Thoughts on @pumpdotfun and @bonk_inu
The incumbent usually wins.
Uniswap, Aave, Lido, and MakerDAO come to mind.
Pump can integrate new features (bot protection, more transparency). But at the end of the day, it's not really about features.
Brand. Execution (ability to pivot/iterate). Users/community. Integrations/Network Effects. Capital. Token economics. Incentive alignment with users.
These are the things that *should* produce the long-term winner.
Let's Bonk has siphoned users so far. But we haven't seen them onboard *new* users like pump just yet.
The battle is far from over.
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Shared long form thoughts with readers of @the_defi_report today. See below or access 👇
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