If you're wondering why ethereum:0x07f5b6823751c2e2cd4560f28af75ff887102241 is pushing $500M, it's because the market is starting to price it against solana:pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

Pumpfun:

→ ~$1.7B market cap

→ ~$1.65M fees yesterday

→ 50% of revenue buys & burns solana:pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

Pons:

→ pushing ~$500M market cap

→ ~$1M fees yesterday

→ 80% of protocol revenue buys & burns ethereum:0x07f5b6823751c2e2cd4560f28af75ff887102241

Pons is already doing ~60% of Pump's daily revenue at less than 1/3 of the valuation

And arguably the biggest difference is distribution

PUMPFUN has a massive insider supply selling into a protocol funded buyback bid

ethereum:0x07f5b6823751c2e2cd4560f28af75ff887102241 was an organic runner that was forced into price discovery from day one, with far more of the move driven by retail

Very different holder base

There’s also a quality of revenue difference

Pump’s cheap trading makes it easy for launchers/MMs to do huge volume and inflate fee stats

Pons has been far more organic/bid driven, with less dev controlled volume

Not all revenue is created equally and in my eyes pons is dominating (currently) in organic rev