wait wait so u are telling me PumpFun launched a $2.5M trading competition
a squad took first place and they basically removed the PnL that made them win
because their token was supposedly bundled?
And this is the same PumpFun that was promoting $KIMCHI a week ago?
LMAOOOO
Okay, here’s what happened:
PumpFun announces SQUADS
- $1.5M for first place
- $750K for second
- $250K for third
- rankings based on total spot PnL
competition runs from October 26 to November 9
Chubbicorns takes first place
Their squad is holding a token called “Fuck Pumpfun” launched through Standard Reserve
Context:
- 80% of the token supply is allocated to Standard Reserve Bank Charter holders
- 867 wallets are involved in the distribution
- tokens are held in a vault contract
- holders must burn their Charter NFTs to claim them
So this way no individual charter controls more than ~2M tokens
PumpFun decides the token is “extremely bundled”
Removes the PnL generated by that token from the leaderboard
Chubbicorns goes from first place to #
492#
And yeah, here we go, people accuse PumpFun of changing the rules to exclude EVM tokens after Chubbicorns takes the lead
json from PumpFun responds that EVM chains actually count
(So EVM isn’t the problem)
Apparently the problem is the bundle
Except Standard Reserve argues that the 80% allocation wasn’t a coordinated bundle at all
It was a vault distribution where holders had to burn an NFT to claim their tokens
PumpFun then clarifies that Chubbicorns wasn’t technically disqualified
They just removed the PnL that put them in first place
Now let’s talk about $KIMCHI
PumpFun promoted Kimchi’s token launch
the deployer bought 79% of the supply
three linked wallets turned ~$7.3K into ~$111.7K
So let me get this straight
PumpFun can promote a token where the deployer bought 79% of the supply
But a token with 80% allocated through a vault to hundreds of Charter holders is too bundled to count?
Yes, promoting a token and running a trading competition are different things
But you see why people are questioning this, right?
So who’s actually deciding the winners here?