1亿美元流动性を解放？Pump.fun新政策が5分間のプルーフ・オブ・パンプをテスト
- 核心的な見解：Pump.funがBOOSTモードを導入。元々流動性プール（LP）にロックされていた約20%の「死んだ流動性」資金を、トークン移行後最初の5分間でTWAPを通じて買い入れ、焼却することで、短期的な買い需要を創出し、流通供給を削減。これにより、トークン発行後の短期的なパフォーマンスを改善し、ユーザーの定着率向上を目指す。
- 重要な要素：
- BOOSTモードの仕組み：トークンがバンドルカーブから卒業し、PumpSwap流動性プールに移行する際、プラットフォームは約20%の資金（SOL取引ペアで17.6 SOL）を留保。5分間でTWAP方式で継続的にそのトークンを買い入れ、焼却する。
- 「死んだ流動性」問題の解決：従来の仕組みでは、約20%の流動性が永久にLPにロックされ、サンクコストとなっていた。プラットフォーム試算では、年間1億ドル以上の流動性がこれにより失われている。BOOSTモードはこの資金を実際の買い需要に転換する。
- 自動有効化と範囲：北京時間2025年7月21日22:23以降に移行されたPump.funトークンには、自動的にBOOSTモードが有効化される。以前に移行されたトークンや、Mayhemモードで発行されたトークンには適用されない。
- プラットフォーム収入とトークン価格：現在のPump.funの年換算収入は約3億4254万ドル、総買戻し価値は約4億1127万ドルに上るが、トークン価格は高値の0.008ドルからは依然として大きく乖離しており、大規模な買戻し効果は限定的であることを示している。
- 潜在的なリスク：追加の買い圧力は、質の低いトークンの発行ハードルを下げ、より過激なトークン発行行動を促す可能性がある。5分というTWAPウィンドウは短く、買い需要が止んだ後に大量売り注文が発生すれば、トークン価格はより大きなスリッページで暴落する恐れがある。
Original Author: Ma He, Foresight News
On July 21, Pump.fun officially announced the launch of the BOOST mode, setting it as the standard default launch mechanism for new tokens. Following the announcement, the PUMP token price continued to fluctuate around $0.002.
According to official data, historically, when a token graduates from the bonding curve and migrates to a liquidity pool, approximately 20% of the liquidity becomes "dead liquidity." Even if all holders sell their tokens, this portion of funds remains permanently locked in the LP and can no longer be utilized. The platform estimates that this mechanism results in over $100 million in permanent liquidity loss annually.
The core action of the BOOST mode is straightforward: it takes this otherwise wasted capital and, within the first 5 minutes after token migration, uses it to continuously buy the token via TWAP (Time-Weighted Average Price), immediately burning all purchased tokens. Upon token graduation, Pump.fun forcibly retains approximately 20% of the funds. Based on fixed migration rules, for SOL trading pairs, 17.6 SOL is retained, while for USDC trading pairs, approximately $2,516 is retained.
All of these funds come from the portion of liquidity "sacrificed" during previous migrations, not from new platform subsidies. After the purchase is complete, the corresponding tokens are directly burned, creating short-term buying pressure and permanently reducing the circulating supply.
Using Reserve Funds to Provide 5-Minute Buy Pressure for Tokens
Pump.fun's classic process is: users create a token with one click, trade it on the bonding curve, and once the token reaches a certain market cap threshold, it automatically migrates to the PumpSwap liquidity pool. During migration, the platform locks a portion of liquidity into the LP at a predetermined ratio to ensure subsequent trading depth.
The problem is that this locked portion of funds is relatively high. Even if the token's price later goes to zero and everyone clears their positions, a "dead fund" remains in the LP. This capital cannot be withdrawn or reallocated to other active assets, creating systemic capital waste. The official estimate is "over $100 million annually."
The BOOST mode does not alter the trading experience on the bonding curve or adjust the graduation threshold itself. It does not arbitrarily add or release any external liquidity. Instead, it extracts the 20% settlement funds originally intended for the LP, uses them to buy on the secondary market via TWAP within 5 minutes, and immediately burns them.
The official document explicitly states that Pump.fun tokens migrating after 22:23 Beijing time on July 21 will automatically have the BOOST configuration enabled. Tokens migrated before this time, as well as those launched through the Mayhem (AI Agent Lab) mode, are not eligible for this mechanism.
Fireworks in the First 5 Minutes
As of July 22, Pump.fun's annualized revenue is approximately $342.54 million, with total buyback token value around $411.27 million. However, its token price remains far from its all-time high of $0.008. Simply relying on large-scale buybacks is no longer sufficient to effectively boost price expectations.
The essence of BOOST is not adding another round of buybacks for PUMP, but rather attempting to solve the product issues of the launchpad itself.
The underlying logic might be: if the graduated meme coin has slightly better liquidity and slightly stronger short-term performance, trader retention and repeat purchase willingness will increase. In a PVP environment, most players simply don't care about a meme coin's fate three days later; they care about the moment of graduation—whether it can "skyrocket." Pump.fun's team may have realized this: rather than rigidly locking 20% of the capital in the LP pool for defense, it's better to turn this money into "fireworks" for the first 5 minutes.
The platform's true moat is not "high token issuance volume," but "a certain proportion of issued tokens can sustainably generate trading volume." Only by stabilizing the latter can protocol revenue be truly sustainable. With stable or growing revenue, buybacks have continuous ammunition, rather than feeling like "using existing income to prop up the price" as buybacks diminish in effectiveness.
Of course, many traders worry that the additional buying pressure will lower the actual difficulty of project launches, potentially making more low-quality tokens appear "successful," thereby encouraging more aggressive launch behavior. Others point out that the 5-minute TWAP buying window is still short; once buying stops after 5 minutes and large sell orders hit, the token price could crash with even more severe slippage than before. Essentially, this trades the extreme risk of post-graduation sell-offs for an illusion of a price pump in the first 5 minutes.
