PUMP post-mortem: Breaking down the pump.fun ICO

Key Points

1. The pump.fun ICO raised $500 million onchain and $100 million via CEXs, totaling a $4 billion FDV, with 12.5% of the supply sold in 12 minutes.

2. PUMP's price initially surged 70% above the initial mark before stabilizing at 14% above, reaching a $4.6 billion FDV.

3. Blockworks Research analyst noted this as a rare instance where a decentralized exchange on Solana outperformed traditional platforms, making the sale accessible to less sophisticated investors.

4. The event challenged the perception of Solana's instability, demonstrating its capability to handle high-volume transactions efficiently.

5. The success of the ICO underscores the potential for decentralized exchanges to play a significant role in future token sales.