There is something strange. Why did everyone curse when Pump first announced that it would raise funds with a 4b FDV? At that time, I thought it was possible to transfer money, because Pump was still the absolute leader of Launchpad at that time, and its daily income was stable at more than 1m. Pump was also the biggest and perhaps the only innovation in the currency circle in this bull market, which would bring a certain emotional premium. I even contacted Alon privately to invest 5m with a 4b FDV. At that time, I really thought it was an investment with a high probability of making money, and the lower limit was very high, and I would not lose much. But Alon ignored me. I was still feeling that it was a good thing that Alon ignored me two days ago, otherwise I would have lost 2m if I transferred the money. But now Pump seems to be really going to open a public fund, and I don’t understand why many people seem to want to transfer money now. Because the current situation has really taken a sharp turn for the worse compared to that time. Bonk has emerged as a dark horse and directly seized most of the market of Pump, becoming the new leader of Launchpad. Pump's daily income in the past two days is 500,000 U, only half of Bonk's daily income in the past two days. Bonk may not always surpass Pump, but the situation in the past few days at least proves that Pump is unsustainable. Just like the competition between Meituan and Ele.me, and Meituan and JD.com, as long as they are willing to spend money, Pump does not seem to be irreplaceable at present, and even how long the Launchpad sector itself can last is a big question mark.