New On-chain Creation Model: Will Pump.fun's CCM Reshape the Solana Creator Ecosystem?

Yesterday was quite lively on the Solana chain. First, $CARD and $ZARD sparked an on-chain RWA craze for Pokémon cards, followed by well-known KOL HIM driving up the market cap of CS2 skin market token $HUCH. It seems the ICM concept is gaining momentum on Solana.

Meanwhile, PumpFun released a version update video, launching Project Ascend and Dynamic Fees V1, and introduced a new concept: Creator Capital Markets (CCM). At first glance, it doesn’t seem much different from the product ideas of Heaven and Bags from a while ago.

However, this also triggered a wave of project founders returning, including the recall of memecoin trader Mitch, who had been banned from X for a long time. He issued his own streaming token on Pumpfun, and its market cap exceeded $42 million within three hours. This wave of activity drove up other streaming tokens as well, and both the number of tokens created and the graduation rate on Pumpfun increased by more than 40%.

This time, Pumpfun’s ambition seems to go beyond ICM, aiming to use the CCM concept to make Pumpfun an even more extreme version of Twitch.

The Innovation of Project Ascend

According to official information from Pump.fun, the core change brought by Project Ascend is the Dynamic Fees V1 system. This new tiered creator fee structure completely overhauls the previous fixed-rate model. In the old system, creators received the same proportion of trading fee shares regardless of their token’s market cap. Now, the system introduces a dynamic fee rate linked to market cap—the higher the token’s market cap, the lower the creator fee, while smaller projects continue to contribute higher fees. The logic behind this design is to encourage creators to focus on long-term token growth rather than short-term cash-outs.

pumpswap fees and creator earnings for tokens of different market caps

The official claim is that this update increases creators’ potential earnings by 10 times. For those who can successfully operate a token ecosystem, this means they no longer need to profit by selling their holdings, but can instead earn stable income through ongoing trading fee shares. This shift in model is a key step in Pump.fun’s attempt to solve the prevalent “pump and dump” problem in the memecoin ecosystem.

Dynamic Fees V1 applies to all PumpSwap tokens, including both newly issued and existing tokens, while maintaining the same protocol and liquidity provider fee allocations. For “abandoned” projects whose creators have disappeared, fees will flow to the community. CTO projects can apply to receive creator fees, and Pump.fun promises to greatly speed up the approval process.

The Return of Mitch: A Small Town Story from Bankruptcy to Millionaire

After Pump.fun announced the update, the first major return was legendary trader Mitch (@MitchOnSOL_), who had been banned multiple times from the X platform. His story is almost universally known in the Solana memecoin community.

He entered crypto in 2022, initially profiting from contract trading, but lost almost all his funds due to an addiction to online blackjack gambling. By 2023, he was left with only 1 SOL, but achieved a 100x return by buying Milady, then invested in other hot memecoins like Retardio, pushing his asset peak to $8 million.

Mitch’s controversy in the community is as notable as his success. Community members like TMtheOG accused him of being an “insider” at Pump.fun, claiming he laundered millions through soft rug pulls, leading to his ban by X. However, supporters like imperooterxbt argue that he is one of the few KOLs who openly buys high-market-cap tokens and promotes them like an ordinary community member, rather than just shilling insider projects he holds. They claim his ban was due to “extortion” by X, though this is only Mitch’s side of the story. Some supporters still voice the slogan “Free Mitch” on his behalf.

Upon his return, Mitch launched his own creator coin $MITCH. He personally bought 80% of the supply, stating he wouldn’t lock it but also wouldn’t sell it, only giving it away in future streams, leaving just 20% in circulation. In his launch statement, he emphasized this is not charity, but a “personal entertainment experiment.” However, the $24 million sitting in his God.SOL address makes this experiment truly entertaining for him.

After launch, MITCH quickly went live on MOONSHOT, pushing its market cap past $42 million in a short time, but if calculated by “circulating market cap,” the highest was only about $8.4 million.

Rasmr’s Streaming Empire: From Researcher to Memecoin Influencer

Another figure drawing attention is blockchain researcher rasmr_eth (@rasmr_eth). As a core member of the probablynothing community, he is joined by well-known streamer ThreadGuy, former DEGODS founder Frank Degod, OGshoots, and others, some of whom form an “insider group” called the “Hookah Gang.” They have issued several high-market-cap tokens, many of which ended in soft rugs, making them controversial.

Rasmr has been active in crypto since 2011 and currently has over 117,000 followers. His influence is not only in research and analysis, but also in the unique community culture he has built through streaming.

Rasmr has called other creators live to discuss memecoin opportunities (sometimes insider info), and these “classic meme moments” often become hot topics in the community.

He streams via Twitch and pumpfun, covering trading demonstrations, blockchain discussions, and even gaming streams like Path of Exile 2. His posts show a strong sense of community, often engaging in wild memecoin antics—sometimes taking Muard to the streets to forcibly promote Chillhouse, or breaking into traditional fund companies to push Fartcoin. While absurd, these actions have indeed introduced more people to memecoins on some level.

His previously launched streaming token $rasmr currently fluctuates between $5 million and $7 million in market cap, and he also holds 80% of the token.

Old-School Trader Gainzy

Gainzy entered crypto during the 2017 bull market, participating in several projects that brought him 10x returns, but lost most of his assets after the collapse of FTX due to platform bankruptcy.

He considers the “hellish” experience of the 2018-2019 bear market a valuable lesson, often sharing it as CT history (Crypto Twitter history) during his streams. He started with scalp trading, excelling at profiting in volatile markets. He believes that long-term positions are usually riskier due to influences from DXY (US Dollar Index), bond yields, and Federal Reserve announcements, which is why he also enjoys trading memecoins.

His approach to streaming tokens represents a different path. Compared to other streamers, he appears more “Boomer” (old-school), with a very regular streaming schedule—every morning at 10 a.m., sometimes for a few minutes, sometimes for several hours, just like going to work. Sometimes he shares technical analysis and trading strategies for tokens, sometimes discusses the market with others, and sometimes just gambles or shares personal life with friends.

He jokes about being “Washed” (past his prime), with most fans coming from earlier cycles (2017-2022), and the algorithm is not favorable to new traffic. He emphasizes the essence of being a streamer: “Most people are destined to fail (NPCs or boring people), only a few main characters can stand out.” Interestingly, although he issued his own streaming token, he keeps his distance from others’ streaming tokens, saying that although he knows their potential, in this field, content quality is far more important than short-term profits.

His token GNZYSTRM has steadily risen in price since its launch in April, generally fluctuating between $2 million and $5 million in market cap.

BASEDD

BASEDD was launched in early 2024 by Jacky and others, initially focusing on NFT and memecoin projects in the Solana ecosystem. By 2025, it evolved into “BASEDD House,” a content creation hub focused on both physical and virtual content. In March 2025, they announced a summer content house plan, selecting seven creators through a “talent show” series, focusing on short videos, live streaming, vlogs, and cross-platform activation (such as Twitch, YouTube, Pump.fun). The plan aims to break the “CT echo chamber” and provide a viral content environment.

In August-September 2025, the community entered Season 2 and moved from Las Vegas to Los Angeles, deeply participating in the explosive growth of the Pump.fun streaming track. Currently, the community token $BASEDD maintains a market cap between $2 million and $5 million.

Although the community already has a token, several members also have their own “streaming coins,” such as GOON operated by @nevergoon100, which takes a more entertaining route. GOON’s streams are often filled with absurd and dramatic elements, a style that, though controversial, has indeed succeeded in attracting a large number of young investors.

Goon gives a child $200 worth of memecoin $USDUC during a stream and asks him to download pumpfun

Is CCM Innovation or Another Round of Speculation?

The introduction of the Content Creator Markets (CCM) concept marks Pump.fun’s attempt to build a brand-new creator economy model. Unlike traditional creative or streaming platforms (such as Twitch), CCM allows creators’ influence to be directly reflected and traded in token form. Audiences no longer just support creators through tips or subscriptions, but can share in the creators’ success by purchasing tokens.

However, this is not Pumpfun’s first attempt at this. Since the launch of its streaming feature at the end of 2024, Pump.fun has been controversial for being “unregulated,” allowing users to post inappropriate content (drug use, explicit content, extreme behavior), and is rife with speculative behavior and potential market manipulation, causing many participants to suffer significant losses. How to encourage innovation while maintaining market order has become Pump.fun’s biggest challenge.

The community’s reaction to CCM is clearly divided. Threadguy pointed out in his post that “the era of converting influence directly into money” has arrived. But there is also a large chorus of criticism, arguing that this is just another round of speculative bubble, with retail investors ultimately being the victims.

Is this Pump.fun update an important step in the evolution of the memecoin ecosystem, or just another bubble about to burst? The answer may have to wait for the market and time to tell.

But one thing is certain: in the world of Web3, the relationship between creators and supporters is being redefined.