Today, Solana's on-chain activity is quite lively. First, $CARD and $ZARD led to a Pokémon card on-chain RWA craze. Then, well-known KOL HIM drove up the market value of $HUCH in CS2's skin market, seemingly signaling the rise of ICM concept on Solana.

Meanwhile, PumpFun released a version update video, introducing Project Ascend and Dynamic Fees V1, and proposed a "new concept" Content Creator Markets (CCM), which at first glance seems not much different from the recent Heaven and Bags updates.

This also triggered a return of a group of project parties, including summoning back long-banned Memecoin trader Mitch. He launched his own live coin on Pumpfun, and within three hours, its market value exceeded $42 million. This series of activities drove up other live tokens, while Pumpfun's token creation count and graduation rate both increased by over 40%.

It seems that PumpFun's ambition this time is not just to pursue ICM, but to use the CCM concept to turn PumpFun into a more extreme version of Twitch.

Project Ascend Innovation

According to the information officially released by Pump.fun, the most core change brought by Project Ascend is the Dynamic Fees V1 system. This new tiered creator fee structure has completely transformed the previous fixed-rate model. In the previous system, creators could only receive the same proportion of transaction fee sharing regardless of the token's market value. Now, the system has introduced a dynamic fee rate linked to the market value—the higher the token's market value, the lower the creator fee, while small projects continue to contribute higher fees. The logic behind this design is to encourage creators to focus on the token's long-term growth rather than short-term cashouts.

Pumpswap's fees for different market value tokens and content creator earnings

The official statement claimed that this update has increased creators' potential earnings by 10 times. For creators who can successfully operate the token ecosystem, this means they no longer need to profit from selling their holdings but can earn a stable income through continuous transaction fee sharing. This shift in the model is a key step for Pump.fun to address the prevalent "pump and dump" issue in the memecoin ecosystem.

Dynamic Fees V1 applies to all PumpSwap tokens, including both new and existing tokens, while maintaining the same protocol and liquidity provider fee distribution. For those projects where the creators have disappeared (‘abandoned’), the fees will flow back to the community. CTO projects can apply to receive creator fees, and Pump.fun has pledged to significantly expedite the approval process.

Mitch's Comeback: The Small Town Story from Bankruptcy to Millionaire

Following the announcement of an update by Pump.fun, the first major comeback is that of the legendary trader Mitch (@MitchOnSOL_), who has been repeatedly banned by the X platform. His story is well known in the Solana memecoin community.
Entering the crypto space in 2022, he initially made profits through smart contract trades but almost lost all his funds due to an addiction to online blackjack gambling. By 2023, he was left with only 1 SOL but managed to achieve a 100x return by buying into Milady, then further investing in Milady, Retardio, and other popular memecoins, raising his asset peak to $8 million.

Mitch's controversial presence in the community is as striking as his success. Community members like TMtheOG accuse him of being an ‘insider’ of the Pump.fun team, alleging that he washed millions of dollars through a soft rug pull and was consequently banned by the X platform. However, supporters like imperooterxbt argue that he was one of the few who openly bought high market cap tokens and promoted them like a regular community member rather than just pushing his own insider projects, and the reason for his ban was due to X’s ‘extortion’ tactics. Although this is only Mitch's side of the story, some of his community supporters continue to speak up for him with the chant of "Free Mitch."

With this comeback, Mitch has launched his own creator coin, $MITCH. He personally purchased 80% of the supply, stating that he will not lock but will not sell, only giving them away in future livestreams, with only 20% eventually entering circulation. In his issuance statement, he emphasizes that this is not charity but a "personal entertainment experiment." However, the noticeable $24 million quietly lying in his address, God.SOL, truly allows this experiment to be a form of "entertainment" for him.

MITCH quickly went parabolic after launching, pushing his market cap to over $42 million in a short period of time. However, if calculated based on "circulating market cap," his peak market cap was only around $8.4 million.

Rasmr's Live Streaming Empire: From Researcher to Memecoin Influencer

Also gaining attention alongside Mitch is blockchain researcher rasmr_eth (@rasmr_eth). As a core member of the probablynothing community, along with well-known streamers such as ThreadGuy, former DEGODS founder Frank Degod, OGshoots, among others, some of them have formed an "inner circle" known as the "Hookah Gang." They have launched several high market cap tokens, but many of them have experienced soft rugs, leading to controversies.

Rasmr has been active in the crypto space since 2011 and currently has over 117,000 followers. His influence is not only seen in research and analysis but also in the unique community culture he has built through live streaming.

Rasmr has been known to call other creators during his live streams to discuss memecoin opportunities (sometimes insider information), and these "classic meme moments" often become hot topics in the community.

He livestreams through Twitch and pumpfun, covering topics such as trading demos, blockchain discussions, and even game streams like Path of Exile 2. His posts exude a strong sense of community belonging, often engaging in enthusiastic memecoin-related actions, such as taking Muard to the streets to aggressively promote Chillhouse or infiltrating traditional hedge fund companies to push Fartcoin. Although highly absurd, it has indeed, to some extent, exposed more people to Memecoins.

The livestream token he previously launched, $rasmr, currently fluctuates in market value between $5-7 million, and he also holds 80% of this token.

Old-School Trader Gainzy

Gainzy entered the crypto scene during the 2017 bull market, where he participated in multiple projects that led to a 10x return on his investment. However, with the collapse of FTX, he ultimately lost most of his assets due to the platform's bankruptcy.

During the bear market of 2018-2019, this "hellish" experience was seen as a valuable lesson by Gainzy, often shared as part of CT history (Crypto Twitter history) during his livestreams. Starting with scalp trading, he excels in profiting from volatile markets. He makes decisions based on the impact of the DXY (US Dollar Index), bond yields, and Federal Reserve announcements, hence his long-term positions are usually high risk, which also makes him fond of trading Memecoins.

On the other hand, his presence on livestreaming coins represents a different path. Compared to other streamers, he appears more "Boomer" (old-school). His streaming schedule is quite regular, starting promptly at 10 a.m. every morning. Sometimes he streams for a few minutes, other times for several hours, much like a regular job. Sometimes it's technical analysis of tokens and trading strategy sharing, sometimes it's discussing the market with others, and sometimes it could be gambling with friends or sharing personal life experiences.

He jokingly refers to himself as "Washed Up," as most of his fans come from the early cycle (2017-2022), and the algorithm does not favor new traffic. He emphasizes the essence of a streamer's identity, stating, "Most people are destined to fail (NPC or boring individuals), only a few main characters can stand out." Interestingly, although he has issued his own livestream token, he keeps his distance from others' livestream tokens, stating that even though he recognizes their potential, the emphasis on content quality in this race is far more important than short-term gains.

His token GNZYSTRM has shown a steady price increase since its launch in April, fluctuating between a market cap of $2 million and $5 million.

BASEDD

BASEDD was launched in early 2024 by Jacky and others, initially focusing on NFT and memecoin projects within the Solana ecosystem. By 2025, it evolved into the "BASEDD House," a hub for physical and virtual content creation. In March 2025, they announced the Summer Content House plan, selecting 7 creators through a "talent show" series, focusing on short videos, livestreams, vlogs, and cross-platform activations (such as Twitch, YouTube, Pump.fun). The program aims to break the "CT echo chamber" (Crypto Twitter echo chamber) and provide a viral content environment.

In August-September 2025, the community entered Season 2 and moved from Las Vegas to Los Angeles, deeply engaging in the explosive growth of the Pump.fun livestreaming track. Currently, its community token $BASEDD maintains a market cap ranging from $2 million to $5 million.

While the community already holds the token, several members also have their own "livestreaming coin," such as GOON operated by @nevergoon100, which has taken a more entertainment-oriented route. GOON's livestreams are often filled with absurd and dramatic elements. This style, while controversial, has indeed successfully captured the attention of a large number of young investors.

Goon gave a kid a $200 value memecoin $USDUC during the livestream and asked him to download pumpfun

Is CCM Innovation or Another Speculation?

The introduction of Content Creator Markets (CCM) concept marks Pump.fun's attempt to build a whole new creator economy model. Unlike traditional creation platforms or livestream platforms (such as Twitch), CCM allows the influence of creators to be directly reflected and traded in token form. Audiences no longer purely support creators through tips or subscriptions but can share in the success of creators by purchasing tokens.

However, this is not Pump.fun's first attempt at this. Since the end of 2024 when Pump.fun introduced its livestreaming feature and due to its "unregulated" nature, it allowed users to post inappropriate content (drug use, adult content, extremist behavior), which has been controversial. It was filled with a lot of speculation and potential market manipulation, leading to significant losses for many participants. Balancing encouragement of innovation while maintaining market order has become Pump.fun's greatest challenge.

The community's response to CCM has been noticeably polarized. threadguy pointed out in his post that the era of "influence directly convertible into money" has arrived. However, there is also a significant amount of criticism that this is just another round of speculative bubble, ultimately harming retail investors.

Is Pump.fun's update this time an important step in the evolution of the memecoin ecosystem or another bubble on the verge of bursting? The answer may have to wait for the market and time to determine.

What can be confirmed is that in the Web3 world, the relationship between creators and supporters is being redefined.

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