Some data sharing and thoughts on the launchpad track

The total revenue of the launchpad sector in a year is approximately 700-800 million.

$pump has been around for more than a year now; aside from the initial few months when it hadn't gained momentum, the approximate revenue is 700-800 million.

From the image below, it can also be seen that bonk and pump are actually engaged in stock competition. The income of the entire sector is related to the overall market trend, related to stage hot products, and has little to do with how many launchpad projects are in the race.

In other words, if the cake doesn't get bigger, bonk and pump will phase in to capture shares within this 700-800 million.

Assuming everyone shares 50% with token holders, the holders' annual income is about 300-400 million. Currently, the market capitalization of pump+bonk is approximately 7 billion, which means the market has given them a PE of 20 times.

This valuation is definitely not expensive, but the flaw is that first, the pump does not distinguish between incomes, and second, the rise of bonk proves that the moat in this track is not as big as we imagined. Both of these may not remain securely in the top tier in the long run. This uncertainty makes a PE of 20 fairly reasonable.