Pump.fun fees: separating ecosystem revenue from protocol revenue
By September 12, Lookonchain’s cumulative tally reached 5,188,629 SOL, valued at approximately $842 MILLION, in reported SOL disposals.
Research & analysis2 min
Read the publication
MASTR · 2024–2026
Market structure
Liquidity, concentrated supply, execution, fees, leverage and the difference between receipts and returns.
Price is an outcome of trades under particular liquidity and execution conditions. It does not explain who can exit, what supply will become available, how a venue routes orders or which participants are paid before a trader sees a return. The publications here examine supply control, stablecoins, exchange concentration and the movement of capital between narratives.
Read a reported volume with its measurement method. Gross trading activity, protocol revenue, a wallet’s receipts and a trader’s net profit answer different questions. The Pump.fun fee note separates ecosystem fees from protocol revenue; the onchain-versus-exchange comparison asks what is comparable across venues. MASTR’s liquidation and JELLY records show how leverage and intervention can change outcomes during stress.
Market commentary is time-sensitive. A valuation, holding, risk scenario or cycle thesis belongs to its observation date. The full source text is retained here so its assumptions remain visible, rather than turning an old opinion into an undated trading instruction.
98 · Selected publications · 1/5
LAPTOP’s launch and the role of sniper bots
How do you spend 6 months preparing a memecoin launch and still get the most basic part of the launch this badly wrong?
Commentary & rants1 min
Hunter Biden-linked tokens: uncertainty about the endorsement
I genuinely have no idea whether he understands what actually happened behind the scenes, but this whole episode is another perfect example of how absurdly naive (or extractive) celebrities can be when they enter crypto.
Commentary & rants1 min
The Wall Street suits are taking over the crime, and you’re following them like a sheep!
We had a problem when Solana, the main retail chain, became dominated by scammers, memecoins and endless extraction.
Commentary & rants1 min
Five developments beneath the August 2026 market noise
The 5 crypto stories that actually matter right now, beyond the endless gambling, shitcoins and manufactured noise.
Research & analysis5 min
Trust, opportunism and exhaustion in crypto
Liars, profiteers, useless parasites and self-righteous moral frauds performing virtue in public while behaving like absolute pieces of shit behind the scenes.
Commentary & rants2 min
A forensic watchlist of Solana copy-trading wallets
I went through 30 of the currently top-ranked Solana KOL/trader wallets and built a forensic copy-trading watchlist.
Research & analysis2 min
The Solana bot economy: who gets paid before the retail trade?
The Solana bot economy: who gets paid before the retail trade?. Dated original source, with context and links.
Research & analysis12 min
Trading psychology: MASTR’s collection of attributed quotations
Not because every one of them is universally right, but because together they say a lot about what trading actually comes down to: risk, patience, psychology, discipline and surviving your own stupidity.
Commentary & rants3 min
Tokenisation: the asset, the claim and the marketing
I want to take a closer look at the tokenization hype and explain why most of what is being marketed as “tokenization” in this space is completely pointless garbage.
Research & analysis5 min
The intermediary returned with a referral link
Web3 records every transaction forever, except the transaction where accountability quietly disappears.
Commentary & rants2 min
The case for onchain markets, with execution still to improve
The case for onchain markets, with execution still to improve. Dated original source, with context and links.
Commentary & rants1 min
Onchain and exchange volume: what can actually be compared
However, the claim that DEXs already represent more than 35% of all crypto trading volume is misleading, or depends heavily on the selected dates, provider and measurement method.
Research & analysis3 min
BitShine: the reported Taiwan sentencing
Taiwan’s Shilin District Court has sentenced the man behind the BitShine crypto exchange, identified by the surname Shih, to 22 years in prison for running a large-scale fraud and money-laundering operation disguised as a legitimate…
Research & analysis2 min
Crypto Is Still Swimming in Stablecoins.
People keep talking about the next bull run, bullish catalysts and whatever narrative is supposed to send everything higher.
Commentary & rants2 min
Decentralisation and control · 10 Jul 2026
How the fuck are so many of you bullish on a broker-owned finance chain just because they slapped “onchain” on it? Lmao
Commentary & rants1 min
ANSEM creator fees and liquidity: what the transfer establishes
That is at least a measurable step in the right direction, and deeper liquidity is obviously better than thin pools where every larger sell turns into chaos.
Research & analysis1 min
ANSEM: a market-cap screenshot meets the available pools
ANSEM: a market-cap screenshot meets the available pools. Dated original source, with context and links.
Research & analysis1 min
ANSEM wallet behaviour: follow-up to the June 2026 investigation
It looks like a machine. One wallet acts as the trader, creates the movement and routes buys and sells. Is pumpfun behind it? Is the Solana cabal behind it?
Research & analysis4 min
When a memecoin becomes an influencer distribution deal
It has died again and again, through the market, through self-destruction, and now again because these are not even memes anymore.
Commentary & rants2 min
Maybe I am old-fashioned, sidelined, bitter, washed or whatever else you want to throw in my face.
I am honestly tired of watching another round of worthless bundled coins with no utility, no product, no real purpose and no reason to exist being treated like the next runner, or even worse, like some kind of rescue mission for the…
Commentary & rants1 min
ANSEM: the original pool-by-pool liquidity map
I pulled together a liquidity map for $ANSEM liquidity pools, since I was already searching for stuff there anyway.
Research & analysis1 min
Market fear, repeated warnings and the claim that crypto is dead
Anyone who has been here longer than 1 cycle has seen empty timelines, forced liquidations, panic candles, broken narratives, fake conviction disappearing overnight, leverage getting deleted, and the same people who called every dip…
Commentary & rants4 min
Maybe this washout is exactly what crypto needed.
Maybe this market became too bloated, too complacent, too convinced that institutions, ETFs, treasury companies and endless leverage had somehow abolished downside risk.
Commentary & rants2 min