The PumpFun Episode | Austin, Jim & Myles

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Feb 4, 2025

Austin Adams, Founder of Whetstone Research and former Uniswap Labs researcher, joins Jim Parillo and Myles O’Neil for a lively discussion about the memecoin craze and the innovations of decentralized exchanges. They dive into the dynamics of PumpFun and Uniswap V4, highlighting how these platforms simplify trading. The trio explores liquidity strategies and the psychological toll of fast-paced market trends, while also questioning the impact of regulatory clarity on crypto innovation. Join them as they dissect the future of digital asset monetization!

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ANECDOTE

Uniswap V4's Long Journey

Austin Adams, founder of Whetstone Research, previously worked on Uniswap V4 and Unichain at Uniswap Labs.
He recalls discussing Uniswap V4's launch four years prior, highlighting the long development process.

INSIGHT

DEX Evolution & Issuance

DEXs like Uniswap are evolving by adding features like hooks for customized solutions.
Every exchange aims to incorporate issuance, creating a strong feedback loop.

INSIGHT

PumpFun's Simplicity & Limitations

PumpFun's simple launch style is its strength, capturing the meme coin market.
However, it's unsuitable for teams seeking fair launches or capital raising due to MEV bot sniping.

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In this episode, we’re joined by Austin Adams, Jim Parillo, and Myles O’Neil to discuss PumpFun, the enduring memecoin phenomenon, and DEX models! They also cover capital formation, publisher exchanges, and deriving value for content creators.

Thanks for tuning in!

Resources

Bell Curve Season 6: https://youtube.com/playlist?list=PL6TA5PBj6svs5C6FtG4VMUG7dKmIv0TSN&feature=shared

The Solana Thesis: Internet Capital Markets - https://multicoin.capital/2025/01/22/the-solana-thesis-internet-capital-markets/

Theia Research: Internet Finance - https://x.com/TheiaResearch/status/1876618725547233417

Ledger, the global leader in digital asset security, proudly sponsors Bell Curve! As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your assets. Buy a LEDGER™ device now, and build confidently, knowing your BTC, ETH, SOL, and more are safe.

Buy now on https://shop.ledger.com/?r=1da180a5de00.

Uniswap Labs is running a $15.5 million bug bounty for critical bugs found in Uniswap v4, the largest bug bounty crypto has ever seen!

This bug bounty follows nine independent audits of the protocol, and aims to make it one of the most rigorously reviewed codebases ever deployed to Ethereum.

You’ll find all the information you need about the bug bounty, from eligibility and scope to, of course, details about rewards and prize payouts in the following link: https://v4.uniswap.org/?utm_medium=podcast&utm_source=bellcurve&utm_campaign=11-24-v4

Morpho is a permissionless lending platform that allows anyone to earn yield and borrow assets on your terms.

Its flexible, trustless infrastructure also empowers developers and businesses to build and tailor their own financial products.

Whether you're an individual, fund, fintech, or institution, Morpho is for you.

Try Morpho today: https://app.morpho.org/?network=mainnet&spdl=99nsk9

Join us at DAS NYC 2025! Use code BELL10 for a 10% discount: https://blockworks.co/event/digital-asset-summit-2025-new-york

Follow Austin: https://x.com/AustinAdams10

Follow Jim: https://x.com/VelvetMilkman

Follow Myles: https://x.com/MylesOneil

Follow Mike: https://x.com/MikeIppolito_

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Timestamps:

(0:00) Introduction

(4:33) How Does Pumpfun Work?

(9:26) Ledger Ad

(9:44) Burning Sol & Vertical Integration

(13:03) The Future of DEX Models

(24:13) The Enduring Memecoin Phenomenon

(35:32) Ledger Ad

(36:07) Lowering the Cost of Capital Formation

(44:57) Publisher Exchanges

(57:08) Ads (Uniswap and Morpho)

(58:32) Deriving Value For Content Creators

Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.