DeFi + Pump Fun, can Super Exchange stand firm during this cycle?

Author: WOO X Research

Pump Fun Fatigue, Number of Issued Tokens Drops Over 60%

It is well known that the performance of Solana this period is closely tied to Pump Fun. Pump Fun allows everyone to issue tokens at an ultra-low cost, industrializing asset issuance. At its peak in late January this year, approximately 60,000 tokens were deployed daily, with daily revenue reaching as high as $15 million. In terms of trading volume, tokens related to Pump Fun accounted for over 50% of Solana's overall volume.

On the external environment front, it has experienced various negative events: a general market downturn, the Trump family issuing tokens to siphon market attention, and various countries and celebrities following suit to issue tokens, overstretching their influence. The last straw was Argentine President Milei's Libra, which harvested the hopes of the entire crypto market in less than three hours.

Returning to Pump Fun itself, since its launch, it has been continuously selling off its SOL holdings. Since 2025, the platform has transferred a total of 1,322,830 SOL to Kraken exchange, worth approximately $260 million.

Recently, they have been testing Pump Fun Swap, expecting to launch their own Dex, replacing the previous liquidity deployment at Raydium when the internal Bonding Curve was fully utilized. The desire for a "winner takes all" mentality is evident.

Looking at recent data, the number of issued tokens has plummeted from a high of 60,000 to around 22,000, returning to levels seen in October 2024, which coincided with the rise of memes and AI Agents.

In terms of mechanism design, Pump Fun resembles "fast food," where prices are more easily manipulated. In a market with ample liquidity, it can bring about countless wealth myths, but during market downturns with a lack of liquidity, it is destined for issues such as token market cap adjustments and reduced price sustainability. So, if the original mechanism of Pump Fun is combined with DeFi elements, can it extend sustainability?

Reference: Dune

Super Exchange = A Smoother Pricing Pump Fun

Super Exchange is also a token issuance platform, using an Infinite Bonding Curve pricing mechanism, which differs from Pump Fun's internal bonding curve and external AMM mechanism. Super Exchange uses Bonding Curve pricing throughout, characterized by more stable price fluctuations, preventing early investors from severely controlling the market.

For example, purchasing 80% of the token supply on Super Exchange costs 40,269 times more than on Pump.fun, while Pump.fun is only 15 times, indicating that if insider addresses want to collect tokens to control the market, the cost of doing so is significantly higher.

Reference: super.exchange

How to Participate in Super Exchange?

The total supply of the platform token SUPER is 1 billion, 100% allocated to the community. Among them, 50% of the platform's trading fees are used to buy and burn SUPER in real-time. However, users cannot directly purchase SUPER; they must first buy meme coins on the platform to earn points, which can then be used to purchase SUPER. The obtained SUPER can be withdrawn and exchanged for SOL.

Reference: super.exchange

After understanding the rules of the game, there are mainly two ways to participate:

1. Increase Trading Volume: Trading points depend on your trading volume and the performance of the traded tokens (market cap × logarithm of the number of traders). The larger the trading volume and the more active the token (the higher the Token Parameter), the more points you earn, which can then be used to purchase SUPER.
2. Buy & Hold Top Tokens: As mentioned above, the overall design encourages users to participate in trading popular tokens, with liquidity and trading volume concentrated on top tokens. If trading volume is to remain active, prices must be maintained or even increased to sustain interest. Therefore, if you are optimistic about the future development of Super Exchange, buying and holding top tokens is also an option.

Thus, if the flywheel of this model operates successfully, the following scenario should occur:

Traders increase trading volume on top tokens (SEND) -> SEND token price rises -> 50% of trading fees buy back SUPER -> Earn points to purchase SUPER -> SUPER price rises -> Attract more people to trade SEND.

From the above propagation chain, it can be seen that the most important factor is whether the SEND token price can stabilize and rise, which determines the overall trading volume of the platform.

Conclusion: Not a LaunchPad, but a Capital Game

Super Exchange has inherent exclusivity in its design, meaning only top tokens can enjoy the highest trading volume and attention, while other tokens, due to the point system, are destined to be overlooked. Although Super Exchange claims to be a fairer LaunchPad, it actually sets up a dual-token mechanism where top tokens and SUPER lift each other. If the market cap difference between top tokens and other tokens is too large, the existence of remaining tokens will be completely meaningless.

If other tokens want to compete for top tokens and enjoy the flywheel effect with SUPER, whether by incurring costs to drive up prices or using more marketing strategies to attract market attention, it is not something that ordinary retail investors can achieve by creating tokens on their own. Therefore, the "fairness" claimed by Super Exchange only appears in the mathematical calculations, while the power to issue assets is highly exclusive. Emphasizing the resolution of Pump Fun's issues and advocating fairness is debatable, but it may be more appropriate to focus on elements like Ponzi schemes, profit-making effects, and mining.