<p>作者：Mohamed Allam，Messari；翻译：金色财经</p>
<p>Pump.fun Live 最近经历了首次突破。一种名为 Bagwork 的代币在短短两天内达到了近 5000 万美元的市值。Bagwork 团队完全沉迷于直播的放纵：在足球比赛中裸奔，在市场价值高峰时纹身，泄露 Drake 的歌曲，以及进行大多数人绝对不会尝试的特技。正是这种混乱使 Pump.fun 与众不同。它是一个可以做任何事情的平台，为创作者提供了巨大的潜力。它是新一代 “堕落青年” 的完美舞台，他们在这种内容中茁壮成长。现实可能很悲惨，但 Pump.fun 知道这一点——一个二十出头的团队，了解下一代想要什么。Bagwork 团队在没有出售任何代币的情况下赚取了近 20 万美元的创作者佣金。Pump.fun 的模式让创作者可以从每笔交易中分成，这意味着他们可以在不损害社区的情况下获利。这并不会完全消除 “跑路” 现象，但在如此高的回报下，激励会发生变化。从博弈论的角度来看，如果主播想要在长期内蓬勃发展，他们就有更强的理由继续吸引观众和交易者使用他们的代币，从而产生稳定的收入。Pump.fun 的真正挑战是找到专业的主播，而不是追逐快速赚钱的机会主义者。换句话说：Bagwork 团队在两天内赚到的金额是顶级 Twitch 主播通常一个月的收入。Pump.fun 通过允许创作者直接与观众连接，打破了这一时间线，消除了中介的需求。主播创作，观众交易，所有人都能获得报酬。直播本身仍处于初期阶段。在过去十年中，随着 Fortnite 和《英雄联盟》主播在 Twitch 上的出现，直播真正爆发。Pump.fun 正在试图缩短整个增长曲线，目标是在短短一两年内实现 Twitch 十年才建立的成就。前进的道路很简单：吸引合适的主播并保持用户的参与。如果他们能够提供合适的激励，Pump.fun 有潜力成为加密货币领域最大的消费应用。否则，它可能会像崛起一样迅速下滑。</p>
<p><img src="https://imageproxy.pbkrs.com/https://img.jinse.cn/7400144_watermarknone.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img.jinse.cn/7400144_watermarknone.png"/></p>

<p>Pump.fun 已成为一个新的直播平台，最近以代币 Bagwork 实现了近 5000 万美元的市值。该平台允许创作者直接从交易中获利，提供比传统直播服务（如 Twitch）更具盈利性的模式。Bagwork 团队在短短两天内就赚取了 20 万美元的创作者佣金，突显了创作者的潜力。Pump.fun 旨在吸引专业主播并吸引用户，目标是成为加密货币领域的领先消费应用</p>

<p>Author: Mohamed Allam, Messari; Translated by: Golden Finance</p>
<div class="lb-trans"><p>作者：Mohamed Allam，Messari；翻译：金色财经</p>
</div><p>Pump.fun Live recently experienced its first breakthrough. A token called Bagwork reached a market capitalization of nearly $50 million in just two days. The Bagwork duo completely indulged in the depravity of livestreaming: streaking at football games, getting tattoos at peak market value, leaking Drake songs, and pulling off stunts most people would never touch. It's this chaos that sets Pump.fun apart. It's a platform that can do anything, with immense potential for creators. It's the perfect stage for a new generation of &#34;degenerate youth&#34; who thrive on this kind of content. The reality may be sad, but Pump.fun knows it—a team in their early twenties who understand what the next generation wants. The Bagwork team earned nearly $200,000 in creator commissions without selling any tokens. Pump.fun's model lets creators take a cut of every transaction, meaning they can profit without harming the community. This won't completely eliminate the phenomenon of &#34;running away,&#34; but with such returns, incentives shift. From a game theory perspective, if streamers want to thrive in the long term, they have a stronger reason to continue attracting viewers and traders to use their tokens, thereby generating a stable income. The real challenge for Pump.fun is finding professional streamers, not opportunists chasing a quick buck. To put this in perspective: the Bagwork team earns in two days what a top Twitch streamer typically makes in a month. Pump.fun breaks this timeline by allowing creators to connect directly with their audience, eliminating the need for a middleman. Streamers create, viewers trade, and everyone gets paid. Live streaming itself is still in its infancy. It truly exploded over the past decade with the arrival of Fortnite and League of Legends streamers on Twitch. Pump.fun is attempting to shorten the entire growth curve, aiming to achieve in just a year or two what took Twitch a decade to build. The path forward is simple: attract the right streamers and keep users engaged. If they can provide the right incentives, Pump.fun has the potential to become the largest consumer application in the cryptocurrency space. Otherwise, it could fall as quickly as it rose.</p>
<div class="lb-trans"><p>Pump.fun Live 最近经历了首次突破。一种名为 Bagwork 的代币在短短两天内达到了近 5000 万美元的市值。Bagwork 团队完全沉迷于直播的放纵：在足球比赛中裸奔，在市场价值高峰时纹身，泄露 Drake 的歌曲，以及进行大多数人绝对不会尝试的特技。正是这种混乱使 Pump.fun 与众不同。它是一个可以做任何事情的平台，为创作者提供了巨大的潜力。它是新一代 “堕落青年” 的完美舞台，他们在这种内容中茁壮成长。现实可能很悲惨，但 Pump.fun 知道这一点——一个二十出头的团队，了解下一代想要什么。Bagwork 团队在没有出售任何代币的情况下赚取了近 20 万美元的创作者佣金。Pump.fun 的模式让创作者可以从每笔交易中分成，这意味着他们可以在不损害社区的情况下获利。这并不会完全消除 “跑路” 现象，但在如此高的回报下，激励会发生变化。从博弈论的角度来看，如果主播想要在长期内蓬勃发展，他们就有更强的理由继续吸引观众和交易者使用他们的代币，从而产生稳定的收入。Pump.fun 的真正挑战是找到专业的主播，而不是追逐快速赚钱的机会主义者。换句话说：Bagwork 团队在两天内赚到的金额是顶级 Twitch 主播通常一个月的收入。Pump.fun 通过允许创作者直接与观众连接，打破了这一时间线，消除了中介的需求。主播创作，观众交易，所有人都能获得报酬。直播本身仍处于初期阶段。在过去十年中，随着 Fortnite 和《英雄联盟》主播在 Twitch 上的出现，直播真正爆发。Pump.fun 正在试图缩短整个增长曲线，目标是在短短一两年内实现 Twitch 十年才建立的成就。前进的道路很简单：吸引合适的主播并保持用户的参与。如果他们能够提供合适的激励，Pump.fun 有潜力成为加密货币领域最大的消费应用。否则，它可能会像崛起一样迅速下滑。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.jinse.cn/7400144_watermarknone.png" alt="" original-src="https://img.jinse.cn/7400144_watermarknone.png"/></p>

从 Twitch 到 Pump.fun：直播行业的下一次演变