Yesterday, the Solana on-chain was quite lively, first with $CARD and $ZARD driving the on-chain RWA boom for Pokémon cards, followed by the well-known KOL HIM boosting the skin market for CS2, with $HUCH's market capitalization also skyrocketing. It seems that the concept of ICM is gaining momentum on Solana.
At the same time, PumpFun released a version update video, introducing Project Ascend and Dynamic Fees V1, and proposed a new concept called Creator Capital Markets (CCM), which at first glance seems to have little difference from the product ideas of Heaven and Bags from some time ago.
However, this has also triggered a return of a batch of project parties, including calling back the Memecoin trader Mitch, who had been banned by X for a long time. He issued his own live streaming coin on Pumpfun, which surpassed a market capitalization of 42 million USD within three hours. This series of activities has driven other live streaming tokens to rise collectively, while the number of tokens created on Pumpfun and its graduation rate have both increased by over 40%.
Pumpfun's ambition this time seems to go beyond just wanting ICM; instead, they want to use the concept of CCM to make Pumpfun an even more extreme version of Twitch.
Project Ascend's innovation
According to the official information released by Pump.fun, the core change brought by Project Ascend is the Dynamic Fees V1 system. This new tiered creator fee structure completely transforms the previous fixed-rate model. In the past system, creators received the same percentage of trading fee sharing regardless of the token's market capitalization. Now, the system introduces a dynamic rate linked to market capitalization—tokens with higher market capitalization have lower creator fees, while smaller projects continue to contribute higher fees. The logic behind this design is to encourage creators to focus on the long-term growth of the token rather than short-term cashing out.
pumpswap different market capitalization tokens corresponding to transaction fees and content creator earnings
The official claim is that this update has increased the potential earnings for creators by 10 times. For those creators who can successfully operate a token ecosystem, this means they no longer need to profit by selling their holdings but can instead obtain stable income through continuous sharing of transaction fees. This shift in model is a key step that Pump.fun is trying to address the common "pump and dump" issue in the memecoin ecosystem.
Dynamic Fees V1 applies to all PumpSwap tokens, including newly issued and existing tokens, while maintaining the same protocol and liquidity provider fee distribution. For those "abandoned" projects where the creators have disappeared, the fees will flow to the community. CTO projects can apply to receive creator fees, and Pump.fun promises to significantly expedite the approval process.
Mitch's Return: A Small Town Story from Bankruptcy to Millionaire
After the announcement of the update on Pump.fun, the first heavyweight return is the legendary trader Mitch (@MitchOnSOL_) who has been banned multiple times by platform X. His story is almost well-known in the Solana memecoin community.
Entering the crypto space in 2022, he initially profited through contract trading but nearly lost all his funds due to an addiction to online blackjack gambling. By 2023, he was left with only 1 SOL, but he achieved a 100x return by buying Milady, then invested in Milady again for another 100x return, and subsequently invested in popular memecoins like Retardio, pushing his asset peak up to 8 million dollars.
Mitch's controversy in the community is as notable as his success. Members of the community like TMtheOG accuse him of being an "insider" of the Pump.fun team, claiming that he laundered millions of dollars through a soft rug pull, which led to him being banned by X officials. However, supporters like imperooterxbt defend him, stating that he is one of the few who dares to publicly buy high market capitalization tokens and promote them like an ordinary community member, rather than just pushing insider projects he holds. They argue that the reason for his ban was being "extorted" by X officials. Although this is just Mitch's side of the story, some community members who support him still voice their support by chanting "Free Mitch."
In this return, Mitch launched his own creator coin $MITCH. He personally purchased 80% of the supply, stating that he would not lock it but also would not sell it, only giving it away during future live broadcasts, with only 20% eventually entering circulation. In the issuance statement, he emphasized that this is not charity, but rather a "personal entertainment experiment." However, his address God.SOL holds a striking $24 million, making this experiment truly capable of providing him with "entertainment."
After its launch, MITCH quickly listed MOONSHOT, allowing its market capitalization to exceed 42 million dollars in a short period of time. However, if calculated based on "circulating market capitalization," the highest market capitalization is only about 8.4 million dollars.
Rasmr's Live Empire: From Researcher to Memecoin Influencer
Another blockchain researcher who has garnered attention alongside Mitch is rasmr_eth (@rasmr_eth). As a core member of the probablynothing community, he is joined by well-known streamers such as ThreadGuy, former DEGODS founder Frank Degod, and OGshoots, among others. Some of them formed an "insider group" known as the "Water Pipe Gang." They have issued multiple high market capitalization tokens, but many of these have faced soft rug pulls, which has made them quite controversial.
Rasmr has been active in the crypto space since 2011 and currently has over 117,000 followers. His influence is reflected not only in research and analysis but also in the unique community culture he has built through live streaming.
Rasmr once called other creators during a live broadcast to discuss memecoin opportunities (sometimes insider information), and these "classic meme moments" often become hot topics within the community.
He livestreams through his Twitch channel and pumpfun, covering content such as trading demonstrations, blockchain discussions, and even gaming streams like Path of Exile 2. His posts show a strong sense of community belonging, often engaging in some frenzied actions related to memecoins, sometimes taking Muard to the streets to aggressively promote Chillhouse, and other times crashing traditional fund companies to advocate for Fartcoin. While quite nonsensical, it has indeed brought more people into contact with memecoins on some level.
The live streaming token $rasmr he launched previously is currently fluctuating between a market capitalization of 5-7 million USD, and he also holds 80% of that token.
old-school trader Gainzy
Gainzy started his involvement in crypto from the 2017 bull market, during which he participated in multiple projects that yielded a 10-fold return on his assets. However, with the collapse of FTX, he ultimately lost most of his assets due to the platform's bankruptcy.
The bear market low of 2018-2019, this "hellish" experience is regarded by him as a valuable lesson, which he often shares in live broadcasts as part of CT history (Crypto Twitter history). He started with scalp trading and is skilled at profiting in volatile markets. He assesses that the long-term holding risks are usually high due to the influence of DXY (Dollar Index), bond yields, and Federal Reserve announcements, which also makes him enjoy trading Memecoins.
In contrast, he represents another path on the live streaming coin; compared to other streamers, he appears more "Boomer" (old-school). His streaming schedule is quite regular, starting at 10 AM every day, sometimes streaming for a few minutes and other times for several hours, just like a job. Sometimes it's about technical analysis of tokens and sharing trading strategies, other times it's discussions about the market with others, and sometimes it could just be gambling with friends or sharing personal life.
He self-deprecatingly refers to himself as Washed, with most of his fans coming from the early cycle (2017-2022), as the algorithm is unfavorable to new traffic. He emphasizes the essence of the streamer identity: "Most people are destined to fail (NPCs or boring people), only a few main characters can stand out." Interestingly, although he has issued his own live streaming token, he keeps his distance from others' live streaming tokens. He states that even though he knows their potential, the priority in this track is content quality, which is far more important than short-term profits.
His token GNZYSTRM has seen a steady price increase since its launch in April, fluctuating between a market capitalization of 2 million and 5 million.
BASEDD
BASEDD was launched in early 2024 by Jacky and others, initially focusing on NFT and memecoin projects within the Solana ecosystem. By 2025, it evolved into "BASEDD House," a content creation hub focusing on both physical and virtual content. In March 2025, they announced the Summer Content House initiative, selecting 7 creators through a "talent show" series, focusing on short videos, live streaming, vlogs, and cross-platform activations (such as Twitch, YouTube, Pump.fun). The initiative aims to break the "CT echo chamber" (Crypto Twitter echo chamber) and provide a viral content environment.
In August-September 2025, the community will enter Season 2 and migrate from Las Vegas to Los Angeles, deeply participating in the explosive growth of the Pump.fun live streaming track. Currently, its community token $BASEDD maintains a market capitalization between 2 million and 5 million dollars.
Although the community already has tokens, several members also possess their own "live streaming coins," such as GOON operated by @nevergoon100, which adopts a more entertaining approach. GOON's live streams are often filled with absurd and dramatic elements, and although this style is controversial, it has indeed successfully attracted the attention of a large number of young investors.
Goon gifted a child a memecoin worth 200 dollars $USDUC during the live broadcast and asked him to download pumpfun.
Is CCM innovation or another speculation?
The introduction of the Content Creator Markets (CCM) concept marks Pump.fun's attempt to build a brand new creator economy model. Unlike traditional creation platforms or live streaming platforms (such as Twitch), CCM allows creators' influence to be directly reflected and traded in the form of tokens. Audiences can no longer just support creators through tips or subscriptions; instead, they can share in the creator's success by purchasing tokens.
However, this is not the first time pumpfun has made such an attempt. Since the introduction of the live streaming feature by Pump.fun at the end of 2024, it has been controversial due to "lack of regulation," allowing users to post inappropriate content (drug use, adult content, extreme behavior), which is filled with a large amount of speculative behavior and potential market manipulation, causing many participants to suffer significant losses. How to encourage innovation while maintaining market order has become the biggest challenge faced by Pump.fun.
The community's reaction to CCM shows a clear divide. Threadguy pointed out in his post that "the era of influence being directly convertible to money" has arrived. However, there is also a significant amount of criticism claiming that this is just another round of speculative bubbles, ultimately harming retail investors.
The recent update of Pump.fun, is it an important step in the evolution of the memecoin ecosystem, or just another bubble about to burst? The answer may need to be provided by the market and time.
But it is certain that in the world of Web3, the relationship between creators and supporters is being redefined.
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Solana on-chain Carnival: Can Pump.fun's CCM reshape the creator economy?
Yesterday, the Solana on-chain was quite lively, first with $CARD and $ZARD driving the on-chain RWA boom for Pokémon cards, followed by the well-known KOL HIM boosting the skin market for CS2, with $HUCH's market capitalization also skyrocketing. It seems that the concept of ICM is gaining momentum on Solana.
At the same time, PumpFun released a version update video, introducing Project Ascend and Dynamic Fees V1, and proposed a new concept called Creator Capital Markets (CCM), which at first glance seems to have little difference from the product ideas of Heaven and Bags from some time ago.
However, this has also triggered a return of a batch of project parties, including calling back the Memecoin trader Mitch, who had been banned by X for a long time. He issued his own live streaming coin on Pumpfun, which surpassed a market capitalization of 42 million USD within three hours. This series of activities has driven other live streaming tokens to rise collectively, while the number of tokens created on Pumpfun and its graduation rate have both increased by over 40%.
Pumpfun's ambition this time seems to go beyond just wanting ICM; instead, they want to use the concept of CCM to make Pumpfun an even more extreme version of Twitch.
Project Ascend's innovation
According to the official information released by Pump.fun, the core change brought by Project Ascend is the Dynamic Fees V1 system. This new tiered creator fee structure completely transforms the previous fixed-rate model. In the past system, creators received the same percentage of trading fee sharing regardless of the token's market capitalization. Now, the system introduces a dynamic rate linked to market capitalization—tokens with higher market capitalization have lower creator fees, while smaller projects continue to contribute higher fees. The logic behind this design is to encourage creators to focus on the long-term growth of the token rather than short-term cashing out.
pumpswap different market capitalization tokens corresponding to transaction fees and content creator earnings
The official claim is that this update has increased the potential earnings for creators by 10 times. For those creators who can successfully operate a token ecosystem, this means they no longer need to profit by selling their holdings but can instead obtain stable income through continuous sharing of transaction fees. This shift in model is a key step that Pump.fun is trying to address the common "pump and dump" issue in the memecoin ecosystem.
Dynamic Fees V1 applies to all PumpSwap tokens, including newly issued and existing tokens, while maintaining the same protocol and liquidity provider fee distribution. For those "abandoned" projects where the creators have disappeared, the fees will flow to the community. CTO projects can apply to receive creator fees, and Pump.fun promises to significantly expedite the approval process.
Mitch's Return: A Small Town Story from Bankruptcy to Millionaire
After the announcement of the update on Pump.fun, the first heavyweight return is the legendary trader Mitch (@MitchOnSOL_) who has been banned multiple times by platform X. His story is almost well-known in the Solana memecoin community.
Entering the crypto space in 2022, he initially profited through contract trading but nearly lost all his funds due to an addiction to online blackjack gambling. By 2023, he was left with only 1 SOL, but he achieved a 100x return by buying Milady, then invested in Milady again for another 100x return, and subsequently invested in popular memecoins like Retardio, pushing his asset peak up to 8 million dollars.
Mitch's controversy in the community is as notable as his success. Members of the community like TMtheOG accuse him of being an "insider" of the Pump.fun team, claiming that he laundered millions of dollars through a soft rug pull, which led to him being banned by X officials. However, supporters like imperooterxbt defend him, stating that he is one of the few who dares to publicly buy high market capitalization tokens and promote them like an ordinary community member, rather than just pushing insider projects he holds. They argue that the reason for his ban was being "extorted" by X officials. Although this is just Mitch's side of the story, some community members who support him still voice their support by chanting "Free Mitch."
In this return, Mitch launched his own creator coin $MITCH. He personally purchased 80% of the supply, stating that he would not lock it but also would not sell it, only giving it away during future live broadcasts, with only 20% eventually entering circulation. In the issuance statement, he emphasized that this is not charity, but rather a "personal entertainment experiment." However, his address God.SOL holds a striking $24 million, making this experiment truly capable of providing him with "entertainment."
After its launch, MITCH quickly listed MOONSHOT, allowing its market capitalization to exceed 42 million dollars in a short period of time. However, if calculated based on "circulating market capitalization," the highest market capitalization is only about 8.4 million dollars.
Rasmr's Live Empire: From Researcher to Memecoin Influencer
Another blockchain researcher who has garnered attention alongside Mitch is rasmr_eth (@rasmr_eth). As a core member of the probablynothing community, he is joined by well-known streamers such as ThreadGuy, former DEGODS founder Frank Degod, and OGshoots, among others. Some of them formed an "insider group" known as the "Water Pipe Gang." They have issued multiple high market capitalization tokens, but many of these have faced soft rug pulls, which has made them quite controversial.
Rasmr has been active in the crypto space since 2011 and currently has over 117,000 followers. His influence is reflected not only in research and analysis but also in the unique community culture he has built through live streaming.
Rasmr once called other creators during a live broadcast to discuss memecoin opportunities (sometimes insider information), and these "classic meme moments" often become hot topics within the community.
He livestreams through his Twitch channel and pumpfun, covering content such as trading demonstrations, blockchain discussions, and even gaming streams like Path of Exile 2. His posts show a strong sense of community belonging, often engaging in some frenzied actions related to memecoins, sometimes taking Muard to the streets to aggressively promote Chillhouse, and other times crashing traditional fund companies to advocate for Fartcoin. While quite nonsensical, it has indeed brought more people into contact with memecoins on some level.
The live streaming token $rasmr he launched previously is currently fluctuating between a market capitalization of 5-7 million USD, and he also holds 80% of that token.
old-school trader Gainzy
Gainzy started his involvement in crypto from the 2017 bull market, during which he participated in multiple projects that yielded a 10-fold return on his assets. However, with the collapse of FTX, he ultimately lost most of his assets due to the platform's bankruptcy.
The bear market low of 2018-2019, this "hellish" experience is regarded by him as a valuable lesson, which he often shares in live broadcasts as part of CT history (Crypto Twitter history). He started with scalp trading and is skilled at profiting in volatile markets. He assesses that the long-term holding risks are usually high due to the influence of DXY (Dollar Index), bond yields, and Federal Reserve announcements, which also makes him enjoy trading Memecoins.
In contrast, he represents another path on the live streaming coin; compared to other streamers, he appears more "Boomer" (old-school). His streaming schedule is quite regular, starting at 10 AM every day, sometimes streaming for a few minutes and other times for several hours, just like a job. Sometimes it's about technical analysis of tokens and sharing trading strategies, other times it's discussions about the market with others, and sometimes it could just be gambling with friends or sharing personal life.
He self-deprecatingly refers to himself as Washed, with most of his fans coming from the early cycle (2017-2022), as the algorithm is unfavorable to new traffic. He emphasizes the essence of the streamer identity: "Most people are destined to fail (NPCs or boring people), only a few main characters can stand out." Interestingly, although he has issued his own live streaming token, he keeps his distance from others' live streaming tokens. He states that even though he knows their potential, the priority in this track is content quality, which is far more important than short-term profits.
His token GNZYSTRM has seen a steady price increase since its launch in April, fluctuating between a market capitalization of 2 million and 5 million.
BASEDD
BASEDD was launched in early 2024 by Jacky and others, initially focusing on NFT and memecoin projects within the Solana ecosystem. By 2025, it evolved into "BASEDD House," a content creation hub focusing on both physical and virtual content. In March 2025, they announced the Summer Content House initiative, selecting 7 creators through a "talent show" series, focusing on short videos, live streaming, vlogs, and cross-platform activations (such as Twitch, YouTube, Pump.fun). The initiative aims to break the "CT echo chamber" (Crypto Twitter echo chamber) and provide a viral content environment.
In August-September 2025, the community will enter Season 2 and migrate from Las Vegas to Los Angeles, deeply participating in the explosive growth of the Pump.fun live streaming track. Currently, its community token $BASEDD maintains a market capitalization between 2 million and 5 million dollars.
Although the community already has tokens, several members also possess their own "live streaming coins," such as GOON operated by @nevergoon100, which adopts a more entertaining approach. GOON's live streams are often filled with absurd and dramatic elements, and although this style is controversial, it has indeed successfully attracted the attention of a large number of young investors.
Goon gifted a child a memecoin worth 200 dollars $USDUC during the live broadcast and asked him to download pumpfun.
Is CCM innovation or another speculation?
The introduction of the Content Creator Markets (CCM) concept marks Pump.fun's attempt to build a brand new creator economy model. Unlike traditional creation platforms or live streaming platforms (such as Twitch), CCM allows creators' influence to be directly reflected and traded in the form of tokens. Audiences can no longer just support creators through tips or subscriptions; instead, they can share in the creator's success by purchasing tokens.
However, this is not the first time pumpfun has made such an attempt. Since the introduction of the live streaming feature by Pump.fun at the end of 2024, it has been controversial due to "lack of regulation," allowing users to post inappropriate content (drug use, adult content, extreme behavior), which is filled with a large amount of speculative behavior and potential market manipulation, causing many participants to suffer significant losses. How to encourage innovation while maintaining market order has become the biggest challenge faced by Pump.fun.
The community's reaction to CCM shows a clear divide. Threadguy pointed out in his post that "the era of influence being directly convertible to money" has arrived. However, there is also a significant amount of criticism claiming that this is just another round of speculative bubbles, ultimately harming retail investors.
The recent update of Pump.fun, is it an important step in the evolution of the memecoin ecosystem, or just another bubble about to burst? The answer may need to be provided by the market and time.
But it is certain that in the world of Web3, the relationship between creators and supporters is being redefined.