Pump.fun tái cấu trúc cơ chế phí sáng tạo, Liên sáng tạo phân tích các cái bẫy kích thích đằng sau sự thịnh vượng ngắn hạn

【BlockBeats】Pump.fun announced on January 10 that it was restructuring the creator fee mechanism, a move that reflects an interesting market dilemma behind it.

Co-founder Alon Cohen frankly pointed out the problem. Although the current Dynamic Fees V1 mechanism has dramatically boosted platform activity in the short term, from a longer time dimension, it “may have distorted the incentive structure” and has not established a sustainable market behavior pattern. In other words, this mechanism encourages creators to issue tokens with low risk in large quantities, while actually inhibiting the high-risk but truly needed trading activity for the platform.

Cohen further explained the problems with this structure: “Traders are the core source of platform liquidity and trading volume, and this structure is dangerous.” An ecosystem lacking traders is ultimately flawed.

Looking back at the period when the mechanism launched, things were indeed quite good. New creators flocked in, creating hype through livestreams and other methods, and Pump.fun’s bonding curve trading volume even doubled within weeks, and the on-chain environment during that period was indeed remarkably strong. But hype, like all speculative booms, comes fast and goes fast, with the problems that followed becoming unavoidable.

As a first-phase adjustment solution, Pump.fun introduced a creator fee sharing mechanism. This mechanism allows creators or community take-over (CTO) administrators to flexibly distribute fees in proportion to up to 10 wallets after the token launches. It also supports operations like transferring token ownership and revoking update permissions.

Cohen particularly emphasized one point: Pump.fun team members will not collect creator fees under any circumstances. This feature is purely designed to serve frontline players. Fees can be claimed at any time, and unclaimed fees don’t expire or become invalidated. This design philosophy is actually quite sophisticated, giving creators sufficient autonomy and flexibility.