Raydium vs PumpFun: Who Owns the Users? | Round Table

In this episode, we explore PumpFun’s competition with Raydium, frontend design as a competitive moat, Solana’s share of network REV and application revenue, Ethereum’s ongoing scaling and governance challenges, and Bitcoin’s correlation to the stock market. Thanks for tuning in! As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. -- Resources PumpSwap Data: https://x.com/blockworksres/status/1905691039912087660 Fluid Dashboard: https://x.com/blockworksres/status/1908165062650675637 PumpFun Dashboard: https://app.blockworksresearch.com/analytics/pumpfun Bitcoin March 2025 Update: https://app.blockworksresearch.com/flashnotes/bitcoin-march-2025-update Solana March 2025 Update: https://app.blockworksresearch.com/flashnotes/solana-march-2025-update -- Ledger, the global leader in digital asset security, proudly sponsors 0xResearch! As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your assets. Buy a LEDGER™ device now and build confidently, knowing your precious tokens are safe. Buy now on https://shop.ledger.com/?r=1da180a5de00. -- Missed DAS? Join us from June 24th-June 26th at Permissionless IV! Use Code 0x10 at checkout for 10% off! Tickets: https://blockworks.co/event/permissionless-iv -- Follow Carlos: https://x.com/0xcarlosg Follow Jacob: https://x.com/0xSharples Follow Marc: https://x.com/marcarjoon Follow Danny: https://x.com/defi_kay_ Follow Blockworks Research: https://x.com/blockworksres Subscribe on YouTube: https://bit.ly/3foDS38 Subscribe on Apple: https://apple.co/3SNhUEt Subscribe on Spotify: https://spoti.fi/3NlP1hA Get top market insights and the latest in crypto news. Subscribe to the 0xResearch Newsletter: ⁠https://blockworks.co/newsletter/0xresearch Join the 0xResearch Telegram group: https://t.me/+z0H6y2bS-dllODVh -- Timestamps: (0:00) Introduction (1:34) The Decoupling Narrative (6:43) Outlook For Crypto Majors (10:57) Ethereum's Struggles (15:27) Ledger Ad (15:43) Solana's REV Share (21:21) Diving into the PumpFun Data (30:31) Ledger Ad (31:04) Who Owns the End User? (37:34) Incentivizing User Behavior (47:15) PumpFun vs Raydium: What's Next? (52:01) New Opportunities Going Forward -- Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place Blockworks Research: https://www.blockworksresearch.com/ Free Daily Newsletter: https://blockworks.co/newsletter/0xresearch -- Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.