Pump.fun (PUMP)

➥ Is $PUMP slowly moving away from $SOL?

Starting May 21, @Pumpfun will allow creators to choose either SOL or USDC as the quote asset when memecoins graduate from bonding curve → PumpSwap.

That changes a lot more than people think.

Impact on $SOL:

– Less SOL locked into LPs
– Lower artificial TVL growth from memecoin launches
– Reduced demand for SOL liquidity provisioning
– USDC pairs may absorb a large part of future volume

For months, memecoin graduations were quietly creating constant buy + lock pressure for SOL.

Now that dynamic weakens.

Impact on $PUMP:

– More flexibility for creators
– USDC pairs are easier for long-term holders
– Potentially higher trading volume on PumpSwap
– Revenue still flows back to the ecosystem
– Stronger long-term positioning beyond SOL dependency

I actually think this upgrade is more bullish for $PUMP than for $SOL.

https://t.co/k3MFu0Xkfw is starting to position itself more like a standalone trading infrastructure layer rather than just a Solana memecoin app.

took the same framework. added one more variable.

Revenue Yield tells you how cheap a protocol is relative to what it earns. but yield without growth is just a value trap.

so I looked at Q1 revenue growth alongside yield for the protocols on this list.

➛ pumpfun: 25.4% yield. revenue down 21.7% in Q1.
➛ Limitless: 19.6% yield. revenue up 163% in Q1
➛ Aster: 2.2% yield. revenue down 73.5% in Q1.
➛ Hyperliquid: 1.5% yield. revenue down 9.7% in Q1.
➛ Uniswap: 1.0% yield. revenue up 109% in Q1. growth is there, yield isn't.

high yield. accelerating growth. still early.

the market hasn't caught up yet.

built a $pump position earlier today

will post research later but i think its severely mispriced at these levels