Raydium vs PumpFun: Who Owns the Users? | Round Table
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I think they've even mentioned on Twitter that they, you know, brought it up to PumpFund, and, you know, PumpFund didn't really wanna even use that pool. They'd rather build their own. So I think in the future, like, the success is really gonna be on how they can actually defend their, you know, dominant position in terms of meaningful trade. Nothing
set on Xerox Research is the 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. Boccaccio, Ryan, and our guests may hold positions in the company's funds or projects discussed.
Hey, guys. Welcome back to another episode of Xerox Research. Today, I'm joined by Jacob Sharples, other otherwise known as Xerox Sharples, Mark Arjun, and Carlos from the research team. Happy to have Jacob on. He's been making the rounds on the timeline lately with a bunch of great data, and we definitely wanna talk about, some pump fund related data and a big dashboard that he helped put together. But before we get into any topics today, I do wanna do a quick shout out for permissionless four. Coming to New York, this summer, late June, we've been we've already been rolling out the shills fo
Yes. I can start just, from a price perspective. I think I've been, surprised by Bitcoin's relative strength, both in regards to, like, the SPY and QQQ, but also, in regards to other crypto assets. Like, if you put it in context, like, BTC is still above, like, pre election levels, whereas, like, Solana and ETH are both, like, seeing lows like you hadn't seen since the beginning of twenty twenty four or late twenty twenty three. And, like, if you look at, for instance, at the sole BTC ratio is down, like, 30% year to date. And it just speaks, in my opinion, to, Bitcoin following a cycle of its
wanna I wanna prompt you there a little further there, Mark. We saw I think everyone got out their narratives this weekend around, you know, Bitcoin is decoupling from risk markets. That's like that was the whole narrative and thought. And then Sunday and then into today, it it kind of ticked down, maybe maybe sort of lagging the indices that have been down over the past week. I guess, like, more broadly on Carlos' point, like, what are your thoughts there? Is it actually decoupling? Is it actually in its own sort of, like, special market regime, or are we just diluting ourselves right now? I
think maybe it's a bit of both. It is like what Carlos mentioned. It is in its own class relative to, you know, Ethereum and Solana, and I'm also surprised it held up so well, especially with five weeks of billions of dollars of outflows from the ETFs. The vehicle that's supposed to be a tailwind for it was actually for a period of time going against it, but it still remained pretty solid. The decoupling narrative is not really something I believed in. I, you know, I I like I track, Bitcoin's correlation to spy and Nasdaq, and, it like, my last report I put out at the earlier this month, maybe
It it's a great point. I think the the comparison that a lot of people are looking at now is going back to pre election to now numbers for a lot of you know, if it's indices, if it's other crypto, and just seeing that, like, Bitcoin is still hanging out way above the levels that it was at pre election. And lots of other things are trading well below where they were, at that same time, which kind of speaks to that maybe outperformance that we're still seeing here. I guess if we go further, like, speaking more generally now th
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