana 的显著改进一样，这种方式能够推动整个生态系统的发展。

让 Memecoins 更具可持续性

David：

我认为在加密货币的发展历程中，有一种反复出现的模式，这种模式甚至可以追溯到 2017 年。为什么会出现 2017 年的 ICO (首次代币发行) 热潮？这是因为以太坊的 ICO 非常成功，随后是 Augur 的 ICO，这两个项目都合法且有实际价值。然而，随着 ICO 项目数量的激增，最终也出现了一些荒谬的、毫无价值的虚拟货币 ICO，甚至仅仅是一些 Meme。这种现象类似于经典的“安乐死过山车”比喻：一个具有实际价值的项目启动了一个周期，比如 DeFi 夏季推出了 Compound 治理代币，随后引发了连锁反应，最终演变成了提供 10,000% APY 的挖矿收益。NFT 领域也经历了类似的过程。我认为 Memecoins 同样如此：最初推出了一些原创且公平的 Memecoins，但后来却演变成了高度投机和利益提取的模式。

我认为，Memecoins 的热潮是加密货币历史上最吸引人的现象之一。如果你能回到 Pump.Fun 的起步阶段，你是否会考虑在设计或构建上作出一些改变，以鼓励更可持续的发展？还是说，这种现象完全超出了你的掌控？

Alon：

有几点可以谈谈。我确实觉得市场是一个强大的存在。归根结底，如果加密货币的本质就是如此，那么当市场情绪变得狂热时，你能做的事情其实非常有限。这些现象往往会随着时间以类似的模式重复发生。但我确实同意，机制上仍有改进的空间。比如，我们昨天刚刚推出了 PumpSwap，正是为了优化现有机制。

我认为一个主要的改进点是代币创建者与持有者、交易者之间的激励对齐。虽然今天在 PumpSwap 上还没有实现创作者收入分享，但当它实现时，将允许创作者从 PumpSwap 的交易量中获得收益。这样一来，当他们的代币成功时，他们将有强烈的激励去维持代币的价值，而不是简单地抛售代币套现，而是让他们的代币保持相关性，尽可能长时间地保持活跃。我认为这是一个更可持续的模型。

在 NFT 热潮期间，我曾担心版权费用的问题。当时的版权费用非常高，甚至高到让用户不得不想方设法规避。但这种模式又走向了另一个极端，成为一种过度提取的机制。我认为，我们需要在中间找到一个平衡点，这也是我们创建 PumpSwap 的初衷之一。我们希望通过更优的机制来解决这些问题。

然而，再次强调，加密货币的本质决定了它常常与投机行为密切相关。即使是最初以纯粹形式出现的代币，最终也可能因为人们不断试探极限而走向失控。例如，Libra 就是一个典型的例子。Libra 是 Facebook 推出的加密货币项目，尽管它并不是真正的 Memecoins，但它的失败揭示了一个问题：代币发行需要中介的事实是荒谬的。如果你只是想围绕一个简单的想法创建某种代币，根本不需要依赖这些中介。

这也正是促使我们创建 Pump.Fun 的初衷之一。如果 Memecoins 能开启一个新的篇章，而机制也能随之改进以实现更可持续的发展，我们完全支持这种转变。因为我并不希望 Pump.Fun 成为一个只存在一两年的短期产品，最终失败或消失。尽管我们已经取得了一定的成功，但如果 Pump.Fun 无法在下一个市场周期或未来几年内继续存在，那就意味着失败。每天我醒来的唯一目标就是思考，如何让这个产品更具可持续性，如何让用户在与协议或应用交互时真正感受到价值，这就是我们始终追求的目标。

Pump.Fun 的 4Chan 美学

David：

我最初对 Memecoins 的态度是抵触的，主要因为它们表现出一种冷漠的特性。它们似乎传递了一种态度：“我们不是来创造任何价值的。我们只是来参与卡通形象的交易，不会为 GDP 增长做出贡献，也不会尝试构建任何实际的东西。我们只是提供一种无意义的、虚无主义的投机资产。”

不过，现在我的看法有所转变。虽然我并不完全接受这种虚无主义的资产交易，但我认为可以在 Memecoins 中加入额外的激励机制，使它们真正向更可持续的方向发展。我想谈谈这个问题，特别是你们最近宣布的 PumpSwap 功能。我觉得这个功能可能会让 Memecoins 更具生产性和长远意义。

加密货币的一个巨大优势是，它让普通人也能接触到金融资产。在比特币诞生之前，个人几乎不可能创造金融资产。而比特币是第一个由国家体系之外创造的资产。从那时起，加密货币的发展趋势就是让资产创造的门槛不断降低。我认为 Pump.Fun 是这一趋势的逻辑延续，特别是当你看到它在一年内创造了 900 万个代币时，这意味着 900 万个金融资产。

我接下来的问题是，如何将这些看似冷漠的金融资产转变为可持续的商业模式？我们如何让它们真正融入经济增长？Pump.Fun 的文化发展轨迹是怎样的？回到最初的设计，Pump.Fun 似乎有着一种 4Chan 风格的美学和氛围。为什么你们会选择这种设计风格呢？

Alon：

在最初开发 MVP (最小可行产品) 时，我们选择这种风格其实是出于实用性考虑，因为它更容易实现。我们只是想快速推出一个产品。但在此基础上，我们不断改进，并决定保留这种风格，因为我们发现它与用户行为息息相关。许多最初成功的 Memecoins 都是在类似 4Chan 的论坛上推出的，很多用户对这些平台有着深厚的共鸣。因此，我们从那时起就一直延续了这种风格。虽然产品在用户体验等方面还有很多需要改进的地方，但我们认为，保留这种文化并向其起源致敬，是 Pump.Fun 与其他缺乏文化内涵的项目之间的一个重要区别。即使我们的目标是将产品扩展到每日活跃用户达到 1000 万，我们也希望继续保留这种文化。如果失去了这一点，Pump.Fun 就会变成另一个毫无灵魂的 Web 2 产品，而这并不是我们想要的。

David：

不过，有些人可能会质疑 4Chan 的文化是否真的算得上“丰富的文化”。虽然我不是 4Chan 的专家，但以我的理解，它是互联网的“下水道”，充斥着种族主义和其他不良行为。当然，我不想一概而论，但它确实像是一个“狂野西部”般的无规则地带。在 2025 年的加密货币领域，文化往往由这些生态系统的核心领导层决定。以太坊的文化受其领导层的影响，Solana 也是如此，而 Pump.Fun 也不例外。因此，我认为 Pump.Fun 的一些行为是由其设计风格和文化选择所决定的。

如果我们希望 Memecoins 能开启一个更可持续、更公平的新篇章，我认为 4Chan 的品牌形象可能会成为一个障碍。你是否认同这一观点？

Alon：

总体来说，我同意这个观点，但我并不认为设计风格会阻碍我们改善文化的努力。我认为内容监管是极其重要的。过去，尤其是在以太坊生态系统中，很多人觉得 Pump.Fun 的环境令人反感，这部分是因为 2024 年 11 月发生的一些事件。我想明确说明，我们从一开始就实施了内容监管。例如，2024 年 6 月我们上线了直播功能，当时很多用户开始直播他们的代币，这种行为是无害的，我们觉得如果能够内部支持这个功能会很有趣。

然而，六个月后，用户开始质疑我们为什么要构建这些功能，因为当时直播功能的使用率非常低。但到了 10 月和 11 月，随着市场的火热，直播功能突然变得非常受欢迎。我记得仅仅几天内，直播场次从每天 10 场激增到数千场。在此之前，Andrew Tate曾在直播中交易代币，而整个市场正在经历震荡。当所有事情同时发生时，加密货币的疯狂程度确实让人难以置信。我感到遗憾的是，我们在内容监管方面没有做到足够透明，导致很多人误以为我们没有监管标准。实际上，我们一直在执行内容监管，但可能没有很好地传达这一点。

至于 4Chan 的美学，我认为它并不会阻碍我们以健康的方式发展。我相信，任何有文化意义的事物，尤其是那些颇具争议的内容，总是在探索接受与不接受的边界。但我们会确保划定一条明确的界限，确保没有人越界。

Pump.Fun 的内容审核

David：

之前我完全不知道 Pump.Fun 有任何形式的内容审核。我一直以为，每天有 60,000 个代币被推出，这样的数量实在太庞大，根本无法进行审核。或许你可以简单介绍一下这个审核系统是如何运作的？你们是如何在这样的大规模下进行审核的？我知道并不是所有 60,000 个代币都有直播功能，所以能否分享一下审核系统的具体流程？

Alon：

是的，实际上每天推出的代币可能已经超过 60,000 个，接近 80,000 个，这确实很疯狂。但这里有几点需要说明。

首先，当一个代币在区块链上推出后，其元数据是不可更改的。这些数据大多数通过像 Pump.Fun 这样的前端界面，或者其他类似的网站与用户互动。我不清楚其他网站是否进行了审核，但 Pump.Fun 确实吸引了希望与这些代币互动的用户的大量流量。

内容审核的挑战类似于社交媒体平台。每天有如此庞大的代币数量上线，确实不容易管理，但并非不可能。社交媒体平台每秒都会有大量内容生成。虽然这与 Twitter 等以文本为主的平台有所不同，但我们也采用了类似的方式：结合自动化审核系统和用户举报机制，同时辅以人工审核。对于 Pump.Fun 来说，一个特殊的挑战是，尤其在 Memecoins 领域，用户非常热衷于尽早参与新代币。因此，许多用户喜欢查看刚刚推出的代币，这意味着我们几乎没有时间进行充分的审核。考虑到数以万计的用户在实时查看新代币，我们必须在几毫秒内作出反应。因此，我们依赖自动化审核系统，同时投入大量资源进行人工审核。这两者共同构成了 Pump.Fun 前端的审核机制。当然，这并不完美，因为用户还可以通过其他前端平台访问代币。如果那些平台没有进行审核，就可能导致问题。

David：

我认为 Memecoins 的机制很有趣，因为它们能够激励用户行为，无论是好的还是坏的。比如移除直播功能这个举措，我觉得是一个很好的例子。在直播功能推出时，确实发生了一些荒谬的事情，虽然搞笑但也显得荒唐。而后来发展到更极端的情况，比如有开发者在直播中吸食芬太尼，还假装自己死了，这可能是最糟糕的场景。最终你们决定移除直播功能，这一举措有效地抑制了这些疯狂行为。对我来说，这表明 Pump.Fun 有能力通过机制设计引导用户行为。这种能力来自于你们的流量、用户和品牌影响力。

你们是否还有其他机制或方法，可以引导用户朝着更可持续的方向发展？

Alon：

在无权限系统中，确实很难完全抑制不良行为。链上的行为是开放且不可更改的，这意味着任何人都可以访问这些系统，并尝试利用它们。然而，在许多情况下，社会层的作用就是激励积极行为。我认为可以通过引导用户关注积极的内容并奖励这些行为，来实现这一点。最终，Memecoins 的本质是一种“可以交易的注意力单位”，它们的价值与用户给予的注意力密切相关。如果我们能够引导用户将注意力集中在正面的事物上，就能够激励更多的良性行为，而不是负面行为。当然，在无权限系统中，完全杜绝不良行为几乎不可能，但我们可以通过机制设计将注意力集中到更积极的方向。

举个例子，很多人对 AI 相关的代币持负面看法，认为它们只是追逐热点，但实际上，有些项目确实在构建真正的产品。比如 Griffain，这是一个非常有趣的项目，它正在开发一个类似 ChatGPT 的应用，与 Solana 区块链进行交互。在与创始人交流时，我发现他的初衷并不是为了炒作，而是希望通过发行代币来吸引关注，并推动项目的实际发展。如果这样的代币能够成功吸引用户的注意力，人们就会开始使用这个产品，接下来的发展就顺理成章了。

当然，大多数项目最终都会失败，因为它们未能找到市场契合点。但能够通过代币快速验证一个想法是否可行，这是一个很大的机会。我们希望看到更多这样的情况，并会努力奖励那些通过构建实际产品来吸引关注的项目。过去，我和我的联合创始人也尝试过推出 MVP (最小可行产品)，所以我非常理解这种需求。如果能够通过发行一个代币快速测试想法的可行性，这将极大地提升效率。

不过，也有许多人因为声誉问题而对这种方式感到犹豫。我完全理解这一点。他们不希望被认为是通过代币获利的人。这也是为什么我们需要探索其他的货币化路径，比如通过平台或协议的设计，让项目方即使不出售代币也能实现盈利。我认为这是非常关键的。因此，这个讨论又回到了如何通过社会层激励良好行为，以及如何在协议层优化激励机制的问题上。

Pump.Fun 的成功

David：

在 Pump.Fun 取得成功之后，市场上也出现了一些类似的代币启动平台，但没有一个能达到 Pump.Fun 的成功程度，或者像它那样实现病毒式传播。你认为这是为什么？Pump.Fun 拥有哪些其他平台无法复制的关键因素？

Alon：

我认为，这归根结底是因为开放系统的切换成本非常低。相比 Web 2 或传统金融体系，用户在这些平台之间的迁移要简单得多。因此，我认为 Pump.Fun 的成功主要得益于我们产品的优势。我们始终倾听用户反馈，不断进行迭代，推出真正满足用户需求的功能。我们欢迎竞争，因为这对用户来说是好事。同时，我们也密切关注市场动态。我认为市场上确实有一些不错的竞争对手，虽然他们目前的吸引力可能不如我们，但也有一些很好的创意和令人兴奋的趋势正在涌现。最终，用户会选择最好的产品。所以我们相信，只要我们持续改进和优化，市场的反馈最终会站在我们这边。从过去一年的表现来看，市场已经证明了这一点。因此，我觉得答案其实很简单。

David：

每个团队如何使用他们的资金是自己的事情，但我想很多人都会期待我问这个问题。据估计，Pump.Fun 平台已经为团队、投资者或两者的组合积累了大约 6 亿美元的资金，6 亿美元的盈利能力在加密项目中应该名列前茅，尤其是对于一个 2024 年才推出的项目来说，这笔钱主要被用作什么用途？

Alon：

我们将所有资金都用于再投资，目的是打造更好的产品。比如，我们用这笔资金来扩大团队规模。目前我们的团队大约有 45 到 50 人，而就在六个月前，这个数字还不到 20 人。当时团队以工程师为主，而现在我们还增加了数据科学家、机器学习工程师和安全专家。我们的团队还在持续扩张，目的是为用户提供最佳的使用体验。

David：

那你们会向投资者分配资金吗？我记得你们进行过一次种子轮融资，对吧？

Alon：

Pump.Fun 在早期确实接受过一些投资，但我们目前基本上是完全自我融资的。某种程度上，我也相信，努力工作的人应该享受自己劳动的果实。但正如我之前提到的，我们的目标始终是展望未来，打造一个能够经受住多次市场周期考验的产品。如果几年后回头发现这只是一个昙花一现的现象，那将是非常令人失望的。我认为那样会显得我们没有真正实现长期价值。

PumpSwap

David：

接下来我们聊聊你们的新产品之一，也就是 PumpSwap。这是 Pump.Fun 的本地 DEX，也是你们推出的第二个产品。此前，Pump.Fun 的运行模式是，任何市值达到一定规模的 Memecoins 都会迁移到 Raydium。Raydium 是 Solana 上的自动做市商 (AMM)，可以说是 Solana 上的“Uniswap”。一旦代币迁移到 Raydium，它们就会成为 Raydium 生态系统的一部分，而 Raydium 也因此积累了大量手续费。由于 Pump.Fun 的成功，Raydium 的交易量显著增加，其代币价格也表现出色。可以说，Pump.Fun 的成功不仅推动了 Raydium 的增长，还提升了整个 Solana 生态系统的活跃度，甚至包括 Solana 本身的资产。比如，为什么会有像唐纳德·特朗普这样的名人在 Solana 上推出 Memecoins？这背后正是因为 Pump.Fun 引领了 Memecoins 的热潮。

而现在，你们推出了 PumpSwap，作为 Pump.Fun 的本地去中心化交易所。这意味着你们用自己的 AMM 替代了 Raydium，使 Pump 生态系统更加垂直化，这是我对当前情况的理解。同时，能否谈谈 PumpSwap 的战略和愿景？

Alon：

你的理解完全正确。Pump Swap 是 Pump.Fun 的本地去中心化交易所。我们推出 Pump Swap 的主要原因有两个，这实际上为用户带来了巨大的价值。

首先，目前的交易流程仍然显得过于复杂。我们致力于打造一种简单的链上交易体验，让成千上万甚至数百万用户都能轻松参与。用户不需要了解迁移的具体过程、绑定曲线或 AMM 的运作原理。我们希望用户只需关注交易的核心问题：这是否有趣？这是否为我或他人创造了价值？

为了实现这一点，我们采取了一些措施来减少交易过程中的摩擦。例如，以前在迁移过程中，Pump.Fun 会从绑定曲线中提取大约 6 个 Solana，用于流动性池、支付小费等，而剩余部分则作为协议收入。现在，这部分费用已经完全取消，变为零。通过这种调整，我们希望让交易流程更加顺畅，同时与用户的利益保持一致。通过降低交易费用，我们能够在代币成功时获得稳定的收入，而不会因为高额费用影响用户体验。

因此，我们希望消除对这些复杂概念的需求。例如，以前在迁移过程中，Pump.Fun 会从绑定曲线中提取大约 6 个 Solana，用于流动性池、支付小费等，而剩余部分则作为协议收入。现在，这部分费用已经完全取消，变为零。通过这种调整，我们希望让交易流程更加顺畅，同时与用户的利益保持一致。通过降低交易费用，我们能够在代币成功时获得稳定的收入，而不会因为高额费用影响用户体验。

PumpSwap 的另一个方面，是对代币创造者和持有者进行对齐的概念。简而言之，我们的目标是激励更高质量的代币和内容，创建一个能够真正持久的产品。为了实现这一目标，你需要持续增长，增长的方式是吸引来自互联网其他领域的内容创造者。你需要让他们的参与变得简单和有回报。他们不一定需要投入资金，也无需担心声誉问题。创作者费用和收入分享在这一过程中起到了至关重要的作用。

另一个方面是我们想要市场的实验性，我们希望为用户提供其他类型的资产和代币进行交易。我们与大约 15 到 20 个合作伙伴合作，其中 10 个合作伙伴首次将他们的代币从其他区块链桥接到 Solana，并在这里创建流动性池。

我们希望通过这些尝试，让用户有机会探索更多类型的资产，而不仅仅局限于 Memecoins。虽然这可能不会在短期内带来颠覆性的变化，但我相信这是一个值得期待的实验。

我们与许多用户保持了密切的交流。我认为，人们确实有探索更多事物的意愿，但很多用户并不是每天都在关注这些变化。对于加密社区 (Crypto Twitter) 的核心成员来说，他们可能每天花 16 小时泡在这个小圈子里，但实际上，许多使用 Pump.Fun 的用户甚至不知道 CT 是什么，甚至没有中心化交易所的账户，自然也就无法接触到这些新项目。因此，我们希望以一种简单便捷的方式，将这些资产带到他们面前。

虽然我不认为这会在短期内带来颠覆性的改变，但这是一个值得期待的实验。我相信，很多用户会对探索这些资产感兴趣，并借此机会深入了解加密世界，而不仅仅局限于 Memecoins。这正是 PumpSwap 的核心方向。

David：

目前我对 PumpSwap 的理解是，它采用了类似 Uniswap V2 的固定 x*y=k 自动做市商 (AMM) 模型。而 Uniswap V3 则通过集中流动性模型带来了创新，但你们选择了更基础的固定曲线模型，没有采用集中流动性。能否谈谈为什么会做出这样的设计选择？毕竟，当前 AMM 设计领域有许多前沿的探索，而你们似乎更倾向于传统的方式。也请分享一下 PumpSwap 在 AMM 设计上的考量，以及未来可能的发展方向。

Alon：

我的观点是，如果某种模式已经证明有效，那就没有必要轻易改变。显然，Uniswap V2 的绑定曲线模型对于长尾资产（比如 Memecoins）来说几乎是最优的。

当然，未来可能会有一些创新方式。当这些代币取得成功时，流动性会逐渐增加，人们可能会开始使用集中流动性 AMM 模型，甚至在订单簿交易所中交易（主要是在链下，有时也在链上）。所以我认为这是未来可以探索的方向。

但就目前而言，我们已经看到 Memecoins 在 Uniswap V2 模型下取得了显著的成功。我认为没有必要在 AMM 模型上过于实验化。相较于此，我们更愿意在激励机制上进行更多尝试，从而更好地对齐创作者和用户的利益，而不是对 AMM 模型做出大幅调整。

创作者收入分享

David：

我想再谈谈你提到的创作者收入分享。我们之前已经讨论过这个话题，但我认为它非常重要，值得再次深入探讨。如果 Memecoins 能开启新的篇章，我希望这个篇章能够围绕这种机制展开。

我在这里看到的是，创作者收入分享的核心是让代币创作者通过交易量获得收益，而不是依靠出售代币获利。在过去，Memecoins 的创作者通常通过出售代币来赚钱。然而，这种方式与后来购买代币的投资者利益是完全不一致的。因为早期的持有者通常有强烈的动机抛售代币，这往往会导致一些不负责任的创作者采取 rug pull 的行为，即在价格高点突然抛售所有代币，或设计骗局骗取投资者资金。这些行为会直接导致代币价格暴跌，项目也随之终结，投资者只能另寻出路。

基于创作者收入分享的理念，理论上代币创作者甚至可以完全不持有任何代币。他们的主要收入来源是交易量产生的费用，而非依赖代币升值。当创作者通过交易量获得激励时，他们的利益与代币持有者的利益更加一致。因为当代币的价值上升时，交易量也会随之增加，从而提高创作者的收入。这种机制有助于将 Memecoins 从单纯的金融资产转型为具备长期增长潜力的项目。

比如，一个创作者可以将自己发展为一个商业实体，即便只是通过互联网完成个人创作。我认为，这与我们在 2021 年听到的“创作者经济”理念非常契合。尽管当时这一概念还停留在理论阶段，但现在我们看到它有机会成为现实。这种机制可能成为未来创作者实现商业化的新工具。当然，目前还没有类似的机制被真正证明有效，但我对此持乐观态度。你是否也同意这种看法？如果你有不同的观点，又会如何调整这种机制？

Alon：

我完全同意你的看法，你已经很好地总结了这一点。我认为我们仍然处于实验阶段，正在探索如何真正吸引内容创作者，或者说任何类型的创作者，进入加密领域，并以一种可持续的方式留住他们。这种机制不仅对创作者有利，同时也能为代币持有者、交易者和整个生态系统带来益处。

尽管这一机制尚需时间验证，但我对它充满期待。这是一种全新的尝试，也是一项令人兴奋的实验。让我们拭目以待，看看它能否为创作者和投资者带来双赢的结果。

Pump.Fun 与 Raydium 的对比

David：

我想引用一位 Raydium 贡献者的推文，他提到 Pump.Fun 计划创建自己的 AMM (自动做市商)，以取代 Raydium，并构建一个完整的垂直生态系统。他在二月份发了两条推文，其中提到：“虽然 Pump 平台本身令人印象深刻，但全新且未经测试的 AMM 是否能带来显著的网络效应还有待观察。Raydium 将继续支持许多团队构建那些原本无法实现的协议。我认为 Pump.Fun 完全用自己的 AMM 替代 Raydium 是一种战略误判，低估了 Raydium AMM 在其流动性启动功能中发挥的关键作用。”对此，作为 Raydium 核心贡献者的你怎么看？

Alon：

我并不同意这种观点。如果 Pump.Fun 想要建立自己的代币启动平台或其他功能，我们完全欢迎这种尝试。我们希望看到更多人能够尝试新的模型和功能。归根结底，我认为垂直化是其中的一个重要环节。那么，垂直化究竟能带来什么呢？它让我们能够在内部进行实验，而不必依赖第三方。

我每天都感到很高兴，因为我认为我们团队是这个领域中最优秀的团队之一。我们能够快速交付产品，并根据用户反馈迅速迭代。我注意到，许多其他团队在用户体验和产品交付上并没有同样的专注和效率。我们不希望依赖第三方，因为这样会让我们在交付产品时受到限制。通过 PumpSwap，我们能够完全掌控自己的生态系统，同时也承担起相应的责任。当然，这也意味着如果我们失败了，人们会选择其他平台，这对我们来说将是致命的。但我认为我们愿意承担这样的风险。

David：

最近，Raydium 宣布他们将推出一个类似于 Pump.Fun 的代币启动平台，我记得他们将其命名为 Launch Lab。

Alon：

我已经听说了。我很期待看到他们会提出什么新想法。让我们拭目以待。但无论如何，我们并不害怕任何形式的竞争。

David：

这是否意味着 Pump.Fun 和 Raydium 之间的竞争将升级为一种“争端”？还是说你们有可能找到合作的方式？

Alon：

我不认为这是争端。我认为这只是企业努力为最终用户提供最佳产品的一部分。这不仅仅是 Raydium，还有许多其他平台，无论它们叫什么名字。事实上，很多以太坊生态系统和其他领域的创新平台都借鉴了 Pump.Fun 的一些想法，并在此基础上进行了迭代。

归根结底，我认为 Pump.Fun 设计了一种非常巧妙的代币启动机制。但需要承认的是，很多这些想法实际上来源于现有的协议和项目。如果 Memecoins 能开启一个新的篇章，我认为链上代币生成的潜力将会变得更加丰富。

未来还有许多事情可以做。我认为，多个不同的细分市场将不可避免地出现，而这些市场需要各自的机制来满足需求。这是行业发展的必然趋势。作为一个协议，Pump.Fun 希望尽可能通用化，同时覆盖更多的细分市场。但我们也清楚，无法覆盖所有市场。因此，我很期待看到其他团队提出的新机制。如果其中任何一个取得了巨大的成功，我们也会乐于探索合作的可能性。

Pump.Fun 的社交元素

David：

加密货币领域本质上具有很强的社交属性，这种特性贯穿于整个生态系统。我们以“部落”的形式存在，聚集在 Crypto Twitter 上，闲聊、讨论，甚至制造一些戏剧性事件。几乎所有与加密货币相关的事物都包含某种社交元素。我注意到，Pump.Fun 的直播功能已经很好地体现了这一点，社交组件在加密领域的表现非常出色。那么，能否谈谈 Pump.Fun 技术栈中即将加入的社交元素？你们计划如何在 Pump.Fun 的未来发展中整合这些社交功能？

Alon：

我认为这正是 Pump.Fun 从一开始就与众不同的地方。我们非常注重社交属性的设计，而不是简单地复制像 Deck Screener 这样的金融化平台（一个以金融视角展示代币信息的平台），列出代币清单。从一开始，我们就认为项目的发展方向应该是创造一种社交体验，而不是单纯的金融工具。

社交之所以如此重要，是因为它不仅带来了娱乐性，还为用户提供了价值。我认为很多人对 Memecoins 存在误解。如果你与用户交流，尤其是那些并非每天花 16 小时泡在 Crypto Twitter 上的普通用户，你会发现他们中的许多人并不是为了赚钱才参与进来的。他们更看重的是“这看起来很有趣，我想和朋友们一起尝试一下”。就是这么简单。我知道有些人可能不相信这一点，甚至会觉得不可思议，但如果你真正去了解用户，就会发现这种心态非常普遍。

因此，我们希望进一步强化这一点，创造更好、更具娱乐性的体验。这正是我们称 Pump.Fun 为“加密领域最大的社交网络”的原因。我们相信，从一些基础的、简单的功能入手，如果能够持续专注于社交属性，就能将平台发展为一个伟大的项目，带来更多的可能性。

我还想强调一点，随着 Pump.Fun 的用户规模不断增长，未来每天可能会有成千上万甚至数百万人使用它。这些用户一定会逐步探索更多功能，比如 DeFi（去中心化金融）、深度交易功能、稳定币等。这是一个必然的趋势，也是我们培养未来“加密原住民”（指完全适应加密生态、将其作为主要经济活动的人群）的方式。

这也是为什么我们会继续关注创作者的需求，开发更多社交产品的原因。最近，我们推出了私信功能，并计划在此基础上不断迭代。虽然我们通常对未来的功能计划保持一定的保密性，但我可以说，Pump.Fun 的未来有很多值得期待的事情。

内容、注意力与市场

David：

我认为在内容市场、新闻和代币的垂直领域中存在一些有趣的交集。在某些情况下，市场和代币甚至可以合二为一。比如在 Polymarket 上，你会看到新闻事件与市场之间的直接联系——新闻报道推动了相关市场的形成。在 Polymarket 中，围绕许多潜在事件都有对应的市场，这种机制非常复杂，而我注意到 Pump.Fun 似乎也在朝着这个方向发展。

不过，我认为这种结合的最终形态还没有完全呈现出来。在新闻事件、市场、内容和注意力之间，存在一些模糊但共享的价值联系。我觉得 Pump.Fun 是目前最接近这种价值核心的平台之一。我想听听你的看法，当你观察新闻内容、注意力与市场结合时，你认为它的潜力在哪里？

Alon：

很高兴你提到了 Polymarket。我认为 Polymarket 是一个“寻求真相的市场”，通过市场机制预测或验证事件的真实性。而 Pump.Fun 则更像是一个“寻求注意力的市场”，它是一个非常出色的注意力衡量工具。因为在这里，你第一次有了一个明确的指标，可以衡量某些话题的热度和趋势。

举个例子，当一个政治事件发生时，你不仅可以通过市场预测它发生的概率，还可以通过与该事件相关的代币交易量、市值和图表来直观地了解它的影响力和相关性。这是一种全新的视角，非常有趣。

Pump.Fun 的独特之处在于，每当发生重大新闻事件，总会有人基于这些事件创建代币。可以说，这些新闻几乎是“实时”在区块链上展开的。这种现象非常吸引人。虽然我无法完全预测它未来会如何发展，但我相信它具备很大的潜力。

需要注意的是，并非所有新闻事件或社交媒体内容都能转化为经济价值，毕竟全球范围内人们的注意力资源是有限的。但对于那些能够成功吸引大量注意力的事件，我们可以通过代币交易和市场表现来量化它们的价值。这种机制背后有很大的可能性，我认为这里面蕴藏着重要的机会。

Memecoins 的未来

David：

你希望 Memecoins 的未来是什么样子？你对它有什么具体的期望？你觉得它的实际发展会是怎样的？

Alon：

这是个非常好的问题，我需要谨慎回答，避免过于理想化。我们一直以脚踏实地为目标，关注实际情况和可能发生的事情。

我希望 Memecoins 的叙述能够发生转变，让人们不再认为链上交易这些代币是无价值或虚无主义的行为。我从来不认同所谓“金融虚无主义”。我认为，这种说法只是 Crypto Twitter 上的一种借口，用来合理化市场现状。归根结底，人们之所以交易和创造这些代币，显然是因为它们具有金融价值。但这种金融价值的存在，往往是因为它们在其他方面也具有价值，比如带来娱乐性，或者吸引人们关注某个新产品。我希望未来能看到更多这样的正面案例，同时减少那些让人们失望的负面事件，推动更负责任的行为。我认为，在这一点上，Pump.Fun 需要更加积极主动地发挥作用。

这实际上涉及到通过自上而下的方式塑造社区文化。我认为这是至关重要的。与此同时，我们也需要对平台上的内容进行适度的审核和引导，从而创造一种更可持续的用户体验，让人们愿意反复回归。或许这种体验不一定会像去年 11 月或今年 1 月那样令人狂热，但如果我们能够打造一个让大量用户每天都愿意登录并感到满足的产品，那就是成功。我认为，这正是我们在长期内努力实现的目标。

Memecoins 是邪恶的吗？

David：

目前，有些听众可能对 Memecoins 的概念持有抵触甚至敌对的态度。尤其是在当前市场环境下，他们认为 Memecoins 本质上无法创造价值，只是一个投机性的赌场。市场表现似乎也在支持这一观点。

根据 Roadblock Changes 自 2024 年 1 月 14 日以来的数据，Pump.Fun 已经推出了超过 870 万个代币，累计收入达到了 6 亿美元。目前，Pump.Fun 发布的所有代币中，只有四个代币的市值超过了 1 亿美元。因此，我认为人们在看到 Pump.Fun 的 6 亿美元收入和所有 Pump.Fun 代币的总市值（在 4 亿到 6 亿美元之间）时，感到存在差异。

如果有人认为 Memecoins 本质上无价值，只是一个投机赌场，那么在当前市场阶段，这种观点似乎是有道理的。你如何回应这种看法？或者，你怎么看待那些认为 Memecoins 只是短期投机工具的人？

Alon：

首先，当市场整体下跌超过 50% 时，很多观点似乎就得到了验证。比如，Solana 的价格下跌了超过 50%，以太坊和比特币的价格也从历史高点大幅回落。因此，无论是 Memecoins、NFT、DeFi 还是其他山寨币，它们都属于风险资产。如果整个市场都在暴跌，那么 Memecoins 也难以幸免。

但有趣的是，很少有人提到另一个事实：去年 11 月，Pump.Fun 代币的累计市值约为 80 亿美元，那时的市场环境与现在完全不同。显然，这种差异非常大。因为这些代币本身就是高风险资产，没有人否认这一点。但我认为，现在批评 Memecoins 的人忽视了一个重要方面，那就是当前用户群体的行为和体验实际上是相当有粘性的。

如果你是今天的加密用户，你在 Pump.Fun 上交易 Memecoins 的可能性与几个月前是一样的。唯一的区别是，现在的加密用户数量减少了，但这些留下的用户仍然在重复几个月前的行为模式。我认为这种情况不会轻易改变。

这实际上是 Memecoins 自然演变过程的一部分。Memecoins 必须不断演变以适应市场需求，我们希望能够参与这一演变过程。但最终，市场会给出答案。可能是 Pump.Fun，也可能不是，但我相信 Memecoins 会以某种形式继续存在，因为它们确实为用户提供了某些价值。这一点需要时间来证明。

即使你看看 NFT，虽然它们的价格与上一轮牛市相比大幅下跌，但许多 NFT 收藏品仍然具有很高的价值，比如 Pudgy Penguins 的市值仍然达到数亿甚至数十亿美元。因此，认为这些资产因为泡沫破裂就一文不值是不准确的。即便它们没有达到历史高点，但它们仍然为用户提供了实际价值。

即使你看看 NFT，当然，它们与上个周期相比大幅下跌，但很多 NFT 收藏品仍然非常有价值，市值仍然在数亿甚至数十亿美元。所以，认为它们因为泡沫破裂而变得一文不值并不一定成立。比如，Pudgy Penguins，难道不有价值吗？这将是疯狂的。再说，虽然它可能没有达到历史高点，但它仍然提供了很多价值。

所以，让我们拭目以待。我不确定 Memecoins 是否能存在十年，但我希望听众思考一个问题：为什么在多年来用户行为一致的情况下，事情会突然发生变化？同时，我也想向所有尚未尝试 Pump.Fun 的人，特别是以太坊社区的用户发出邀请。我建议你们花一个小时体验一下。我相信很多人会改变对它的看法。Crypto Twitter 的观点往往过于片面，现实情况远比他们描述的复杂得多。

Pump.Fun 的使命

David：

你认为 Pump.Fun 的使命是什么？是推动更多代币的发行、增加交易量，还是帮助用户实现财富增长？你会如何定义这个使命？对于你们来说，核心的指导方向是什么？

Alon：

我认为这些目标实际上是紧密相连的。交易量显然是一个非常重要的指标，我认为它可以作为我们的核心指导方向，因为它直接反映了平台的活跃度和用户参与度。

与其他区块链类似，确定关注的核心指标确实不容易。但近年来，人们越来越关注收入（Rev），因为它代表了真正创造的经济价值。我认为，我们也应该关注用户在长期内为平台带来的经济价值，这可能是一个更具深远意义的指标。除此之外，我认为这些不同的目标之间是高度相关的。虽然很多人认为代币数量的增加是一件坏事，但我一直认为，更多的代币本质上是一件好事。

我们需要通过机制设计来激励用户产生高质量内容并遵守良性行为规范。我认为这是目前还比较缺失的一部分，而未来的一些功能会专注于解决这个问题。如果我们能降低市场的参与门槛，让更多人，尤其是那些目前还未进入生态系统的人，能够轻松参与，就能大幅提高积极的市场活动。例如，如果代币创建的成本从 20 个 Solana 降低到 10 个 Solana，这无疑会吸引更多的项目和用户。

我认为，代币创建的便捷性和低成本是非常重要的。用户的财富增长同样至关重要。根据数据，当市场最火热时，交易量达到峰值，用户的参与热情最高，大家对 Memecoins 的评价也最为积极。

归根结底，Memecoins 是一个基于市场的系统，因此当风险资产价格下跌时，我们的能力有限。但我们可以专注于构建一个能够在长期内保持稳定并实现可持续增长的产品，确保它在未来的一到五年内都能为用户提供价值。

因此，我们不应过于纠结于每天发生的市场波动，而是需要放眼全局，通过观察用户行为，分析其核心习惯是否发生变化，并基于这些观察不断优化和迭代我们的产品。

为何选择 Pump.Fun x Bankless

David：

Alon，我想可能大多数听众会想，“哇，Pump.Fun 和 Bankless，这真是一个奇怪的组合。”能否分享一下你选择 Bankless 的原因？

Alon：

首先，我个人已经有 4 到 6 个月没有做过 Spaces，也很久没有做播客了，上一次还是去年夏天和 Thread Guy 的对谈。这次，我希望以一种引人注目的方式回归，即使这可能会引发一些争议。

我认为这是一次不错的尝试，因为我希望大家能够听到我作为倡导者的声音，去支持链上社交体验、Memecoins 等等。同时，我也希望让以太坊生态系统中的一些最大批评者意识到，其实我们之间有许多共同点。很多时候，我们会因为一些容易分散注意力的次要问题而产生误解。Twitter 并不是一个理想的平台，因为它的机制往往会激化用户之间的情绪和冲突。因此，很多人对其他生态系统（比如 Solana 或 Pump.Fun）的认知，常常与实际情况之间存在很大的偏差。

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Linde plc Tokenized Stock (Ondo): Revolutionizing Traditional Equity Access Through Blockchain Innovation The emergence of Linde plc Tokenized Stock (Ondo), represented by the ticker $LINON, signifies a monumental shift in the fusion of traditional financial structures and decentralized finance (DeFi). This innovative financial instrument showcases the tremendous potential of blockchain technology to democratize access to traditional equity markets while ensuring the security and regulatory compliance necessary for institutional-grade financial products. Through Ondo Finance's pioneering tokenization platform, $LINON provides a seamless pathway for global investors to engage with one of the world's leading industrial gas companies, Linde plc, creating a blockchain-native representation of the underlying equity. Introduction to Linde plc Tokenized Stock The landscape of financial markets is witnessing a groundbreaking transformation through the tokenization of real-world assets. 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What is CRMON

Salesforce Tokenized Stock (Ondo): Revolutionising Traditional Equity Access Through Blockchain Innovation The emergence of Salesforce Tokenized Stock (CRMON) marks a pivotal advancement in integrating traditional financial markets with blockchain technology. This innovative approach offers investors unprecedented access to equity exposure through tokenisation. Developed by Ondo Finance, CRMON provides tokenholders with economic exposure equivalent to holding Salesforce stock (CRM) while automatically reinvesting dividends. This effectively bridges the gap between conventional equity markets and decentralised finance (DeFi). Introduction and Comprehensive Overview of Salesforce Tokenized Stock In recent years, the financial landscape has dramatically transformed due to blockchain technology, fundamentally altering how investors access and interact with traditional assets. The development of Salesforce Tokenized Stock (CRMON) is a prime example of this evolution, representing a sophisticated fusion of conventional equity markets with cutting-edge distributed ledger technology. CRMON is a tokenised version of Salesforce stock, emerging from the innovative work of Ondo Finance, a leading platform in the real-world asset tokenisation sector that positions itself as a bridge between traditional finance and decentralised systems. Designed to provide tokenholders with economic exposure that mirrors the performance of the underlying Salesforce stock, CRMON incorporates automatic dividend reinvestment mechanisms. This eliminates many traditional barriers associated with international equity investment, such as complex brokerage relationships, currency conversion challenges, and restricted trading hours. The tokenisation process reimagines stock ownership as a blockchain-native asset while maintaining its economic equivalence with the underlying security, offering enhanced portability and integration capabilities within decentralised finance ecosystems. CRMON transcends its individual utility as an investment instrument to represent a fundamental shift in how financial markets can operate in an increasingly digital world. By maintaining full backing through U.S.-registered broker-dealers and implementing robust compliance frameworks, CRMON demonstrates that tokenised securities can achieve the regulatory standards necessary for institutional adoption while delivering the technological advantages of blockchain infrastructure. Understanding Tokenized Real-World Assets and CRMON's Strategic Position Tokenised real-world assets signify one of the most significant innovations in modern finance, fundamentally reimagining how traditional securities are represented, traded, and utilised within digital ecosystems. CRMON operates as a tokenised equity instrument correlating directly with Salesforce stock while optimising accessibility and efficiency. This aligns with Ondo Finance's broader mission to democratise access to institutional-grade financial products through innovative tokenisation strategies. The tokenisation process guarantees complete economic equivalence with the underlying Salesforce equity. Each CRMON token represents a proportional claim on Salesforce stock held by qualified custodians, with dividend payments automatically reinvested to maintain continuous exposure to total return performance. This structure simplifies dividend management and ensures that tokenholders receive the full economic benefit of their equity exposure, encompassing both capital appreciation and income generation. Ondo Finance's strategy in tokenising Salesforce stock demonstrates its expertise in creating compliant, institutional-grade products that meet traditional financial markets' stringent requirements. The platform’s focus on merging regulatory compliance with blockchain benefits positions it at the forefront of decentralised finance, captivating both institutional and retail investors seeking blockchain-native solutions. The Technology and Innovation Framework Behind CRMON The technological infrastructure supporting CRMON integrates blockchain technology with traditional financial mechanisms, delivering institutional-grade security and compliance while maintaining the operational advantages of decentralised systems. Built on the Ethereum blockchain, CRMON utilises robust smart contract capabilities to ensure transparent, secure operations. The smart contract architecture incorporates layered security and compliance mechanisms, enabling automated compliance checks and real-time asset backing verification. Integration with oracle services maintains accurate pricing and dividend information, ensuring CRMON reflects the underlying Salesforce stock's accurate performance. This architecture delivers automated dividend reinvestments and other corporate actions, eliminating manual processing requirements and directly enhancing tokenholder benefits. Ondo Finance ensures CRMON's security structure includes daily third-party verification of holdings, independent collateral agents, and a multiple-layer custody system through partnerships with established financial institutions. This framework safeguards tokenholder interests against operational risks while providing robust asset backing. The user interface enhances integration capabilities, allowing seamless interaction between CRMON and various decentralised finance protocols, as well as cryptocurrency exchanges. This interoperability enables users to leverage their tokenised equity across multiple platforms, creating sophisticated investment strategies that marry traditional equity characteristics with blockchain-native innovation. Leadership and Corporate Structure of Ondo Finance The leadership team behind CRMON and Ondo Finance blends expertise from traditional finance and blockchain technology, presenting a robust combination of skills essential for successfully bridging conventional markets with decentralised finance. Nathan Allman, the founder and CEO, emerged from a distinguished financial background before establishing Ondo Finance in 2021. Allman's experience includes notable roles at major financial institutions, including significant contributions to developing cryptocurrency market services. His insights into regulatory compliance were paramount in developing products like CRMON that successfully unify traditional securities with blockchain technology. With a team of professionals boasting substantial experience in both conventional finance and blockchain sectors, Ondo Finance's leadership comprises diverse expertise that covers every aspect of tokenised asset development. Justin Schmidt serves as President and COO, contributing unique operational expertise, while Chris Tyrell brings essential compliance knowledge. Investment Landscape and Funding History The investment landscape surrounding Ondo Finance reflects significant institutional confidence in its mission to tokenise real-world assets. The company has raised substantial funds through various investment rounds, attracting leading venture capital firms and strategic investors that recognise the transformative potential of tokenised securities like CRMON. Notably, Ondo Finance completed a successful Series A funding round in 2022, led by well-known venture capital firms. This funding success validates Ondo Finance's innovative approach to creating compliant, institutional-grade tokenised products. In total, Ondo Finance has successfully secured substantial funding, raising significant capital for product development and market expansion, including a noteworthy token sale that reinforced its governance structure through the establishment of the ONDO token. The diverse composition of investors reflects broad market confidence in Ondo Finance's business model, demonstrating support from both traditional and blockchain-native organisations. Operational Mechanics and Technical Implementation The operational framework supporting CRMON exemplifies sophisticated integration of traditional financial mechanisms with blockchain technology. The technical implementation introduces multiple layers of security, compliance, and operational efficiency to meet institutional standards while enhancing accessibility. The tokenisation process begins by acquiring actual Salesforce stock through U.S.-registered broker-dealers, ensuring each CRMON token maintains direct correlation with the underlying equity performance. Smart contracts automate operational processes, including dividend reinvestment and corporate action processing, facilitating a streamlined user experience. The Minting and redemption processes allow authorised participants to manage CRMON tokens effectively. During U.S. trading hours, institutions can mint new tokens by depositing stablecoins that are used to purchase corresponding Salesforce equity. This structure maintains a tight correlation with underlying assets, enhancing liquidity and price discovery. Additionally, the infrastructure supports twenty-four-hour token transfer capabilities, providing CRMON holders with operations outside traditional market hours. This represents a significant advantage over conventional securities ownership, thus promoting integration with decentralised finance applications. Plans for cross-chain compatibility through partnerships signal further ambitions for CRMON's market reach. By expanding to other blockchain networks, Ondo Finance aims to enhance accessibility and user engagement with tokenised equity products. Timeline and Historical Development of Tokenized Equity Innovation The timeline of CRMON's development and Ondo Finance's broader tokenised capabilities demonstrates a systematic innovation process beginning with the company's founding in 2021. 2021: Ondo Finance is founded by Nathan Allman and co-founders, launching initial products focused on structured vault offerings on the Ethereum blockchain. 2022: The company completes substantial funding rounds—both equity and token sales—totaling significant capital and launching initial tokenised U.S. Treasury products. 2023-2024: Ondo Finance experiences substantial growth, establishing partnerships with major financial institutions while expanding its product offerings beyond fixed-income securities. February 2025: Ondo Global Markets is announced, marking the transition into equity tokenisation with plans for accessing over one hundred U.S. stocks and ETFs. September 2025: The official launch of Ondo Global Markets includes CRMON alongside other tokenised equity offerings, marking a significant evolution in Ondo Finance's product ecosystem. This timeline highlights the organisation's rapid growth and its capability to adapt its technological and compliance frameworks to accommodate different asset classes effectively while maintaining security and regulatory integrity. Regulatory Framework and Compliance Approach Ondo Finance's regulatory framework showcases a sophisticated compliance strategy, essential for achieving institutional adoption in the tokenised securities market. The company's strong partnerships with U.S.-registered broker-dealers promote adherence to Securities and Exchange Commission regulations and apply robust investor protections. Acquisitions, such as Oasis Pro—a registered broker-dealer—significantly enhance Ondo Finance's compliance capabilities, ensuring thorough alignment with existing regulatory structures. The company employs independent verification procedures that foster transparency, aiming for a solid performance standards reputation. Furthermore, Ondo Finance's commitment extends to international regulatory compliance, ensuring token access remains restricted to eligible investors while adhering to pertinent cross-border securities regulations. Comprehensive attention to tax implications and reporting requirements fortifies the security and compliance landscape of CRMON, ensuring that investor obligations remain manageable. Future Prospects and Market Positioning The forward-looking landscape for CRMON and Ondo Finance illustrates substantial growth opportunities driven by institutional adoption of blockchain technology and escalating demand for efficient alternatives to conventional securities ownership. Market projections indicate the tokenised asset sector could value multiple trillion dollars by 2030. With plans to scale CRMON offerings significantly and integrate it with a dedicated blockchain infrastructure—Ondo Chain—Ondo Finance aims to elevate its institutional-grade tokenised asset operations. Additionally, the development of strategic partnerships enhances distribution capabilities while establishing the company's credibility in the financial market. Furthermore, the integration of tokenised equity with decentralised finance protocols offers new potential for innovative financial products and strategies previously impossible with traditional securities. These factors underscore CRMON's positioning to effectively capture increased market share and deliver innovative solutions for international investment exposure. Conclusion Salesforce Tokenized Stock (CRMON) symbolises a transformative development within financial markets, successfully bridging traditional equity ownership with blockchain technology to create unprecedented accessibility for global investors. Through Ondo Finance's sophisticated tokenisation framework, CRMON provides complete economic exposure to Salesforce equity performance while enhancing operational advantages that exceed traditional ownership. The launch of CRMON reflects the broader evolution of financial markets towards blockchain infrastructures that maintain regulatory compliance while delivering increased efficiency. Ondo Finance's extensive approach to regulatory adherence, institutional-grade security, and technological innovation solidifies CRMON as a model for future tokenised securities, delivering access previously unattainable in conventional brokerage structures. As the tokenised asset sector continues to develop, CRMON is well-positioned to address historical inefficiencies in capital markets while providing investors with innovative solutions for accessing traditional securities. The outlook for CRMON looks exceptionally promising, supported by ambitious expansion plans, technological innovations, and strategic partnerships, thereby representing a pioneering model of modern financial infrastructure evolving through blockchain integration.

3.4k Total ViewsPublished 2025.12.05Updated 2025.12.05

What is CRMON

What is SHOPON

Shopify Tokenized Stock (Ondo): A Comprehensive Analysis of Real-World Asset Tokenization in Web3 This article delves into the Shopify Tokenized Stock (Ondo), recognised by its ticker symbol $SHOPON, exploring its implications at the intersection of traditional finance and blockchain technology. As a part of Ondo Finance's tokenized securities platform, Shopify’s tokenized stock exemplifies advancements in democratizing access to global capital markets through innovative digital assets. Introduction and Overview of Shopify Tokenized Stock (Ondo) Shopify Tokenized Stock (Ondo), or $SHOPON, portrays a pivotal innovation in the realm of tokenized securities, allowing investors to gain economic exposure akin to directly owning shares of Shopify Inc. This token, developed under the umbrella of Ondo Finance, not only provides investors with the ability to hold digital representations of the company’s stock but also integrates features such as automatic reinvestment of dividends. This advancement represents a substantial shift in the landscape of decentralized finance (DeFi), linking conventional equity markets with blockchain solutions designed to enhance accessibility, transparency, and liquidity. By eliminating geographical barriers and enabling 24/7 trading capabilities, $SHOPON is positioned as a bridge connecting traditional financial instruments and the emerging Web3 ecosystem. What is Shopify Tokenized Stock (Ondo), $SHOPON? The $SHOPON token serves as a digital manifestation of Shopify Inc.'s shares, engineered to provide a direct correlation to the underlying asset's performance. Through the utilization of blockchain technology, the token gives holders a mechanism to participate in the economic benefits associated with equity ownership, including capital appreciation and dividend distribution. The unique aspect of $SHOPON lies in its automatic dividend reinvestment mechanism, which allows returns to compound without necessitating active management by the investor. This feature inherently enhances its attractiveness as an investment vehicle, particularly for individuals seeking passive income growth alongside exposure to high-performing equities. The tokenization process is facilitated by the custody of actual Shopify shares through regulated intermediaries, ensuring that every $SHOPON token is verifiably backed by real equity. This structure empowers investors with the dual advantages of both traditional financial characteristics and the innovative benefits tied to blockchain technology. Who is the Creator of Shopify Tokenized Stock (Ondo)? The creator of Shopify Tokenized Stock (Ondo), Nathan Allman, is an experienced figure in the finance sector, formerly associated with Goldman Sachs. His rich background includes significant expertise in digital asset development, bridging the gap between traditional finance and cryptocurrencies. Allman’s educational journey, marked by studies at Brown University, provided him with a deep understanding of economics and biology, equipping him with analytical skills that inform his strategic vision. In 2021, he founded Ondo Finance, committing to developing tokenized securities that meet institutional-grade standards while leveraging blockchain's transformative capabilities. Under Allman's leadership, Ondo Finance has focused on creating compliant and innovative financial products that empower a diverse investor base. Who are the Investors of Shopify Tokenized Stock (Ondo)? The investment landscape surrounding Shopify Tokenized Stock (Ondo) is notably robust, underpinned by significant institutional support. Primarily, Pantera Capital stands out as a strategic partner through the Ondo Catalyst initiative, a $250 million commitment aimed at accelerating the development of on-chain capital markets. This partnership not only signifies institutional confidence in the potential of tokenized assets but also reinforces Ondo Finance's operational capabilities and market positioning. The funding pathways have included earlier rounds that amassed millions in seed funding and further structural investments, solidifying relationships with both venture capital firms and private investors. Moreover, the financial framework is complemented by strategic partnerships with established financial institutions and technology companies, enhancing Ondo’s infrastructure and operational expertise. How Does Shopify Tokenized Stock (Ondo), $SHOPON Work? At the core of $SHOPON's operational framework is a sophisticated system integrating traditional finance mechanisms with blockchain technology. The custody of actual Shopify shares ensures that token holders retain authentic economic exposure, safeguarding their investments in line with recognized legal structures. The smart contracts employed in managing $SHOPON handle various functions, including automatic dividend reinvestment and ownership transfer, offering instant settlement and increased liquidity, marking a significant departure from conventional trading systems plagued by multi-day settlement delays. By providing interoperability with other decentralized finance applications, $SHOPON empowers holders with potentially lucrative opportunities for advanced investment strategies, including lending and automated market making. This complex integration presents a unique value proposition, catering to both traditional and crypto-native investors. The innovative structure of $SHOPON also allows for real-time settlements and transactions documented on the blockchain, delivering unparalleled transparency and security—a major advancement over standard equity trading practices. Timeline of Shopify Tokenized Stock (Ondo) March 2021: Nathan Allman establishes Ondo Finance, initially focusing on decentralized finance yield optimization. August 2021: Completion of a $4 million seed funding round led by Pantera Capital. January 2023: Launch of initial tokenized treasury security products, laying the groundwork for future equity tokenization. July 2025: Announcement of the Ondo Catalyst initiative, a strategic investment program valued at $250 million, aimed at propelling the development of tokenization in capital markets. September 3, 2025: Launch of Ondo Global Markets featuring over 100 tokenized U.S. stocks and ETFs, including $SHOPON. Technical Implementation and Blockchain Infrastructure Shopify Tokenized Stock (Ondo) operates on a technical architectural framework that marries blockchain protocols with traditional financial custody arrangements. The ecosystem leverages Ethereum's smart contract capabilities, providing seamless transaction management while ensuring compliance with regulatory standards through established financial custodians. Central to this architecture are security measures and transparent transaction records that affirm the legitimacy of each tokenholder's economic stake. With automated features managed by intricate smart contracts, $SHOPON not only streamlines ownership transfers but also allows for the tactical reinvestment of dividends—a hallmark of modern investment strategies. Moreover, the incorporation of LayerZero technology facilitates cross-chain interoperability, making $SHOPON accessible across multiple blockchain environments while preserving its functional robustness. This forward-thinking technical design positions $SHOPON as an adaptable asset within the larger DeFi milieu. Regulatory Framework and Compliance Architecture $SHOPON's regulatory framework is built upon the meticulous navigation of existing financial regulations that govern securities. The custody arrangements for the underlying Shopify shares are managed by U.S.-regulated broker-dealers, ensuring compliance and protection for investors. By maintaining a separation between the blockchain tokenization process and traditional custody, $SHOPON adheres to legal requirements while offering innovative functionalities that challenge conventional constraints. This dual-layered compliance approach enhances investor confidence and underscores Ondo Finance's commitment to regulatory integrity. Notably, the availability of $SHOPON is tailored to international investors from regions such as Asia-Pacific, Europe, and Africa, as regulatory parameters in the U.S. and U.K. present challenges in accessing tokenized securities. Market Access and Global Distribution Strategy The distribution strategy of $SHOPON is keenly designed to optimize global access while conforming to regulatory standards. The platform aims to establish comprehensive coverage for eligible investors across multiple regions, effectively dismantling traditional barriers through the implementation of blockchain technology. Integration with various cryptocurrency wallets and exchanges also promotes user-friendliness and accessibility, establishing a streamlined experience for investors to manage their holdings. Moreover, the 24/7 trading capabilities afforded by the tokenized model allow participants to react promptly to market shifts, fundamentally transforming how global equities are accessed and traded. Technology Integration and Cross-Chain Functionality The remarkable technological underpinnings of $SHOPON propagate its multi-chain functionality, set to expand its reach beyond Ethereum to networks such as Solana and BNB Chain. Such cross-chain capabilities allow users flexibility when navigating between blockchains, concurrently leveraging distinct network attributes to optimize their trading experience. LayerZero serves as the backbone for ensuring decentralized transfers between networks while providing the requisite security and speed, quintessential for maintaining investor trust. This comprehensive interoperability illustrates $SHOPON's commitment to being a versatile, user-centric asset in the evolving investment landscape. Ecosystem Integration and DeFi Compatibility Incorporating $SHOPON into broader DeFi protocols signifies its potential beyond traditional stock ownership. Token holders can leverage their holdings for various sophisticated strategies and applications, enhancing investment returns and liquidity management. By establishing a presence in lending protocols and automated trading systems, $SHOPON effectively democratizes access to advanced financial strategies previously limited to institutional investors. Such integration contributes to a more competitive and dynamic financial landscape, where individual investors can capitalize on tools typically reserved for larger entities. Risk Management and Security Framework Security remains paramount in the operational infrastructure of $SHOPON. The tokenization framework employs multiple layers of protection—beginning with regulated custody of the underlying Shopify shares. The operational protocols establish rigorous auditing, key management, and transaction monitoring standards, thus safeguarding against potential vulnerabilities. Moreover, meticulous adherence to evolving regulatory requirements provides an extra layer of security, fortifying investor protections and institutional compliance. Market Impact and Industry Implications The introduction of Shopify Tokenized Stock (Ondo) heralds a transformative shift in how financial markets operate, emphasizing the potential of tokenized securities to reshape traditional investment paradigms. The successful integration of $SHOPON encapsulates the efficiencies inherent in blockchain technology and opens avenues for new user demographics previously barred from extensive market participation. The impact extends beyond the immediate benefits to token holders, indicating broader trends that may challenge the status quo of investment services, particularly in addressing geographic restrictions and operational costs typically associated with traditional brokerage platforms. Undeniably, $SHOPON encapsulates the potential for traditional institutions to innovate further, leveraging the increasing demand for seamless blockchain access to complement existing financial infrastructure. Future Development Roadmap and Strategic Vision As Ondo Finance looks forward, the trajectory of $SHOPON rests on ambitious goals aimed at broadening the spectrum of available tokenized assets significantly. Over the next few years, plans are in place to expand to more than 1,000 tokenized securities, further enhancing market participation and investment options for individuals worldwide. Continued integration with traditional financial actors, development of specialized institutional products, and enhancements in automated trading capabilities will ensure that $SHOPON maintains its position at the forefront of financial innovation. Regulatory collaboration will also remain a focal point, establishing a framework that not only supports the compliance requirements but also promotes a healthy environment for tokenized asset proliferation. Conclusion and Market Significance In summary, Shopify Tokenized Stock (Ondo), represented by the ticker $SHOPON, is more than merely a tokenized equity offering; it embodies the innovation possible when traditional finance collides with modern blockchain applications. With a robust technical architecture, a commitment to compliance, and a clear strategic vision, $SHOPON exemplifies the potential for tokenized assets to enhance liquidity, accessibility, and functionality in capital markets. As the global investment landscape evolves, the transformative implications of $SHOPON extend beyond individual investors to revolutionize how financial instruments are perceived, traded, and utilized within both traditional and decentralized frameworks.

3.4k Total ViewsPublished 2025.12.05Updated 2025.12.05

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