Howdy!

Today, we’ve got a good old fashioned LightScoop from Katherine Ross — one that maybe explains why the PUMP ICO won’t be available in the US or UK.

Also, we have a big beautiful BONK chart and our emergency takes on the pump.fun ICO.

Pump.fun plans 25% revenue share: Sources

Pump.fun plans to share 25% of platform revenue with holders of its token, four sources familiar tell Blockworks. 

The team allegedly told insiders about the arrangement leading up to its public announcement, multiple people said.

Earlier Wednesday, Pump.fun said that the initial coin offering for its PUMP token would go live on Saturday, July 12. 

Dragonfly Capital’s Haseeb Qureshi posted on X regarding the Pump revenues, noting that it’ll be “one of the highest gross revenue tokens in crypto.” 

In June, 6th Man Ventures’ Mike Dudas told Blockworks’ Lightspeed podcast: “So I would imagine there's going to be some element of putting revenue to work on behalf of token holders. I won't get too specific about that and that there's also going to be some component of a token that rewards folks who use the platform.”

6MV is an investor in Pump.fun.

Pump.fun didn’t immediately return a request for comment.

According to the tokenomics shared by the team, 33% of PUMP will be sold in the ICO, while 13% was allocated to existing investors. In total, the fully diluted value is around $4 billion. 

Of that 33%, an initial 18% goes to institutional purchasers, with 15% going to a public sale. 

“Both private sale and public sale purchasers are on the exact same terms,” the team said. Doing some napkin math, that works out to be $720 million from private investors at the $4 billion FDV.

“While the token will be fully functional at launch, we’re giving thorough consideration to utility mechanisms like fee rebates, token buybacks, or other incentives and promotions,” the Pump.fun team said in the announcement on X. 

US and UK investors will not be able to participate in the ICO, the team added.

Blockworks previously reported that Pump.fun planned a $1 billion token sale at the $4 billion valuation.

— Katherine Ross and Jack Kubinec

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Revenue share be damned: 

Despite the lack of any such revenue-share arrangement, BONK has risen 37% in the past week amid the breakout success of the LetsBonk memecoin launchpad.

The good vibes have driven BONK back up to being the 70th largest token by market cap, though it's still down roughly 33% on the year.

— Jack Kubinec

I livestreamed with a few Blockworks Research guys today, and we discussed pump.fun’s valuation, future plans and whether the whole ordeal is net good for Solana. Check it out!

— Jack Kubinec

A message from Ian Unsworth, co-founder of Kairos Research: