Today’s announcement for solana:pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn has been far more impactful than the market has given it credit for. In addition to HL builder code perps, Pump introduces a platform fee (0.45%) to its app, which would, at current volumes, annualise to $49M in incremental revenue. With this revenue going to users directly rather than buybacks, it creates a reflexive cycle which grows Pump’s consumer layer, something central to our thesis and something it’s been executing extremely well on: 1. Mobile app is up: daily traders 2.2x m/m to ~43.5k, volume on pace for ~$1B in October (+48% m/m) 2. Terminal is up: daily traders at an all-time high of 10.7k (+24% m/m) Ownership of this layer 1) allows a ton of optionality for further integrations (e.g. HL builder codes) and 2) strengthens the positioning of Pump’s already entrenched launchpad and DEX layer.