Ansem: PUMP can be valued using Layer 1 (L1) logic, and he is optimistic that pump.fun will emerge as a super app in this cycle.

Crypto trader Ansem noted that the market has not yet fully priced in pump.fun’s evolution into a Layer 1 (L1)-like underlying infrastructure, where other token-launching platforms could directly build in the future. Few are currently focused on the creator fee splits pump.fun pays to token creators: the ratio is nearly 1:1 relative to the platform’s revenue, meaning for every ~$500 million the platform generates, token creators receive roughly $500 million in creator fees after their tokens complete the bonding curve phase, giving teams strong incentives to build products on pump.fun. He believes this economic structure may be superior to that of traditional L1s, as pump.fun can collect fees from every layer of token-launching platforms and each token they issue. With the rollout of features like custom trading pairs and Callout Rewards, the market may gradually start valuing PUMP in a manner similar to Layer 1 assets. He also expressed strong optimism about the investment thesis that pump.fun will develop into a "super app" in this cycle.