Opinion: Top CEXs should learn from Pump.fun's model
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Opinion: Top CEXs should learn from Pump.fun's model
Pump.fun not making money is not a drawback but precisely its feature.
Navigating Web3 tides with focused insightsBy 0xTodd
Let me start with a controversial claim: The only way for Tier-1 CEXs to preserve their revenue, reputation, and market position simultaneously is by launching a model similar to Pumpfun.
Why?
Many people recently cited a news report mocking the fact that only 3% of users on Pumpfun have made over $1,000 in profit—and used this as an argument against participating in meme coins.
Let me tell you: the fact that Pumpfun isn’t profitable isn’t a flaw—it’s exactly its feature.
Precisely because most projects on Pumpfun don’t make money—and everyone knows the odds of profiting are low—users approach each project with equal skepticism, carefully scrutinizing them (well, assuming you count meme evaluation as a form of due diligence).
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This mechanism grants every project:
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A highly accessible participation window;
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An extremely low-cost entry point.
Its fairness far exceeds today’s current 【team - VC - airdrop - listing】system.
Because it's easy to lose money, every participant on Pumpfun engages with high caution and low ambition—capping losses at 0.1 SOL per trade.
But for Binance or Coinbase, users wear different lenses. There’s an innate assumption that with backing from major exchanges, prices will go up.
For new tokens on Tier-1 CEXs, participants act in the opposite way—engaging with minimal caution but maximum ambition, where losses start at $50k or $100k.
If Binance or Coinbase were to directly launch a Pumpfun-like model (what Jason refers to as a "Growth Enterprise Board"), setting extremely low listing barriers—such as a $50k deposit with basic rules like dev lockups for one year—allowing free listing,
Then it would enable truly open market dynamics, rather than being manipulated by the invisible hand of "listing + bribe." This would be a clear net positive.
It would ensure every breakout star project emerges first on Binance—not Bybit, Bitget, or MXC.
And this has already been proven: Pumpfun now effectively guarantees that nearly every trending project originates there first.
And yes—this also means “leaving sufficient profits for secondary markets,” reclaiming everything stolen by Raydium and Uniswap.
This is how Tier-1 CEXs can cement their dominance forever, remaining unshakable and evergreen.
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