Emperor Osmo
DeFi Research, Blockchain Metrics, Ex-Osmosis/Artemis
Meteora, Pump.fun, Raydium, Orca and Lido are pick-and-shovel protocols with improving fundamentals and low valuations, each leading its market. MET is +120% with $6.8M revenue at 2.9x P/S; PUMP +10% with $63.0M at 3.4x; RAY +152% with $6.8M at 7.9x; ORCA +57% with $1.3M at 9.1x; and LDO +17% with $3.2M at 9.3x. x.com
Aerodrome, Raydium, Orca and Pump.fun pass a screen for improving fundamentals at below-median valuations. The screen requires a real market cap, over $1M of 30-day revenue, revenue growth over 30 and 90 days, and P/S below the tracked median of 26.2x. Aerodrome shows $15.1M revenue, up 209% over 30 days, at 4.8x P/S; Raydium $7.7M, up 384%, at 5.9x; Orca $1.4M, up 134%, at 7.0x; Pump.fun $57.1M, up 63% over 90 days, at 4.4x. Uniswap was cut at 34.5x P/S. x.com
Meteora's weaker holder value capture despite higher DEX revenue than Raydium shows why fees alone may not reprice tokens. In 30 days Meteora earned ~$5.12M against Raydium's ~$4.48M, but returned ~$688K to holders against ~$2.69M. Their revenue multiples are ~3.1x and ~10x; Aerodrome's is ~8.3x. Meteora, Raydium and Aerodrome merit closer attention at current valuations if onchain activity recovers and token economics improve; unlocks, emissions and revenue durability still matter. x.com
Meteora offers the preferred 6–12 month Solana DEX token risk/reward because its revenue is high relative to its market cap. Its $5.48M in 30-day revenue exceeds Jupiter's and Raydium's despite a $186M market cap. More Solana trading could lift fees; a re-rating requires sustained revenue and better token value capture. This is not an earnings multiple: holder revenue trails Raydium, unlocks could pressure supply, and revenue depends on Solana activity. Jupiter remains the safer ecosystem play. … Show more
Pump.fun’s Kimchi and rug episode reopens the trust wound dragging on PUMP’s value. The token has remained at one-twentieth of HYPE’s market cap for over a year. Simply stopping the current communications strategy could send PUMP up 5x overnight, but repeated antics make that change look unlikely despite a strong desire to long the token. x.com
Pump.fun is the clear leader as launchpads become one of crypto's clearest value-capture layers, and PUMP looks inexpensive at about 3.4x annualized revenue on a ~$1.09B market cap. Over 30 days it captured 46.4% of launchpad fees and 61.5% of revenue, $26.6M, keeping most fees rather than paying LPs, while the top five protocols took 87.1%. The discount reflects fears that memecoin activity is cyclical and users easy to lose; Pons, with 27.1% of fees, is the strongest challenger. x.com
Pump.fun's PUMP token still earns about $1.6 million of revenue a day despite talk that it is dead, and that revenue should rise as on-chain activity heats up. Its daily chart shows great market structure forming, and it is back in a buy zone. The biggest issue is the lack of long-term clarity on buybacks, so it deserves a smaller premium; committing to a fixed minimum share, such as 50%, instead of year-to-year changes would make it easier to trust. x.com x.com
Pump.fun is losing memecoin launches to competitors, which weighs on PUMP. Since $ansem, Pump.fun has not had a single $100M runner, while rival launchpads have had 10+, including PONS to $900M, AI to $400M, STONK to $330M and CASHCAT to $300M, some of them on Robinhood Chain. People are no longer interested in Pump.fun, and it failed to pick up the momentum from the $ansem coin. x.com x.com x.com x.com
Pump.fun should hold the stronger medium- to long-term position against FOMO because nearly every new Solana memecoin is born on its bonding curve. PUMP buybacks, about $20M recently, tie platform revenue directly to the token, and Pump.fun's capital lets it absorb front-end losses, such as zero fees, to reclaim share. It earns about $27-28M a month versus FOMO's $10.2M; FOMO leads on user experience, but better social features at Pump.fun could narrow that gap quickly. x.com
Pump.fun's PUMP token has likely bottomed, because its revenue and buybacks are out of line with a price near all-time lows. Pump.fun earns over $1 million a day in fees, has burned about $370 million of bought-back PUMP, roughly 36% of circulating supply, and says it will buy back and burn at 50% of revenue for a year. As with HYPE, the market is deciding revenue matters, and the team keeps shipping. The weakness may reflect VC unlocks or OTC selling; a coming unlock looks partly priced in. … Show more
Pump.fun cannot attract the outside buyers its meme market needs through paid promotion. Its bought-up crypto feed and Kimchi campaign have failed to make the app or its traders appealing to new users, extending the earlier bearish case for PUMP. x.com
Meteora is still undervalued because betting on Printr is also betting on Meteora, since Printr's coins launch on its AMM. Meteora is the best AMM on-chain, battle-tested and behind some of the biggest launches ever, including TRUMP's run to $80B. The quality of the teams, partners and backers behind Printr makes billions for its BELIEF token highly likely. x.com
