Ansem: PUMP can be valued based on L1 logic, bullish on pump.fun becoming a super app in this cycle.

BlockBeats news, October 4th, crypto trader Ansem stated that the market has not yet fully priced in pump.fun becoming foundational infrastructure similar to an L1, on top of which other token issuance platforms could directly build in the future.

Currently, very few people are paying attention to the creator fee share that pump.fun pays to token creators. This amount is nearly 1:1 with platform revenue, meaning for every approximately $500 million in revenue the platform generates, token creators can receive about $500 million in creator fees after the token completes the bonding curve phase, thus giving the team a strong incentive to build products on top of pump.fun.

He believes that the economic structure of this model may be superior to traditional L1s, because pump.fun can earn fees from every layer of token issuance platforms and every token they issue. With the launch of features such as custom trading pairs and Callout Rewards, the market may gradually value PUMP in a manner similar to an L1. At the same time, he expressed strong optimism about the investment logic of pump.fun developing into a "super app" in this cycle.